BFF Bank SpA (BFF) AI Stock Analysis

• Market Cap: €1.76B
• Dividend Yield: N/A
• Average Volume (3M): 305.62K
• Price to Earnings (P/E): 13.2
• Beta (1Y): 0.59
• Revenue Growth: -25.72%
• EPS Growth: -46.30%
• Country: IT
• Employees: 830
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 0.17
• Shares Outstanding: 188,637,330
• 10 Day Avg. Volume: 313,744
• 30 Day Avg. Volume: 305,620
• PEG Ratio: 0.32
• Price to Book (P/B): 1.97
• Price to Sales (P/S): 3.55
• P/FCF Ratio: 170.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €12.50
• Price Target Upside: 33.83% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: €10.00 ▲(7.07% Upside)

BFF Bank SpA's strong financial performance is the most significant factor, reflecting robust revenue growth and profitability. However, technical indicators suggest a bearish trend, which negatively impacts the overall score. The valuation is reasonable, but the lack of a dividend yield may deter some investors. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Strong Financial Health

The company's robust financial health and profitability indicate a strong foundation, supporting long-term growth and stability in its operations.

Improved Cash Flow

Positive cash flow from operations enhances the company's ability to reinvest in growth opportunities and maintain liquidity, ensuring sustainable operations.

Healthy Profit Margins

Strong profit margins indicate effective cost control and pricing strategies, which are crucial for maintaining competitive advantage and profitability.

Negative Factors

Rising Leverage

An increase in leverage could limit financial flexibility and increase risk, necessitating careful monitoring to ensure sustainable capital structure.

Revenue Growth Decline

A decline in revenue growth may indicate challenges in market expansion or competitive pressures, potentially impacting future earnings potential.

Earnings Decline

A significant drop in EPS growth suggests potential issues in profitability or cost management, which could affect investor confidence and long-term growth.

BFF Bank SpA Business Overview & Revenue Model

Company Description

BFF Bank S.p.A. provides financial services to suppliers of the national health system and public administration sector in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, the Slovak Republic, and Spain. It operates through Factoring & Lending, Securities Services, and Payment Services segments. The Factoring & Lending segment offers non-recourse factoring, lending, and credit management services to public sector suppliers and public administration bodies. The Securities Services segment undertakes custodian banking for investment funds and related services, such as global custody, fund accounting, and transfer agent services for national managers and banks, as well as various investment funds, including pension, mutual, and alternative funds. The Payments Services segment undertakes payment processing, corporate payments, and cheques and bills, as well as operates customers medium-small Italian banks and medium-large companies. The company was founded in 1985 and is headquartered in Milan, Italy.

How the Company Makes Money

BFF generates revenue primarily through interest income from its lending activities, particularly in financing public healthcare systems and corporates. The bank also earns fees from its factoring services, where it purchases receivables from businesses to provide immediate liquidity. Additionally, BFF benefits from providing advisory services related to financial restructuring and cash flow management, which contribute further to its revenue streams. Strategic partnerships with public institutions and healthcare providers enhance its client base and operational efficiency, driving sustained earnings growth.

BFF Bank SpA Financial Statement Overview

Summary

BFF Bank SpA demonstrates strong financial health with solid growth in revenue and profitability. The balance sheet reflects a strong equity position but with a slight increase in leverage that requires attention. Cash flow improvements are notable, though continued focus on cash management is necessary to maintain financial stability.

Income Statement

BFF Bank SpA has shown strong performance in revenue growth and profitability. The revenue growth rate from 2023 to 2024 was robust, indicating solid business expansion. The gross profit margin and net profit margin are healthy, reflecting efficient cost management and profitability. The EBIT and EBITDA margins are also strong, suggesting operational efficiency. However, the reduction in gross profit from 2023 to 2024 indicates a potential area for improvement.

Balance Sheet

The balance sheet of BFF Bank SpA indicates a healthy equity position with an increasing stockholders' equity. The debt-to-equity ratio has increased slightly from the previous year but remains manageable. The equity ratio is strong, showing a solid capital structure. Nevertheless, the increase in total debt from 2023 to 2024 suggests a need for monitoring to ensure leverage remains within acceptable limits.

Cash Flow

The cash flow statement shows a significant improvement in operating cash flow from negative in 2023 to positive in 2024, which is a positive indicator of cash management. Free cash flow has also turned positive, signaling improved cash generation capabilities. However, the cash flow from investing and financing activities indicates areas that need careful management to maintain liquidity and support future growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	733.81M	778.27M	783.06M	508.14M	341.15M	268.58M
Gross Profit	402.03M	394.10M	437.80M	415.15M	301.60M	221.71M
EBITDA	185.94M	315.71M	248.05M	342.75M	206.74M	129.23M
Net Income	124.31M	215.68M	171.66M	232.05M	197.37M	91.07M
Balance Sheet
Total Assets	13.22B	12.15B	12.29B	13.34B	11.18B	6.05B
Cash, Cash Equivalents and Short-Term Investments	1.10B	305.84M	593.89M	911.33M	825.03M	204.47M
Total Debt	742.13M	750.35M	242.47M	242.77M	379.63M	1.01B
Total Liabilities	12.28B	11.27B	11.53B	12.58B	10.61B	5.59B
Stockholders Equity	943.62M	876.81M	758.81M	758.77M	571.60M	462.58M
Cash Flow
Free Cash Flow	0.00	10.14M	-216.54M	124.41M	471.91M	97.69M
Operating Cash Flow	0.00	41.51M	-184.87M	157.56M	533.23M	104.67M
Investing Cash Flow	0.00	-44.17M	-31.67M	-33.32M	-71.04M	-7.06M
Financing Cash Flow	0.00	-101.21M	-162.21M	-43.83M	-97.32M	-2.63M

BFF Bank SpA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:BFF, the sentiment is Negative. The current price of 9.34 is below the 20-day moving average (MA) of 10.02, below the 50-day MA of 10.38, and below the 200-day MA of 9.77, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 29.07 is Positive, neither overbought nor oversold. The STOCH value of 15.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:BFF.

BFF Bank SpA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IF	71 Outperform	€1.51B	8.54	8.85%	8.44%	-3.63%	-5.12%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BFF	63 Neutral	€1.76B	13.18	17.55%	―	-25.72%	-46.30%
ILTY	59 Neutral	―	―	―	―	―	―
BDB	53 Neutral	€1.23B	10.82	7.87%	4.86%	-5.81%	-11.05%

BFF Bank SpA Corporate Events

B.F. S.p.A. Announces Updated Voting Rights Structure

B.F. S.p.A. has announced the total number of shares with increased voting rights as of December 1, 2025, amounting to 99,357,776. This update, in line with the company’s Articles of Association and Regulations on Increased Voting Rights, reflects its commitment to enhancing shareholder engagement and governance, potentially impacting its market positioning and investor relations.

BFF Bank Expands EMTN Program to €2.5 Billion

BFF Bank S.p.A. has updated its Medium Term Note Program to €2.5 billion, following approval by the Central Bank of Ireland. This update reflects BFF’s strategy to diversify funding sources and enhance its presence in capital markets, with the program allowing issuance of various securities, including those aligned with its Social Bond Framework.

Moody’s Upgrades BFF Bank’s Ratings, Reflecting Improved Financial Position

Moody’s has upgraded all ratings of BFF Bank S.p.A., reflecting an improved capital position and reduced refinancing risk, alongside updates to Moody’s bank rating methodology. The upgrades enhance BFF’s creditworthiness, positioning it one notch above investment grade, which could positively impact its operations and stakeholder confidence.

BFF Bank Updates Articles of Association Following Capital Increase

BFF Bank S.p.A. has announced the publication of its updated Articles of Association following a partial execution of a free capital increase. These changes have been made available to the public, reflecting the bank’s ongoing efforts to maintain transparency and governance standards. This update may impact the bank’s operations by aligning its governance structure with recent financial activities, potentially influencing its market positioning and stakeholder relations.

BFF Bank SpA Announces Extraordinary Shareholders’ Meeting

BFF Bank SpA has announced an Extraordinary Shareholders’ Meeting scheduled for December 17, 2025, to discuss amendments to several articles of its Articles of Association. The meeting will be conducted exclusively via proxy, with no physical attendance allowed, in accordance with Italian legislative provisions. This decision reflects an adaptation to legal frameworks and signifies a strategic move to streamline shareholder participation processes.

B.F. S.p.A. Calls Extraordinary Shareholders’ Meeting for Articles Amendment

B.F. S.p.A. has announced an extraordinary shareholders’ meeting scheduled for December 17, 2025, to discuss proposed amendments to its Articles of Association. These amendments aim to align the company’s governance framework with recent regulatory changes and leverage new opportunities under current regulations, potentially impacting its corporate governance and operational efficiency.

BFF Bank Allocates Shares Under Incentive System

BFF Bank S.p.A. has announced the allocation of shares under its incentive system, as part of its Remuneration and Incentive Policy. This transaction, involving 2,390 shares at a price of zero euros, reflects the bank’s ongoing commitment to rewarding its management team, potentially impacting its internal operations and stakeholder engagement.

BFF Bank Reports Record Nine-Month Performance with Significant Profit Growth

BFF Bank S.p.A. reported a record performance for the first nine months of 2025, with a notable increase in its credit portfolio and volumes. The bank’s adjusted net profit rose to €118.1 million, marking a 14% increase from the previous year, and its third-quarter profit surged by 33% year-on-year. The bank’s strategic financial management, including a positive change in government securities and a reduction in past due amounts, underscores its robust operational efficiency. The removal of bans on dividends and market expansion signals potential growth opportunities, while the bank maintains a strong capital position with a CET1 ratio of 13.4%.

BF Agro-Industriale and Partners to Acquire BIA S.p.A. in €57 Million Deal

BF Agro-Industriale S.r.l., a subsidiary of B.F. S.p.A., along with minority shareholders, has entered into an agreement with PM&PARTNERS SGR S.p.A. and Armònia SGR S.p.A. for the acquisition of BIA S.p.A. The acquisition, valued at 57 million euros, includes potential earn-out and earn-in adjustments based on EBITDA targets. The transaction is expected to be completed by December 31, 2025, subject to certain conditions, including the signing of a financing contract and a shareholders’ agreement that will regulate governance and share circulation.

PM&Partners and Armònia Acquire Majority Stake in BIA S.p.A.

PM&Partners and Armònia have acquired a majority stake in BIA S.p.A., a leading European cous cous producer, to accelerate its growth and strengthen its market position. The acquisition, supported by reinvestments from current shareholders, aims to enhance BIA’s development through strategic investments and expansion in high-value markets.

BFF Bank S.p.A. Updates Dividend Policy Following Regulatory Approval

BFF Bank S.p.A. has received approval from the Bank of Italy to remove previous prohibitions on dividend distribution and capital expansion, confirming its current additional capital requirements. The bank has updated its dividend policy, increasing its capital target by 100 basis points, and plans to implement this policy starting from the 2025 annual results. This adjustment will result in lower expected cumulative dividends by 2026 but aligns with the bank’s strategy for sustainable growth and capital solidity.

BFF Bank Announces Share Capital Increase to Support Incentive Plans

BFF Bank S.p.A. has announced a change in its share capital following a partial execution of a free share capital increase, which was resolved by the Shareholders’ Meeting in April 2020. This increase, amounting to €5,673.36, involved the issuance of 7,368 new ordinary shares allocated to the BFF Group staff as part of their remuneration and incentive policies. The change reflects the bank’s ongoing commitment to its incentive systems and stock option plans, potentially strengthening its market position and aligning staff interests with company performance.

BFF Bank Updates Articles of Association Following Capital Increase

BFF Bank S.p.A. has announced the publication of its updated Articles of Association following a partial execution of a free share capital increase. This update, which reflects changes announced in September 2025, is now accessible to the public at the Bank’s registered office and online. The publication of the updated Articles of Association is a significant step for BFF Bank as it continues to enhance its governance framework, potentially impacting its operations and market positioning.

BFF Bank SpA Reports Growth in Production Value Amidst Financial Challenges

BFF Bank SpA’s Board of Directors has approved the consolidated half-year financial report for June 30, 2025, showing an increase in production value to 852 million euros, up 11% from the previous year. The company’s EBITDA rose by 3% to 53 million euros, driven by increased volumes and integration with associated companies. Despite a positive net result of 2 million euros, the financial management result was negative, attributed to higher financial debt. The report highlights growth in the agro-industrial and seed sectors, with significant contributions from international operations, although the EBIT decreased due to higher amortizations.

Bank of Italy Confirms MREL Requirements for BFF Bank

The Bank of Italy has confirmed the MREL requirements for BFF Bank S.p.A., maintaining the consolidated capital requirements unchanged. This decision implies stability in BFF’s financial obligations and potentially reinforces its position in the financial sector, ensuring compliance without additional subordination requirements.

BFF Bank Updates Articles of Association Following Capital Increase

BFF Bank S.p.A. has announced the publication of its updated Articles of Association following a partial free capital increase. The updated documents are available at the bank’s Milan office and on its website, reflecting changes previously communicated to the market. This update is part of BFF’s ongoing efforts to maintain transparency and regulatory compliance, potentially impacting its governance structure and stakeholder engagement.