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IITOF - Intesa Sanpaolo: Strong Q1 Results Indicate A Leading Banking Play
Intesa Sanpaolo Spa Svgs
Following our previous article on European bank exposure, we think a more comprehensive analysis of the leading Italian bank Intesa Sanpaolo (OTCPK:IITOF) is in order. During the financial crisis in 2008/2009, banks were the main problem whereas in this environment, thanks to the liquidity and credit support by the ECB, we think that a dominant bank such as ISP will support the economy and offer great value under the right conditions.
Our thesis is based on three main pillars: the bank's dominant market position, its strong fundamentals, and a superior CET1 ratio, all