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【出版时间及名称】：2010年意大利银行业前景展望
【作者】：德意志银行
【文件格式】：pdf
【页数】：52
【目录或简介】：
Table of Contents
2010 outlook....................................................................................... 4
Selective on Italian Banks, for the time being ...........................................................................4
Valuation ..................................................................................................................................5
Risks ........................................................................................................................................5
Valuation, estimates revision ........................................................... 6
Target prices and recommendations ........................................................................................6
Multiples and ratios...................................................................................................................6
Estimates revision: net interest income further reduced for 2010............................................7
Expected YoY growth................................................................................................................8
All starts, all ends with SMEs......................................................... 10
SMEs and macro-environment are still key drivers, everywhere ............................................10
Main balance sheet trends.............................................................. 14
Well funded, with secure lending… but looking for growth ...................................................14
Customer deposits..................................................................................................................14
Assets under management.....................................................................................................18
Customer loans: different trends in retail and corporate.........................................................19
Productivity: some improvement has been achieved .............................................................24
Main P&L trends .............................................................................. 25
2009 showed the importance of net interest income….........................................................25
Focus on net interest income, costs and provisions on loan losses .......................................26
Capital: what’s going on? ............................................................... 31
Is everything fixed? .................................................................................................................31
The new framework… ............................................................................................................31
Many business plans to come ........................................................ 34
Focus on revenues..................................................................................................................34
Company sections ........................................................................... 37
Intesa Sanpaolo ............................................................................... 39
Outlook ..................................................................................................................................39
Valuation ................................................................................................................................39
Risks ......................................................................................................................................39
Unicredit........................................................................................... 41
Outlook ..................................................................................................................................41
Valuation ................................................................................................................................41
Risks ......................................................................................................................................41
Monte dei Paschi di Siena .............................................................. 43
Outlook ..................................................................................................................................43
Valuation ................................................................................................................................43
Risks ......................................................................................................................................43
Banco Popolare................................................................................ 45
Outlook ..................................................................................................................................45
Valuation ................................................................................................................................45
Risks ......................................................................................................................................45
UBI Banca......................................................................................... 47
Outlook ..................................................................................................................................47
Valuation ................................................................................................................................47
Table of Contents (Cont'd)
Risks ......................................................................................................................................47
Banca Popolare di Milano ............................................................... 49
Outlook ..................................................................................................................................49
Valuation ................................................................................................................................49
Risks ......................................................................................................................................49
Credem ............................................................................................. 51
Outlook ..................................................................................................................................51
Valuation ................................................................................................................................51
Risks ......................................................................................................................................51
Appendix A....................................................................................... 52
Commission on overdrafts: F.A.Q...........................................................................................52
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