Stock BMED BANCA MEDIOLANUM S.P.A.
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Financials Banca Mediolanum S.p.A.

Equities

BMED

IT0004776628

Banks

Market Closed - Borsa Italiana
Other stock markets
 11:44:59 2024-04-26 am EDT 		5-day change 1st Jan Change
10.03 EUR +1.16% Intraday chart for Banca Mediolanum S.p.A. -1.38% +17.53%
Apr. 24 Mib cautiously active; STM uptrend continues. AN
Apr. 19 Geopolitical tensions sink futures AN

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 3,728 6,490 5,214 6,392 5,755 7,434 7,434 -
Enterprise Value (EV) 1 3,749 6,419 4,233 6,801 4,075 6,325 6,989 6,928
P/E ratio 14.7 x 11.5 x 12 x 8.99 x 11.1 x 9.62 x 8.96 x 8.83 x
Yield 7.86% 6.21% 11% 5.3% 6.41% 5.74% 7.32% 7.49%
Capitalization / Revenue 2.28 x 3.04 x 2.97 x 3.14 x 2.61 x 3.55 x 2.68 x 2.58 x
EV / Revenue 2.3 x 3.01 x 2.41 x 3.34 x 1.85 x 3.55 x 2.52 x 2.4 x
EV / EBITDA 7.62 x 7.03 x 7.1 x 5.07 x 2.71 x 5.87 x 5.96 x 5.92 x
EV / FCF - 19.6 x - 8.02 x 1.82 x 8.15 x 8.98 x 8.61 x
FCF Yield - 5.11% - 12.5% 54.9% 12.3% 11.1% 11.6%
Price to Book 1.81 x 2.77 x 1.91 x 2.22 x 1.96 x 2.18 x 1.97 x 1.82 x
Nbr of stocks (in thousands) 732,388 732,874 734,369 736,438 738,063 741,185 741,185 -
Reference price 2 5.090 8.855 7.100 8.680 7.798 10.03 10.03 10.03
Announcement Date 2/11/19 2/11/20 2/11/21 2/10/22 2/8/23 2/8/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 1,632 2,134 1,755 2,036 2,208 1,782 2,776 2,887
EBITDA 1 492 912.8 595.8 1,343 1,502 1,077 1,173 1,171
EBIT 1 454.8 876.5 559.1 1,304 1,461 1,032 1,132 1,123
Operating Margin 27.88% 41.07% 31.86% 64.03% 66.16% 57.91% 40.76% 38.9%
Earnings before Tax (EBT) 1 333.2 739 531.4 890.5 661.6 1,067 1,108 1,113
Net income 1 255.7 565.4 434.5 713.1 521.8 821.9 832.3 840.1
Net margin 15.67% 26.49% 24.76% 35.02% 23.64% 46.12% 29.98% 29.1%
EPS 2 0.3470 0.7670 0.5911 0.9650 0.7010 1.042 1.120 1.136
Free Cash Flow 1 - 328.1 - 848.5 2,236 712 778 805
FCF margin - 15.37% - 41.67% 101.28% 28.05% 28.02% 27.89%
FCF Conversion (EBITDA) - 35.94% - 63.2% 148.92% 66.22% 66.32% 68.76%
FCF Conversion (Net income) - 58.02% - 118.99% 428.51% 91.9% 93.48% 95.82%
Dividend per Share 2 0.4000 0.5500 0.7800 0.4600 0.5000 0.5757 0.7341 0.7509
Announcement Date 2/11/19 2/11/20 2/11/21 2/10/22 2/8/23 2/8/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - - 440.3 - 508.6 541.7 460.2 533.4 - 525 618.7 588.1 607 - 620.2 471 671 - - -
EBITDA - - - - 143.8 1,117 - - - - - - - - - - - - - -
EBIT 1 - - 124.7 - 134.3 1,106 143.5 167.6 - 186.8 407.7 237.7 367.7 - - 264.2 - - - -
Operating Margin - - 28.32% - 26.41% 204.24% 31.18% 31.42% - 35.58% 65.9% 40.41% 60.58% - - 56.09% - - - -
Earnings before Tax (EBT) 1 214.5 184.9 174.8 349.3 130.3 410.8 143.6 154.3 297.9 169.7 194 235.4 241.6 477 275 315.1 271 - - -
Net income 1 171.3 150.5 135.4 268.7 97.2 337.2 114.3 123.6 237.9 133.6 150.3 178.3 185 363.3 208.8 249.7 209.4 183.9 201.7 213.6
Net margin - - 30.75% - 19.11% 62.24% 24.84% 23.17% - 25.46% 24.29% 30.31% 30.49% - 33.67% 53.02% 31.21% - - -
EPS 2 - - 0.1830 - 0.1450 0.4560 - - - 0.1790 - 0.2390 0.2490 - 0.2810 0.2759 0.2898 0.2482 0.2722 0.2883
Dividend per Share 2 - - - - - 0.4600 - - - - 0.2600 - - - - 0.5700 - - - 0.7500
Announcement Date 7/31/19 7/29/20 7/29/21 7/29/21 11/10/21 2/10/22 5/10/22 8/3/22 8/3/22 11/9/22 2/8/23 5/10/23 8/1/23 8/1/23 11/9/23 2/8/24 - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 20.9 - - 409 - - - -
Net Cash position 1 - 70.7 982 - 1,681 1,630 445 506
Leverage (Debt/EBITDA) 0.0425 x - - 0.3048 x - - - -
Free Cash Flow 1 - 328 - 848 2,236 712 778 805
ROE (net income / shareholders' equity) 12% 25.7% 17.1% 25.4% 17.9% 24.4% 22.7% 20.7%
ROA (Net income/ Total Assets) 0.56% 1.12% - - 0.71% 1% 1% 1%
Assets 1 45,319 50,404 - - 73,555 77,476 83,230 84,009
Book Value Per Share 2 2.810 3.190 3.730 3.910 3.980 4.610 5.100 5.500
Cash Flow per Share 2 0.4800 0.4900 -0.0100 1.230 3.080 1.750 3.350 7.020
Capex 1 43.8 35.2 42.8 60.8 59.5 44.3 54.5 55.7
Capex / Sales 2.68% 1.65% 2.44% 2.99% 2.69% 1.74% 1.96% 1.93%
Announcement Date 2/11/19 2/11/20 2/11/21 2/10/22 2/8/23 2/8/24 - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Banca Mediolanum S.p.A.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
10.03 EUR
Average target price
11.44 EUR
Spread / Average Target
+14.07%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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