BFF Bank SpA (IT:BFF)
:BFF
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BFF Bank SpA
(BFF)
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Rating:69Neutral
Price Target:
€4.50
▲(155.68% Upside)
Action:ReiteratedDate:02/04/26
The score is primarily supported by strong financial performance and an attractive low P/E valuation, but is held back significantly by very weak technical momentum and the price trading well below major moving averages.
Positive Factors
Specialized healthcare financing franchise
A focused franchise in public healthcare and receivables financing provides structural demand and client stickiness. Public-sector counterparties and institutional healthcare relationships create predictable receivable flows and higher barrier to entry, supporting durable revenue visibility and lower churn.
Negative Factors
Sharp revenue contraction
A roughly 25% decline in reported revenue is a material structural headwind. Persistent top-line weakness undermines scale economics, limits fee and interest income growth, pressures margins and constrains the bank's ability to rebuild capital organically without offsetting measures.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized healthcare financing franchise
A focused franchise in public healthcare and receivables financing provides structural demand and client stickiness. Public-sector counterparties and institutional healthcare relationships create predictable receivable flows and higher barrier to entry, supporting durable revenue visibility and lower churn.
Read all positive factors
BFF Bank SpA (BFF) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€304.43M
Dividend YieldN/A
Average Volume (3M)305.62K
Price to Earnings (P/E)25.6
Beta (1Y)0.24
Revenue Growth-25.72%
EPS Growth-46.30%
CountryIT
Employees830
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)-0.20
Shares Outstanding188,898,590
10 Day Avg. Volume313,744
30 Day Avg. Volume305,620
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)1.97
Price to Sales (P/S)2.22
P/FCF Ratio170.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€4.73Price Target Upside168.75% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.77
Revenue Forecast (FY)€377.32M
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 Fa...
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 busi...
BFF Bank SpA Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| 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
Negative
1.76
Price Trends
3.49
Negative
6.59
Negative
8.61
Negative
Market Momentum
-0.64
Positive
26.96
Positive
21.97
Neutral
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 1.76 is below the 20-day moving average (MA) of 2.50, below the 50-day MA of 3.49, and below the 200-day MA of 8.61, indicating a bearish trend. The MACD of -0.64 indicates Positive momentum. The RSI at 26.96 is Positive, neither overbought nor oversold. The STOCH value of 21.97 is Neutral, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €7.98B | 13.84 | 14.64% | 4.87% | -10.80% | 20.43% | |
69 Neutral | €304.43M | 25.56 | 17.55% | ― | -25.72% | -46.30% | |
66 Neutral | €19.16B | 5.75 | 18.92% | 8.25% | 2.23% | 72.08% | |
62 Neutral | €1.35B | 4.76 | 16.33% | 8.44% | -3.63% | -5.12% | |
58 Neutral | €1.21B | 9.76 | 7.87% | 4.86% | -5.81% | -11.05% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:BFF
BFF Bank SpA
1.76
-5.80
-76.68%
IT:IF
Banca Ifis SPA
22.26
4.02
22.03%
IT:BPSO
Banca Popolare di Sondrio S.C.p.A.
17.64
8.36
90.16%
IT:BST
Banca Sistema S.p.A.
1.70
0.28
19.86%
IT:BAMI
Banco BPM S.p.A.
12.54
4.38
53.75%
IT:BDB
Banco di Desio e Della Brianza SPA
9.15
2.22
32.11%
BFF Bank SpA Corporate Events
B.F. S.p.A. Updates Total Voting Rights After Activation of Enhanced Votes
Feb 2, 2026
B.F. S.p.A., the Euronext Milan‑listed holding company active in Italy’s agro‑industrial supply chain and in agricultural services and products, has updated the structure of its share capital and voting rights following the activ...
BFF Bank Takes €95 Million One-Off Hit to De-Risk Factoring Portfolio and Resets 2026 Targets
Feb 2, 2026
BFF Bank has approved a set of extraordinary de-risking actions on its factoring portfolio ahead of a potential securitisation, including around €95 million in pre-tax one-off items in 2025 and a reduction in non-performing exposures, while ...
BFF Bank Sets 2026 Financial Calendar and Expands Voluntary Quarterly Disclosure
Jan 30, 2026
BFF Bank S.p.A. has published its 2026 financial calendar, detailing the dates for Board of Directors meetings and the Ordinary Shareholders’ Meeting to approve the 2025 annual results, as well as interim and half-year financial reports thro...
B.F. S.p.A. Files Updated Bylaws, Enhancing Governance Transparency
Dec 22, 2025
B.F. S.p.A., an Euronext Milan–listed agro‑industrial holding company providing products and services to farmers through its subsidiaries, has formalized an update to its corporate governance framework. The company announced that the b...
B.F. S.p.A. Shareholders Overwhelmingly Approve Amendments to Articles of Association
Dec 19, 2025
At an extraordinary shareholders’ meeting of B.F. S.p.A. held on 17 December 2025 in Milan, investors were asked to approve amendments to several articles of the company’s Articles of Association, covering a broad set of governance pro...
B.F. S.p.A. Co-opts New Director Alessandra Bonetti to Board and Key Committee
Dec 18, 2025
B.F. S.p.A. has refreshed its board structure following the resignation of non-executive director Riccardo Bovino, who also sat on the Nomination and Remuneration Committee. After the next two candidates from the same shareholder list were conside...
B.F. S.p.A. Releases Shareholder Q&A Ahead of Extraordinary Meeting
Dec 15, 2025
B.F. S.p.A. has made available the answers to shareholder questions submitted before the Extraordinary Shareholders’ Meeting scheduled for December 17, 2025. This move is part of the company’s commitment to transparency and effective c...
BF International Acquires F.lli Martini to Boost Strategic Growth
Dec 15, 2025
BF International, a subsidiary of B.F. S.p.A., has signed an agreement to acquire F.lli Martini C. S.p.A., an Italian industrial group with a focus on feed, livestock, and food, for Euro 220 million. This acquisition is part of BF Group’s s...
BFF Bank SpA Announces Major Capital Increase for Subsidiary to Boost International Growth
Dec 11, 2025
BFF Bank SpA has announced a series of capital increase operations involving its subsidiary, BF International Best Fields Best Food Limited (BFI), aimed at supporting the internationalization project of the BF Group. These operations include signi...
BFF Bank Announces Share Capital Increase to Support Incentive Plans
Dec 10, 2025
BFF Bank S.p.A. has announced a change in its share capital following a partial execution of a free share capital increase, resulting in the issuance of 29,870 new ordinary shares. This move is part of the bank’s remuneration and incentive p...
BFF Bank’s Sustainability Efforts Earn Positive Outlook from Standard Ethics
Dec 10, 2025
BFF Bank S.p.A. has received an improved Outlook from ‘Stable’ to ‘Positive’ by Standard Ethics, reflecting the bank’s advancements in sustainability practices. The bank has adopted various ESG policies and a decarbon...
BFF Bank SpA Board Member Resigns
Dec 10, 2025
BFF Bank SpA announced the resignation of Riccardo Bovino from its Board of Directors, effective December 6, 2025, due to personal commitments. Bovino, who was a non-executive director and part of the Nominations and Remuneration Committee, will n...
B.F. S.p.A. Announces Updated Voting Rights Structure
Dec 1, 2025
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, re...
BFF Bank Expands EMTN Program to €2.5 Billion
Nov 21, 2025
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, ...
Moody’s Upgrades BFF Bank’s Ratings, Reflecting Improved Financial Position
Nov 18, 2025
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, positio...
BFF Bank Updates Articles of Association Following Capital Increase
Nov 18, 2025
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 mai...
BFF Bank SpA Announces Extraordinary Shareholders’ Meeting
Nov 15, 2025
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 physica...
B.F. S.p.A. Calls Extraordinary Shareholders’ Meeting for Articles Amendment
Nov 14, 2025
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 rece...
BFF Bank Allocates Shares Under Incentive System
Nov 12, 2025
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...
BFF Bank Reports Record Nine-Month Performance with Significant Profit Growth
Nov 10, 2025
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 previo...
BF Agro-Industriale and Partners to Acquire BIA S.p.A. in €57 Million Deal
Nov 4, 2025
BF Agro-Industriale S.r.l., a subsidiary of B.F. S.p.A., along with minority shareholders, has entered into an agreement with PMPARTNERS SGR S.p.A. and Armònia SGR S.p.A. for the acquisition of BIA S.p.A. The acquisition, valued at 57 million...
PM&Partners and Armònia Acquire Majority Stake in BIA S.p.A.
Nov 4, 2025
PMPartners 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, ai...
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.
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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.