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BFF Bank SpA
(BFF)
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Rating:65Neutral
Price Target:
€3.50
▲(20.69% Upside)
Action:Reiterated
Date:07/02/26
The score is driven primarily by weakened 2025 financial performance (sharp profit and margin decline, lower ROE) tempered by improved leverage and a 2025 cash flow rebound that remains historically volatile. Technicals add support with a near-term uptrend and positive momentum indicators, and valuation is a positive contributor due to the low P/E.
Positive Factors
Specialized factoring franchise
BFF's focused business model—factoring, receivables financing and credit management with a meaningful public‑sector presence—is a durable niche. That specialization creates recurring fee and interest‑style income, operational know‑how and client stickiness that support steady origination and servicing over the medium term.
Negative Factors
Sharp profit & margin compression
A steep decline in net income and compressed net margin indicates a material deterioration in earnings power. Persistently lower profitability weakens internal capital generation, constrains reinvestment and dividend flexibility, and reduces the buffer against credit losses or higher funding costs over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized factoring franchise
BFF's focused business model—factoring, receivables financing and credit management with a meaningful public‑sector presence—is a durable niche. That specialization creates recurring fee and interest‑style income, operational know‑how and client stickiness that support steady origination and servicing over the medium term.
Read all positive factors
BFF Bank SpA (BFF) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€550.77M
Dividend YieldN/A
Average Volume (3M)305.62K
Price to Earnings (P/E)6.5
Beta (1Y)0.54
Revenue Growth-27.34%
EPS Growth-76.03%
CountryIT
Employees873
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)0.45
Shares Outstanding188,898,590
10 Day Avg. Volume313,744
30 Day Avg. Volume305,620
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)1.94
Price to Sales (P/S)2.79
P/FCF Ratio11.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€2.30Price Target Upside-20.69% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.65
Revenue Forecast (FY)€367.13M
BFF Bank SpA Business Overview & Revenue Model
Company Description
BFF Bank S.p.A., founded in 1985 and based in Milan, Italy, offers specialized financial services with a primary focus on suppliers to the national healthcare system and public administration. Its operations extend across Italy, Croatia, the Czech...
How the Company Makes Money
BFF makes money mainly by monetizing and servicing receivables and by earning income from banking/financial activities. Key revenue streams typically include: (1) Factoring and receivables financing income: BFF purchases or finances trade receivab...
BFF Bank SpA Financial Statement Overview
Summary
Income Statement
57
Neutral
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 639.21M | 642.98M | 778.27M | 783.06M | 508.14M | 341.15M |
| Gross Profit | 396.19M | 376.59M | 394.10M | 437.80M | 415.15M | 301.60M |
| EBITDA | 127.72M | 104.84M | 315.71M | 248.05M | 342.75M | 206.74M |
| Net Income | 84.31M | 70.17M | 215.68M | 171.66M | 232.05M | 197.37M |
Balance Sheet | ||||||
| Total Assets | 11.94B | 12.29B | 12.15B | 12.29B | 13.34B | 11.18B |
| Cash, Cash Equivalents and Short-Term Investments | 183.04M | 980.76M | 305.84M | 593.89M | 911.33M | 825.03M |
| Total Debt | 1.79B | 619.96M | 750.35M | 242.47M | 242.77M | 379.63M |
| Total Liabilities | 11.01B | 11.37B | 11.27B | 11.53B | 12.58B | 10.61B |
| Stockholders Equity | 935.32M | 923.87M | 876.81M | 758.81M | 758.77M | 571.60M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 159.80M | 10.14M | -216.54M | 124.41M | 471.91M |
| Operating Cash Flow | 0.00 | 160.92M | 41.51M | -184.87M | 157.56M | 533.23M |
| Investing Cash Flow | 0.00 | -294.84M | -44.17M | -31.67M | -33.32M | -71.04M |
| Financing Cash Flow | 0.00 | 104.44M | -101.21M | -162.21M | -43.83M | -97.32M |
BFF Bank SpA Technical Analysis
Positive
2.90
Price Trends
2.95
Positive
2.62
Positive
5.41
Negative
Market Momentum
-0.02
Positive
49.05
Neutral
51.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:BFF, the sentiment is Positive. The current price of 2.9 is below the 20-day moving average (MA) of 3.01, below the 50-day MA of 2.95, and below the 200-day MA of 5.41, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 49.05 is Neutral, neither overbought nor oversold. The STOCH value of 51.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:BFF.
BFF Bank SpA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €23.84B | 7.89 | 18.53% | 6.38% | -10.25% | 8.52% | |
65 Neutral | €550.77M | 6.49 | 17.55% | ― | -27.34% | -76.03% | |
64 Neutral | €2.22B | 17.60 | 8.62% | 4.86% | -2.23% | 4.29% | |
63 Neutral | €889.45M | 2.99 | 14.87% | 14.22% | 43.89% | 87.90% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:BFF
BFF Bank SpA
3.07
-7.42
-70.73%
IT:IF
Banca Ifis SPA
15.00
-4.40
-22.66%
IT:BST
Banca Sistema S.p.A.
1.58
-0.16
-9.30%
IT:BAMI
Banco BPM S.p.A.
16.45
6.25
61.26%
IT:BDB
Banco di Desio e Della Brianza SPA
19.04
12.57
194.28%
BFF Bank SpA Corporate Events
BFF Bank Realigns Government Bond Portfolio and Brings Forward Regulatory Provisions
Jul 28, 2026
BFF Bank has repositioned its Held to Collect portfolio of Italian government bonds, completing a sale and reinvestment of about EUR 3.1 billion in nominal value and securing a pre-tax capital gain of around EUR 62 million. The move aligns with me...
Banca d’Italia Eases MREL Capital Requirements for BFF Bank
Jul 22, 2026
Banca d’Italia has lowered the minimum requirements for own funds and eligible liabilities, or MREL, applicable on a consolidated basis to BFF Bank, easing the capital load compared with the levels previously in force. The MREL ratio based o...
BFF Bank Publishes Minutes of June 2026 Shareholders’ Meeting
Jul 15, 2026
BFF Bank has published the minutes of its Ordinary Shareholders’ Meeting held on 16 June 2026, making the document accessible at its Milan registered office, via an authorized storage mechanism and in the governance section of its investor r...
B.F. S.p.A. Cuts Number of Shares With Increased Voting Rights
Jul 14, 2026
B.F. S.p.A. has announced a reduction in the number of shares with increased voting rights to 72,426,315, following cancellations carried out on July 9, 2026 under Italian finance law and the company’s own voting rights regulation. As a resu...
ARUM’s €255m Share Purchase Reshapes Ownership in B.F. S.p.A.
Jul 14, 2026
ARUM S.p.A., a company closely associated with B.F. S.p.A. chairman Federico Vecchioni, has acquired 50,998,631 ordinary B.F. shares at €5.00 per share. The shares were purchased off-market as part of a voluntary public takeover bid launched...
B.F. S.p.A. Publishes Documents on F.lli Martini Acquisition and Capital Increase
Jul 9, 2026
B.F. S.p.A., through its controlled company BF International Best Fields Best Food Limited, is advancing its strategy in the agri-food sector by pursuing the indirect acquisition of the entire share capital of F.lli Martini C. S.p.A. The move und...
BFF Bank Approves July AT1 Coupon Payment
Jul 9, 2026
BFF Bank S.p.A., part of BFF Banking Group, operates as a major specialist in public sector receivables finance and related securities and payment services across several European countries, leveraging its listed status on Borsa Italiana to suppor...
Tender Offer for B.F. S.p.A. Reaches 88% Stake Pending Final Conditions
Jul 6, 2026
Arum S.p.A. and Dompé Holdings S.r.l. have closed the acceptance period of their voluntary full public tender offer for B.F. S.p.A., securing acceptances for 101,997,262 shares, equal to 38.933% of the share capital and 76.557% of the shares ...
Arum and Dompé Near 88% Control of B.F. S.p.A. After Tender Offer
Jul 3, 2026
Arum S.p.A. and Dompé Holdings S.r.l. have jointly launched a voluntary totalitarian tender offer for all ordinary shares of B.F. S.p.A. not already held by them or related parties. The move aims to consolidate control, with the offer priced ...
BFF Bank Publishes Minutes of June 2026 Shareholders’ Meeting
Jul 3, 2026
BFF Bank SpA has made available to the public the minutes of its Ordinary and Extraordinary Shareholders’ Meeting held on 5 June 2026. The documents can be accessed at the bank’s registered office, through the investor relations sectio...
BFF Bank Retains DBRS Rating as Agency Withdraws Coverage
Jun 29, 2026
BFF Banking Group, a major European specialist in public-sector receivables management, non-recourse factoring, securities services and payment services, operates across several EU markets and is listed on Borsa Italiana. Its geographic reach span...
Arum and Dompé Secure Majority Stake in B.F. S.p.A., No Reopening of Takeover Offer
Jun 25, 2026
Arum S.p.A. and Dompé Holdings S.r.l. have announced that their voluntary full takeover bid for the ordinary shares of B.F. S.p.A. has resulted in acceptances for 42,444,047 shares, equal to 16.201% of B.F.’s share capital. Including sh...
BF Group completes €220 million acquisition of F.lli Martini to boost agrifood expansion
Jun 24, 2026
BF International Best Fields Best Food Limited, a subsidiary of B.F. S.p.A., has completed the acquisition of Italian agrifood company F.lli Martini C. S.p.A. for €220 million via the vehicle Sunflower S.p.A. The transaction was financed th...
Arum and Dompé Clear Golden Power Hurdle in Tender Offer for B.F. S.p.A.
Jun 22, 2026
Arum S.p.A. and Dompé Holdings S.r.l. are pursuing a voluntary total public tender offer for all ordinary shares of B.F. S.p.A. not already held by them or their concert parties, excluding certain locked-up shares under B.F.’s long-term...
BFF Bank Shareholders Approve 2025 Results, New Remuneration Policy and Share Buyback Mandate
Jun 16, 2026
BFF Bank S.p.A. shareholders approved the 2025 financial statements, reporting a net profit of €27.6 million, and resolved to allocate most of the earnings to retained reserves while strengthening the legal reserve. The meeting also confirme...
B.F. S.p.A. Shareholders Approve 2025 Results, Dividend and New Incentive Plan
Jun 9, 2026
B.F. S.p.A.’s shareholders approved the 2025 financial statements and endorsed the proposed allocation of profit, including a gross dividend of €0.076 per share for a total payout of about €19.9 million. The resolutions passed wi...
B.F. S.p.A. Backs €350 Million Boost for International Arm and Tightens Governance
Jun 8, 2026
B.F. S.p.A.’s board has approved subscribing up to €350 million in a capital increase at its subsidiary BF International Best Fields Best Food International Limited, partly through contributing its 54.38% stake in seed producer S.I.S. ...
B.F. S.p.A. Details Two-Tranche Dividend Payout for 2026
Jun 8, 2026
B.F. S.p.A. has detailed the timing of its previously announced dividend of €0.076 per share, which will be distributed in two equal instalments. The first tranche will be paid in early August 2026 and the second at the end of September 2026...
B.F. S.p.A. Posts Strong 2025 Results, Approves Dividend and New Incentive Plan
Jun 5, 2026
B.F. S.p.A.’s shareholders approved the 2025 financial statements, showing consolidated production value rising to €1.73 billion and EBITDA up to €129 million, driven by international expansion and integration of subsidiaries. Th...
B.F. S.p.A. Updates Voting Rights Structure After Share Cancellations
Jun 4, 2026
B.F. S.p.A. has updated its share capital structure following an increase in voting rights on 1,526,881 ordinary shares and the cancellation of 8,034,055 shares. The changes are part of its enhanced voting rights framework under Italian financial ...
B.F. S.p.A. Board Details Assessment of Voluntary Takeover Offer
Jun 3, 2026
B.F. S.p.A.’s Board of Directors has issued a formal communication in response to a voluntary total public tender offer launched by Arum S.p.A. and Dompé Holding S.r.l. for 133,231,095 of its ordinary shares. The document, prepared unde...
B.F. S.p.A. Reports Release of Pledge on 13.3 Million Shares Linked to Chairman
May 29, 2026
B.F. S.p.A. disclosed a transaction involving a person closely associated with chairman of the board Federico Vecchioni, in line with EU rules on managers’ dealings. The notification identifies the associate, Arum, as the party to the transa...
B.F. S.p.A. Updates 2026–2030 Strategy and Confirms Governance Independence
May 28, 2026
B.F. S.p.A.’s board has approved new strategic guidelines for 2026–2030, updating and extending its previous 2023–2027 industrial plan while reaffirming its mission as an infrastructure for the global agro-industrial supply chain...
Arum and Dompé Launch €5‑Per‑Share Tender Offer to Boost Stake in B.F. S.p.A. Without Delisting
May 27, 2026
Arum S.p.A. and Dompé Holdings S.r.l. have published the offer document for a voluntary full public tender offer on up to 133,231,095 ordinary shares of B.F. S.p.A., equal to 50.855% of its share capital, at a price of €5.00 per share. ...
CONSOB clears Arum and Dompé’s €5 tender offer for B.F. S.p.A.
May 26, 2026
Italian investment vehicles Arum S.p.A. and Dompé Holdings S.r.l. have obtained CONSOB’s approval of the offer document for their previously announced voluntary full public tender offer for all outstanding ordinary shares of B.F. S.p.A....
BFF Bank Publishes Additional Documentation for June 2026 Shareholders’ Meeting
May 21, 2026
BFF Bank has published additional documentation for its Ordinary Shareholders’ Meeting scheduled for 16 June 2026, making it available at its Milan registered office, on the 1Info storage system and on its website. The newly released materia...
B.F. S.p.A. Allocates Free Shares to Entity Linked to Chairman Under LTIP
May 21, 2026
B.F. S.p.A. reported a transaction involving ELFE S.r.l., a company closely associated with chairman Federico Vecchioni, relating to ordinary shares of B.F. allocated free of charge. The operation, with an overall value corresponding to 26,846 sha...
B.F. S.p.A. Publishes Candidate Lists for New Board of Statutory Auditors
May 12, 2026
B.F. S.p.A. has published two lists of candidates for the renewal of its Board of Statutory Auditors, to be voted on at the ordinary shareholders’ meeting scheduled for 5 June 2026 in a single call. The lists were submitted by major sharehol...
Arum and Dompé File Tender Offer Document for B.F. S.p.A. with CONSOB
May 11, 2026
Arum S.p.A. and Dompé Holdings S.r.l. have filed with CONSOB the offer document for a voluntary totalitarian tender offer targeting all ordinary shares of B.F. S.p.A., excluding those already held by the bidders and their concert parties. The...
BFF Bank Calls 2026 Virtual Shareholders’ Meeting to Approve 2025 Results and New Buyback Plan
May 11, 2026
BFF Bank S.p.A. has convened its ordinary shareholders’ meeting for 16 June 2026, to be held exclusively via telecommunication, to approve the 2025 standalone and consolidated financial statements and review the group’s Sustainability ...
BFF Bank Delivers Strong Q1 2026 Earnings on Revenue Growth and Capital Strength
May 11, 2026
BFF Bank reported robust first-quarter 2026 results, with adjusted net profit rising 24% year on year to €43.2 million and statutory net profit up 40% to €49.5 million, driven by a 19% increase in net revenues to €113.2 million. ...
B.F. S.p.A. Publishes 2025 Annual Financial Report and Governance Documentation
Apr 30, 2026
B.F. S.p.A. has published its Annual Financial Report as of 31 December 2025, making the document available to shareholders and the public in line with Italian financial market regulations. The package includes the draft separate and consolidated ...
BFF Bank Restates 2025 Results After Regulator Action, Cuts Profit Outlook
Apr 30, 2026
BFF Bank has approved its draft separate and consolidated financial statements for 2025, restating 2024 figures and incorporating changes required after a supervisory measure by Banca d’Italia, which also appointed two assistants to its boar...
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.