Banca Mediolanum (BNCDY)
OTHER OTC:BNCDY
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Banca Mediolanum
(OTC:BNCDY)
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Rating:69Neutral
Price Target:
$48.00
â–²(3.74% Upside)
Action:DowngradedDate:04/29/26
Overall score is supported by strong profitability/returns and a positive earnings outlook with clear 2026 guidance, alongside constructive price trends. The main constraints are higher balance-sheet leverage and historically volatile cash flows, with valuation held back by a ~24 P/E despite a strong dividend yield.
Positive Factors
High profitability and returns
Sustained high profitability and a near-30% ROE indicate efficient capital deployment and strong earnings power. This supports durable dividend capacity, reinvestment in distribution/tech, and resilience to cyclical revenue swings, underpinning long-term shareholder returns.
Negative Factors
Rising leverage reduces balance-sheet flexibility
A material rise in leverage meaningfully increases funding sensitivity and reduces shock absorption capacity. Higher debt-to-equity elevates refinancing and interest-rate risk, constraining strategic optionality and making capital returns or investments more vulnerable in adverse markets.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and returns
Sustained high profitability and a near-30% ROE indicate efficient capital deployment and strong earnings power. This supports durable dividend capacity, reinvestment in distribution/tech, and resilience to cyclical revenue swings, underpinning long-term shareholder returns.
Read all positive factors
Banca Mediolanum (BNCDY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.65B
Dividend Yield5.15%
Average Volume (3M)130.00
Price to Earnings (P/E)14.2
Beta (1Y)0.77
Revenue Growth-10.35%
EPS Growth16.35%
CountryUS
Employees3,871
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.78
Shares Outstanding372,706,940
10 Day Avg. Volume283
30 Day Avg. Volume130
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)6.40
Price to Sales (P/S)5.86
P/FCF Ratio5.87
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue5.73
Enterprise Value/Gross Profit6.98
Enterprise Value/Ebitda11.37
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
Banca Mediolanum S.p.A. provides various banking products and services in Italy. The company offers current accounts and mortgages and loans. It also provides debit, credit, and prepaid cards; savings and investment products, such as equities and ...
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:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call reported a strong set of 2025 results: record net income, robust fee growth, exceptional net inflows (especially into managed assets), high ROE and a very strong capital position. The bank balanced growth with disciplined cost management (cost-to-income 37.6%) while continuing to invest in distribution, NEXT and digital/AI initiatives. Key challenges include reduced performance fees versus the prior year, provisions and reserve builds, Spain profitability headwinds, and sensitivity of NII and certain fee lines (certificates) to market conditions. The management provided clear 2026 guidance (managed assets ~EUR 9bn, NII ~+10%, cost-to-income ~38%, cost of risk ~20 bps) but flagged that outcomes depend on market and rate environments.Positive Updates
Record Net Income
Group net income of EUR 1.238 billion, up 11% versus 2024, marking a new all-time high for the bank.
Negative Updates
Performance Fees Reduced
Performance fees were materially lower than 2024, down 32% to EUR 257 million gross, reducing a source of upside to the bottom line (management stresses they are non‑recurring/bonus in nature).
Read all updates
Q4-2025 Updates
Positive
Negative
Record Net Income
Group net income of EUR 1.238 billion, up 11% versus 2024, marking a new all-time high for the bank.
Read all positive updates
Company Guidance
For 2026 management guided net inflows into managed assets of around EUR 9.0bn (assuming normal market conditions); net interest income up approximately 10% year‑on‑year (management cites a steady‑state 3m Euribor assumption of ~1.95%); a cost‑to‑income ratio of ~38%; cost of risk around 20 bps; loan stock and newly granted loans each expected to grow ~5%; they expect to convert a pipeline of roughly EUR 3bn into managed assets (≈EUR 840m from double‑chance deposits and >EUR 2.1bn from installment plans) and to gradually switch about EUR 5bn currently in money‑market funds into equities over a c.3.5‑year horizon; management also intends to increase the ordinary dividend above the EUR 0.80 base per share (having proposed EUR 1.25 for 2025) while keeping capital metrics strong (CET1 ~23% at end‑2025, with a preference to remain >22%).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 | 2.99B | 4.90B | 3.01B | 2.42B | 1.49B | 6.45B |
| Gross Profit | 2.45B | 4.52B | 2.42B | 1.92B | 1.41B | 6.40B |
| EBITDA | 1.51B | 1.39B | 1.45B | 1.07B | 643.84M | 890.47M |
| Net Income | 1.15B | 1.19B | 1.12B | 821.87M | 506.83M | 713.05M |
Balance Sheet | ||||||
| Total Assets | 85.97B | 89.90B | 86.15B | 77.83B | 73.60B | 73.52B |
| Cash, Cash Equivalents and Short-Term Investments | 806.77M | 555.53M | 1.28B | 384.78M | 2.75B | 5.32B |
| Total Debt | 393.24M | 3.02B | 396.88M | 386.00M | 372.29M | 68.01M |
| Total Liabilities | 81.80B | 85.41B | 82.13B | 74.38B | 70.66B | 70.64B |
| Stockholders Equity | 4.18B | 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 | -2.19B | -15.52M | -23.93M | -34.06M | -38.14M |
| Financing Cash Flow | 0.00 | -3.21B | -640.36M | -385.65M | -431.51M | -737.97M |
Banca Mediolanum Technical Analysis
Positive
46.27
Price Trends
41.55
Positive
43.28
Positive
40.65
Positive
Market Momentum
1.21
Negative
71.44
Negative
95.34
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 46.27 is above the 20-day moving average (MA) of 41.51, above the 50-day MA of 41.55, and above the 200-day MA of 40.65, indicating a bullish trend. The MACD of 1.21 indicates Negative momentum. The RSI at 71.44 is Negative, neither overbought nor oversold. The STOCH value of 95.34 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $17.57B | 10.86 | 17.70% | 10.29% | -0.51% | -19.76% | |
69 Neutral | $16.65B | 14.19 | 28.35% | 5.15% | -10.35% | 16.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $16.54B | 10.15 | 9.37% | 3.71% | 36.20% | 9.54% | |
58 Neutral | $18.45B | 15.60 | 20.11% | 5.56% | -7.31% | -7.03% | |
58 Neutral | $21.54B | 17.87 | 11.11% | 4.98% | 17.17% | -1.33% | |
56 Neutral | $14.63B | 13.38 | 21.37% | 4.29% | 21.55% | 18.91% |
* Financial Sector Average
BNCDY
Banca Mediolanum
45.33
14.74
48.18%
BCH
Banco De Chile
36.47
7.12
24.25%
BSBR
Banco Santander Brasil
5.80
0.77
15.26%
BSAC
Banco Santander Chile
30.53
6.75
28.36%
CIB
Grupo Cibest
65.15
24.68
60.99%
WF
Woori Finance Holdings Co
68.33
30.61
81.15%
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.