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Banca Mediolanum
(OTC:BNCDY)
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Rating:72Outperform
Price Target:
$56.00
â–²(8.21% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by solid financial performance and a notably positive earnings call outlook (strong profitability, favorable guidance, and strong capital metrics). Valuation adds support via a moderate P/E and high dividend yield. Offsetting factors are increased leverage and historical cash-flow/revenue volatility, while technicals are moderately positive but lack confirmation from missing momentum indicators.
Positive Factors
Diversified fee and insurance income
Banca Mediolanum earns from net interest, recurring management fees, and insurance distribution, reducing reliance on any single revenue stream. Stable AUM growth and rising insurance premiums support recurring fee income, smoothing earnings over economic cycles and strengthening long-term revenue durability.
Negative Factors
Material increase in leverage
The sharp rise in leverage increases sensitivity to funding and market conditions, raising refinancing and liquidity risk. Higher debt levels can constrain capital deployment and amplify earnings volatility from rate or credit shocks, weakening long-term financial flexibility despite strong CET1.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified fee and insurance income
Banca Mediolanum earns from net interest, recurring management fees, and insurance distribution, reducing reliance on any single revenue stream. Stable AUM growth and rising insurance premiums support recurring fee income, smoothing earnings over economic cycles and strengthening long-term revenue durability.
Read all positive factors
Banca Mediolanum (BNCDY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.85B
Dividend Yield5.27%
Average Volume (3M)130.00
Price to Earnings (P/E)13.7
Beta (1Y)0.78
Revenue Growth-28.01%
EPS Growth23.25%
CountryUS
Employees4,042
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.08
Shares Outstanding372,706,940
10 Day Avg. Volume283
30 Day Avg. Volume130
Financial Highlights & Ratios
PEG Ratio8.17
Price to Book (P/B)12.80
Price to Sales (P/S)11.72
P/FCF Ratio11.75
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Banca Mediolanum Business Overview & Revenue Model
Company Description
Operating within Italy, Banca Mediolanum S.p.A. delivers a comprehensive suite of financial and banking offerings. Its services range from fundamental banking solutions like checking accounts to various lending products, including home mortgages a...
How the Company Makes Money
Banca Mediolanum makes money primarily through a mix of net interest income, fee and commission income, and insurance-related income, alongside other financial and operating revenues.
1) Net interest income (banking margin)
- Earned from the spre...
Banca Mediolanum Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive operational and financial picture: strong profitability (net income +16%, NII +30%), solid net inflows and asset growth, expanding customer base and improving productivity driven by recruitment and banker-consultant initiatives, plus concrete AI-driven efficiency gains. Lowlights are manageable and mostly relate to timing effects (performance fee recognition), a small rise in loan impairments, a temporary decline in leverage ratio due to balance sheet timing, and an expected moderation in certificates sales in H2. On balance, highlights substantially outweigh the lowlights.Positive Updates
Strong Profitability
Net income of EUR 555.5m, up 16% YoY; operating margin EUR 683m, up 20% YoY; contribution margin EUR 1.16bn, up 14% YoY.
Negative Updates
Rising Loan Impairments
Impairment on loans increased from EUR 14m to over EUR 20m; year-on-year comparison influenced by an exceptionally low Q1 2025 reference level following model changes.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Profitability
Net income of EUR 555.5m, up 16% YoY; operating margin EUR 683m, up 20% YoY; contribution margin EUR 1.16bn, up 14% YoY.
Read all positive updates
Company Guidance
The company guided that for 2026 it expects net inflows into managed assets of about €9.0bn (assuming normal market conditions), net interest income (NII) to rise 15–18% versus 2025, a cost‑income ratio around 38%, and a cost of risk near 20 basis points, and management intends to increase the dividend per share versus the €0.80 base dividend; management also noted roughly €220m of performance fees still to be recognized by year‑end, flagged a 2027 NII sensitivity of +5% at an assumed average Euribor of 2.6% (to be updated as rates evolve), and reiterated strong capital metrics (CET1 22.7% at H1 excl. income) with MREL/TREA comfortably above the 22% requirement.Banca Mediolanum Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.14B | 4.90B | 3.01B | 2.42B | 1.49B | 6.45B |
| Gross Profit | 3.97B | 4.52B | 2.42B | 1.92B | 1.41B | 6.40B |
| EBITDA | 1.56B | 1.39B | 1.45B | 1.07B | 711.03M | 939.37M |
| Net Income | 1.32B | 1.19B | 1.12B | 821.87M | 506.83M | 713.05M |
Balance Sheet | ||||||
| Total Assets | 99.10B | 89.90B | 86.15B | 77.83B | 73.60B | 73.52B |
| Cash, Cash Equivalents and Short-Term Investments | 2.05B | 555.53M | 1.28B | 384.78M | 2.75B | 5.32B |
| Total Debt | 1.56B | 3.02B | 396.88M | 386.00M | 372.29M | 68.01M |
| Total Liabilities | 94.45B | 85.41B | 82.13B | 74.38B | 70.66B | 70.64B |
| Stockholders Equity | 4.58B | 4.49B | 4.03B | 3.45B | 2.94B | 2.88B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 4.89B | 1.10B | -1.81B | 2.24B | 848.49M |
| Operating Cash Flow | 0.00 | 4.90B | 1.15B | -1.75B | 2.30B | 909.30M |
| Investing Cash Flow | 0.00 | -20.34M | -15.52M | -23.93M | -34.06M | -38.14M |
| Financing Cash Flow | 0.00 | -892.12M | -640.36M | -385.65M | -431.51M | -737.97M |
Banca Mediolanum Technical Analysis
Positive
51.75
Price Trends
51.39
Positive
47.43
Positive
44.77
Positive
Market Momentum
1.54
Negative
73.02
Negative
91.63
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNCDY, the sentiment is Positive. The current price of 51.75 is below the 20-day moving average (MA) of 53.97, above the 50-day MA of 51.39, and above the 200-day MA of 44.77, indicating a bullish trend. The MACD of 1.54 indicates Negative momentum. The RSI at 73.02 is Negative, neither overbought nor oversold. The STOCH value of 91.63 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BNCDY.
Banca Mediolanum Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $25.10B | 9.32 | 19.85% | 2.97% | 9.35% | 19.46% | |
72 Outperform | $20.85B | 13.73 | 28.80% | 5.74% | -28.01% | 23.25% | |
72 Outperform | $16.17B | 13.56 | 22.63% | 4.43% | -3.09% | 2.72% | |
71 Outperform | $17.40B | 7.79 | 9.28% | 4.34% | 14.98% | 8.99% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $20.52B | 15.63 | 21.49% | 5.37% | 3.94% | 3.40% | |
62 Neutral | $21.56B | 30.20 | 11.81% | 5.10% | 20.73% | 27.11% |
* Financial Sector Average
BNCDY
Banca Mediolanum
56.34
18.24
47.87%
BCH
Banco De Chile
41.09
12.66
44.55%
BSBR
Banco Santander Brasil
5.71
0.92
19.28%
BSAC
Banco Santander Chile
34.57
11.10
47.32%
CIB
Grupo Cibest
96.54
48.52
101.05%
WF
Woori Finance Holdings Co
71.48
18.14
34.01%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.