Cost containment, sustainable revenue growth and dividend policy. These three factors, on which he strongly bet IFIS Bank in new strategic plan presented in Milan by CEO Luciano Colombini on 14 January, convinced the main financial analysts, as can be seen from the recently published reports. IMI Bank in particular confirmed the Buy recommendation, bringing the target price of the Venetian bank's stock above the 20 euro threshold, from the previous 18.1 (+2 euros), with the share that today in Piazza Affari travels above 15 euros. Banca IMI's is a course correction, after in mid-December analysts had instead reduced the target price from 23 euro to 18,1 euro, following the reduction of the estimates on earnings per share for the two-year period 2019/2020 .
What convinced them, in the new plan, was above all the dividend yield expected to rise to 7% for the next 4 years.
The feedback from was also positive Banca Akros: in this case the hypothesized target price is lower, at 17.5 euros, but still higher than the previous estimate of 16 euros, with a recommendation that is Accumulate, i.e. the step just below the Buy, i.e. when forecasting for the share a total return between 5% and 15% (and not more than 15%) over the following 6 months.
The target price decided by Equita is similar, with a Buy recommendation in this case: 17.7 euro, up from the previous 16. “Banca IFIS – explained the analysts – presented the plan to 2022 based on three key strategic actions: consolidation of the core business, i.e. NPLs (further 8,5 billion euro of purchases are expected, ed); development of the corporate banking business and reduction of the risk profile; rationalization of the operating structure”.
Also for Equita, as for IMI, "the dividend policy came as a positive surprise". Finally, a little more cautious is the evaluation of Intermonte: the target price is set at 15.5 euros, more or less on the current values of the share, with a confirmed recommendation at Neutral. Intermonte said she was positively impressed by the transparency, which is one of the two keywords chosen by CEO Colombini to frame the new plan, together with sustainability: “Someone told me that we are giving too much data to the markets, but in my opinion this is right – said the manager at a press conference in Milan -. As far as costs are concerned, we will keep them absolutely under control, starting with personnel costs, which will increase due to the new bank contract that has just been renewed".
