Intesa Sanpaolo has launched the second tranche of the buyback with a total value of 3,4 billion euro launched last year. The new operation will have an amount of 1,7 billion euros and will be launched on February 13th.
Intesa Sanpaolo buyback: here are all the details
In the second tranche of the buyback, shares will be purchased for a maximum number of 1.626.751.812. As announced by Intesa, the program will start from 13 February 2023 and will end by 12 May 2023.
The shareholders' meeting of the bank led by Carlo Messina established that the purchase of treasury shares and their cancellation must take place by the ex-dividend date relating to the 2022 budget, i.e. by 22 May 2023. "The purchase program will be executed by a third party intermediary appointed, in full independence and without any involvement of the Intesa Sanpaolo Group”, underlines the institution in a note.
Il price it cannot be higher than the higher of the last independent transaction and the current one of the highest independent purchase offer in the market. The purchase can take place in one or more times. The maximum number of shares which will be purchased on a daily basis will not exceed 25% of the average daily volume of Intesa Sanpaolo ordinary shares traded in January 2023, which was approximately 103 million shares.
The buyback, as mentioned, is part of a larger operation, the amount of which is equal to 3,4 billion euros, approved by the shareholders' meeting of 29 April 2022. The purchase was also approved by the ECB and Intesa Sanpaolo has already completed the first tranche of 1,7 billion, purchasing 988.632.803 shares (all subsequently cancelled).
The judgments of the analysts
After the publication of the accounts, analysts update estimates and ratings on Intesa stock. Intermonte confirmed the "outperform" rating, raising the target price from 3 to 3,2 euros. Bofa increased its recommendation from neutral to buy, while the target price went from 2,7 to 3,25 euros. Analysts estimate that the bank will achieve a net profit of 6,7 billion euros in 2023, a figure higher than the 5,8 billion expected by the consensus. Also for SocGen the judgment is "Buy" (confirmed), while the target price amounts to 2,6 euros. Equita Sim raised the target price to 3,3 euro (+14%), confirming the buy recommendation. “Q2022 XNUMX results are better than expected and guidance is conservative,” the analysts explain.
In Piazza Affari, after the +2,69% recorded in yesterday's session, the title Understanding gains 1,68% to 2,488 euros per share.
