Banco Bpm in great evidence in Piazza Affari. The shares of the banking group are up by 3,43% to 2,62 euros and score one of the best performances of the Ftse Mib on Tuesday morning, when the stock market index gains 1,7%.
The indiscretions of the Sole 24 Ore are pushing the title. The economic daily recalls that July 10 is the deadline for submitting bids on the Npl portfolio and the related platform. The consortia involved, according to Il Sole, would be seven, and the possible solutions would be three: ranging from the minimum threshold of 3,5 billion euros, necessary to reach the target indicated by the ECB, up to almost total disposal, equal to 9,5 billion , while the intermediate solution would stop at 8 billion sales.
As the Equita analysts indicate, cited by Radiocor, "in the first case, the Npe ratio would drop according to our calculations to 14,5% and to 10% in the second case (total sales), from 20,6% in the first quarter of 2018. The acceleration compared to our estimates (Npe ratio 2020 at 12,4%) in the derisking process with the maintenance of a CET1 of c12% should in our opinion contribute to a rerating of the stock, definitively removing fears of a recapitalization, scenario according to very unlikely in light of the capital buffers on which the group can count (in addition to servicing also 15-20 bps from the Profamily sale and at least 100 bps from a stake in Agos)”.
On the same front, Mediobanca notes that they agree with Banco Bpm "on the need to complete the bank's derisking process", adding that with regard to the NPL platform, "we would see positively if it were accompanied by a large reduction in the stock of non-performing loans".
