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Banca Mediolanum SpA
(BMED)
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Rating:76Outperform
Price Target:
€25.00
▲(9.94% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by strong underlying financial performance (high profitability, strong recent cash generation, and very strong ROE) tempered by historical volatility in leverage and cash flows. Valuation adds support via a moderate P/E and high dividend yield. Technicals indicate a generally positive longer-term trend with some near-term consolidation, while the latest earnings call reinforces a positive outlook with clear guidance but ongoing sensitivity to rates and some timing/credit-cost risks.
Positive Factors
High ROE
Very strong ROE (~27–28%) indicates efficient use of capital and durable earnings generation. High returns support internal capital formation, dividend capacity and reinvestment into distribution and tech, providing structural financial strength over the coming months.
Negative Factors
Leverage Volatility
Historic swings in leverage demonstrate balance-sheet instability and higher financial risk in stressed periods. Such volatility can constrain capital planning, elevate funding costs under stress and complicate regulatory ratios despite the improved 2025 position.
Read all positive and negative factors
Positive Factors
Negative Factors
High ROE
Very strong ROE (~27–28%) indicates efficient use of capital and durable earnings generation. High returns support internal capital formation, dividend capacity and reinvestment into distribution and tech, providing structural financial strength over the coming months.
Read all positive factors
Banca Mediolanum SpA (BMED) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€17.82B
Dividend Yield5.16%
Average Volume (3M)1.19M
Price to Earnings (P/E)13.7
Beta (1Y)1.15
Revenue Growth-33.50%
EPS Growth14.56%
CountryIT
Employees4,166
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.72
Shares Outstanding745,413,900
10 Day Avg. Volume1,292,738
30 Day Avg. Volume1,192,469
Financial Highlights & Ratios
PEG Ratio1.10
Price to Book (P/B)3.20
Price to Sales (P/S)2.82
P/FCF Ratio2.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€24.33Price Target Upside7.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.53
Revenue Forecast (FY)€2.44B
Banca Mediolanum SpA Business Overview & Revenue Model
Company Description
Banca Mediolanum S.p.A. is an Italian financial institution that delivers a broad spectrum of banking and financial solutions. Its offerings encompass fundamental services like checking accounts, diverse lending options including mortgages, and a ...
How the Company Makes Money
Banca Mediolanum primarily earns revenue through a mix of fee-based income from wealth management and insurance distribution and interest-based income from banking activities. A major source of earnings is net fee and commission income generated b...
Banca Mediolanum SpA 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 highlights broad-based growth across revenue lines, strong net income and operating margin expansion, healthy commercial flows and robust capital ratios. Strategic initiatives (Grandi Patrimoni, Banker recruitment, AI deployment) are contributing to higher-quality and more diversified growth. Lowlights are manageable and largely relate to timing effects (deferred performance fees, certificate seasonality), a modest rise in loan impairments, a temporary leverage ratio decline due to front-loaded government bond purchases, and sensitivity of future NII to rates. On balance the positives substantially outweigh the negatives.Positive Updates
Strong Net Income Growth
Net income for H1 2026 was EUR 555.5 million, up 16% year-on-year, demonstrating solid bottom-line performance.
Negative Updates
Higher Loan Impairments
Impairment on loans increased from EUR 14 million to over EUR 20 million in the period, partly influenced by an exceptionally low comparator in Q1 2025 after model changes.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Net Income Growth
Net income for H1 2026 was EUR 555.5 million, up 16% year-on-year, demonstrating solid bottom-line performance.
Read all positive updates
Company Guidance
Management's 2026 guidance calls for net inflows into managed assets of about €9.0bn (assuming normal market conditions), net interest income up 15–18% versus 2025 (with a 2027 illustrative NII +5% assuming a 2.6% average Euribor), a targeted cost‑income ratio of ~38%, an expected cost of risk of ~20 bps, an intention to raise dividend per share above the €0.80 base, Banker Consultant headcount to exceed 1,000 by end‑2026, and roughly €220m of performance fees still to be recognized by year‑end.Banca Mediolanum SpA Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
60
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.89B | 5.10B | 3.01B | 2.42B | 1.49B | 6.45B |
| Gross Profit | 3.63B | 4.71B | 2.42B | 1.92B | 1.41B | 6.40B |
| EBITDA | 1.48B | 1.45B | 1.45B | 1.07B | 711.03M | 939.37M |
| Net Income | 1.27B | 1.24B | 1.12B | 821.87M | 506.83M | 713.05M |
Balance Sheet | ||||||
| Total Assets | 94.28B | 89.94B | 86.15B | 77.83B | 73.60B | 73.52B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 555.77M | 1.28B | 188.13M | 2.75B | 519.02M |
| Total Debt | 1.85B | 3.02B | 396.88M | 8.63B | 9.70B | 68.01M |
| Total Liabilities | 89.42B | 85.44B | 82.13B | 74.38B | 70.66B | 70.64B |
| Stockholders Equity | 4.77B | 4.49B | 4.03B | 3.45B | 2.94B | 2.88B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 5.10B | 1.14B | -1.81B | 2.24B | 848.49M |
| Operating Cash Flow | 0.00 | 5.10B | 1.15B | -1.75B | 2.30B | 909.30M |
| Investing Cash Flow | 0.00 | -2.28B | -15.52M | -23.93M | -34.06M | -38.14M |
| Financing Cash Flow | 0.00 | -3.34B | -640.36M | -385.65M | -431.51M | -737.97M |
Banca Mediolanum SpA Technical Analysis
Positive
22.74
Price Trends
22.31
Positive
20.44
Positive
19.12
Positive
Market Momentum
0.59
Negative
72.71
Negative
78.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:BMED, the sentiment is Positive. The current price of 22.74 is below the 20-day moving average (MA) of 23.29, above the 50-day MA of 22.31, and above the 200-day MA of 19.12, indicating a bullish trend. The MACD of 0.59 indicates Negative momentum. The RSI at 72.71 is Negative, neither overbought nor oversold. The STOCH value of 78.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:BMED.
Banca Mediolanum SpA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | €14.96B | 22.03 | 26.08% | 3.33% | 5.03% | 2.95% | |
76 Outperform | €121.04B | 12.28 | 15.77% | 5.84% | -15.86% | 7.97% | |
76 Outperform | €17.82B | 13.69 | 28.43% | 5.50% | -33.50% | 14.56% | |
73 Outperform | €7.69B | 4.10 | 31.60% | 4.37% | 17.02% | 33.89% | |
71 Outperform | €25.66B | 8.95 | 18.53% | 6.38% | -22.42% | -19.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | €23.23B | 19.43 | 10.73% | 4.39% | -28.19% | 49.21% |
* Financial Sector Average
IT:BMED
Banca Mediolanum SpA
24.23
8.24
51.57%
IT:BGN
Banca Generali SpA
66.75
18.69
38.89%
IT:BAMI
Banco BPM S.p.A.
16.92
5.88
53.21%
IT:FBK
FinecoBank SpA
24.23
6.11
33.70%
IT:ISP
Intesa Sanpaolo SpA
6.88
1.73
33.51%
IT:MB
Mediobanca Banca di Credito Finanziario S.p.A.
28.75
8.83
44.31%
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.