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Credito Emiliano SPA Credem
(CE)
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Rating:71Outperform
Price Target:
€22.50
▲(18.73% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by solid profitability but constrained by volatile cash flows and fluctuating leverage. Technicals are a positive contributor with a strong uptrend and positive MACD, though near-overbought readings add some caution. Valuation is supportive, combining a moderate P/E with an attractive dividend yield.
Positive Factors
Margin Sustainability
High and stable net and EBIT margins (~18–22% net; ~27–30% EBIT) indicate a profitable mix of lending, fees and insurance. Sustained margins support recurring earnings, bolster ROE and provide capacity for dividends and reinvestment even if volumes fluctuate.
Negative Factors
Cash‑Flow Volatility
Sharp swings in operating cash flow undermine confidence in internal funding and operational stability. Volatility complicates capital planning, increases reliance on external financing, and may constrain dividends or loan growth when cash generation is weak.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability
High and stable net and EBIT margins (~18–22% net; ~27–30% EBIT) indicate a profitable mix of lending, fees and insurance. Sustained margins support recurring earnings, bolster ROE and provide capacity for dividends and reinvestment even if volumes fluctuate.
Read all positive factors
Credito Emiliano SPA Credem (CE) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€6.96B
Dividend Yield3.67%
Average Volume (3M)135.84K
Price to Earnings (P/E)12.4
Beta (1Y)1.01
Revenue Growth-1.80%
EPS Growth-15.66%
CountryIT
Employees6,800
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.56
Shares Outstanding341,320,070
10 Day Avg. Volume178,195
30 Day Avg. Volume135,843
Financial Highlights & Ratios
PEG Ratio15.20
Price to Book (P/B)1.12
Price to Sales (P/S)1.77
P/FCF Ratio21.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€16.20Price Target Upside-14.51% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.62
Revenue Forecast (FY)€2.02B
Credito Emiliano SPA Credem Business Overview & Revenue Model
Company Description
Credito Emiliano S.p.A., a division of Credito Emiliano Holding S.p.A., delivers a wide array of banking and financial services to both individual and business clients, predominantly within Italy. Its operations are organized into distinct areas, ...
How the Company Makes Money
Credem makes money primarily through a mix of (1) net interest income and (2) fee and commission income, supplemented by insurance-related income and other financial results typical of a universal banking group.
1) Net interest income (lending an...
Credito Emiliano SPA Credem Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.62B | 2.95B | 3.06B | 2.79B | 1.76B | 1.58B |
| Gross Profit | 2.11B | 2.34B | 2.20B | 2.06B | 1.61B | 1.48B |
| EBITDA | 901.65M | 906.74M | 1.02B | 934.53M | 577.15M | 563.41M |
| Net Income | 531.72M | 621.47M | 620.05M | 562.12M | 326.12M | 352.43M |
Balance Sheet | ||||||
| Total Assets | 67.06B | 68.13B | 67.97B | 68.02B | 65.04B | 67.58B |
| Cash, Cash Equivalents and Short-Term Investments | 1.32B | 1.44B | 4.68B | 6.78B | 3.36B | 8.04B |
| Total Debt | 8.13B | 7.64B | 5.13B | 5.30B | 15.39B | 3.17B |
| Total Liabilities | 62.53B | 63.46B | 63.68B | 64.15B | 61.46B | 64.12B |
| Stockholders Equity | 4.53B | 4.66B | 4.29B | 3.87B | 3.36B | 3.46B |
Cash Flow | ||||||
| Free Cash Flow | -1.15B | 248.13M | -1.91B | 3.14B | 3.23B | -5.02M |
| Operating Cash Flow | -1.13B | 299.13M | -1.79B | 3.19B | 3.34B | 135.81M |
| Investing Cash Flow | -15.02M | -1.97B | -106.97M | -110.05M | -101.39M | -126.43M |
| Financing Cash Flow | -129.10M | -1.13B | -218.56M | -108.84M | -108.34M | -15.18M |
Credito Emiliano SPA Credem Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | €15.05B | 22.23 | 26.08% | 3.33% | 5.03% | 2.95% | |
76 Outperform | €17.80B | 13.65 | 28.43% | 5.50% | -33.50% | 14.56% | |
71 Outperform | €6.96B | 12.40 | 11.70% | 3.96% | -1.80% | -15.66% | |
71 Outperform | €25.63B | 8.98 | 18.53% | 6.38% | -22.42% | -19.53% | |
70 Outperform | €30.23B | 13.38 | 12.80% | 4.75% | 15.23% | 1.44% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:CE
Credito Emiliano SPA Credem
20.46
7.36
56.22%
IT:BAMI
Banco BPM S.p.A.
16.98
6.02
54.94%
IT:BPE
BPER Banca S.p.A.
14.58
5.94
68.76%
IT:FBK
FinecoBank SpA
24.45
6.43
35.67%
IT:BMED
Banca Mediolanum SpA
24.16
8.53
54.56%
Credito Emiliano SPA Credem Corporate Events
Fitch Confirms Credem’s ‘BBB+’ Long-Term Rating with Stable Outlook
Jul 6, 2026
Fitch Ratings has confirmed Credem’s Long-Term Issuer Default Rating at ‘BBB+’ with a Stable Outlook, underscoring the strength of the bank’s diversified business model and solid asset quality. The agency notes that these f...
Credem Raises €500 Million with Oversubscribed Green Senior Preferred Bond
May 26, 2026
Credito Emiliano has issued a new €500 million green senior preferred bond for institutional and professional investors, under its EMTN programme, reinforcing its positioning in sustainable finance. The bond, rated Baa2 by Moody’s and ...
Fitch lifts Credem deposit ratings to A and F1 on stronger depositor protection
May 13, 2026
Fitch Ratings has upgraded Credem’s long-term and short-term deposit ratings to A and F1, respectively, following changes to its Bank Rating Criteria that recognize stronger protection for Italian bank deposits. The move reflects factors suc...
Credito Emiliano Publishes Minutes of 2026 Ordinary Shareholders’ Meeting
May 11, 2026
Credito Emiliano S.p.A. has informed shareholders and the public that the minutes from its Ordinary Shareholders’ Meeting held on April 29, 2026, have been made available. The documentation can be consulted at the company’s registered ...
Credem Kicks Off 2026 With Profit Growth, Strong Capital and 51,000 New Customers
May 5, 2026
Credem reported a consolidated net profit of €139.5 million for the first quarter of 2026, up 2.9% year on year on a comparable basis, with annualised ROE at 12.8% and net operating income rising 5.8% to €502.9 million. The bank added ...
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.