IITOF - Intesa Results Reassuring And The UBI Acquisition Orients Them To Outperform Markets
- Profit reached record levels despite substantial COVID-19 provisions, and balance sheet quality metrics signalled continuing robustness.
- Moreover, outlook improved as ISP states its intention to pay out a dividend in 2021, which will also compensate investors for the dividend foregone in 2020.
- Quality is critical to gain market confidence while banking is discounted due to economic uncertainty, which positions ISP well for a recovery.
- Moreover, they have consolidated their position in the most critical Italian markets with the UBI acquisition, which is likely to yield substantial synergies.
- Overall, once the economic picture recovers, ISP is positioned for substantial revaluation with increasing numbers of analysts finally onboard with this Italian stalwart.
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Intesa Results Reassuring And The UBI Acquisition Orients Them To Outperform Markets