Banca Ifis SPA: Strong Q2 Performance and Strategic Positioning Justify Buy RatingWe believe that Banca IFIS should now speed up the process to streamline illimity’s corporate structure, derisk illimity’s activities and deliver the promised synergies (confirmed). A new business plan will be unveiled in 1H26. 2Q25 results above expectations supported by trading income In 2Q25, Banca IFIS reported a net income of EUR 40M, 23% above our estimates and 17% above the company-gathered consensus. The main surprise came from revenues (-9% yoy, but 6% above our estimates and 4% above the consensus), thanks to higher-than-expected trading income, both in the NPL division (disposals of tails of portfolio) and G&S division (gains on proprietary and structured finance): trading has become a recurrent component for Banca IFIS’ revenues in the current scenario.
Unknown Analyst
Intermonte
Not Ranked
Intermonte
€25
Buy
0.81%
Upside
Reiterated
05/23/25
We highlight that the offer is still at a 1.58% premium vs. the ILTY stock price, suggesting it is likely to go through without any bump, given the support of Ifis’ controlling shareholder. In our view, the deal is highly synergistic and accretive, driving further potential upside on top of our TP. We stick to our OUTPERFORM recommendation and TP of €25. Tender offer update (page 3): on 17 April, Banca Ifis's shareholders approved a capital raise to service its voluntary tender and exchange offer on illimity Bank, introducing a sub-threshold condition of 45%+1 share. This reflects the Fürstenberg family’s strong support for both the deal and its strategic rationale, despite market volatility and illimity’s unexpected 4Q24 write-offs. However, improvements to the terms of the offer are unlikely, as these losses reduce Banca Ifis’s financial flexibility.
Unknown Analyst
Intermonte
Not Ranked
Intermonte
€25
Buy
0.81%
Upside
Reiterated
03/07/25
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Unknown Analyst
Intermonte
Not Ranked
Intermonte
€25
Buy
0.81%
Upside
Reiterated
08/28/25
Valuation (Outperform, TP €25) … We are confirming our estimates, TP and recommendation on Ifis.
Banca Ifis SPA: Strong Q2 Performance and Strategic Positioning Justify Buy RatingWe believe that Banca IFIS should now speed up the process to streamline illimity’s corporate structure, derisk illimity’s activities and deliver the promised synergies (confirmed). A new business plan will be unveiled in 1H26. 2Q25 results above expectations supported by trading income In 2Q25, Banca IFIS reported a net income of EUR 40M, 23% above our estimates and 17% above the company-gathered consensus. The main surprise came from revenues (-9% yoy, but 6% above our estimates and 4% above the consensus), thanks to higher-than-expected trading income, both in the NPL division (disposals of tails of portfolio) and G&S division (gains on proprietary and structured finance): trading has become a recurrent component for Banca IFIS’ revenues in the current scenario.
Unknown Analyst
Intermonte
Not Ranked
Intermonte
€25
Buy
0.81%
Upside
Reiterated
05/23/25
We highlight that the offer is still at a 1.58% premium vs. the ILTY stock price, suggesting it is likely to go through without any bump, given the support of Ifis’ controlling shareholder. In our view, the deal is highly synergistic and accretive, driving further potential upside on top of our TP. We stick to our OUTPERFORM recommendation and TP of €25. Tender offer update (page 3): on 17 April, Banca Ifis's shareholders approved a capital raise to service its voluntary tender and exchange offer on illimity Bank, introducing a sub-threshold condition of 45%+1 share. This reflects the Fürstenberg family’s strong support for both the deal and its strategic rationale, despite market volatility and illimity’s unexpected 4Q24 write-offs. However, improvements to the terms of the offer are unlikely, as these losses reduce Banca Ifis’s financial flexibility.
Unknown Analyst
Intermonte
Not Ranked
Intermonte
€25
Buy
0.81%
Upside
Reiterated
03/07/25
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IF Analyst Recommendation Trends
Rating
Jul 25
Aug 25
Sep 25
Oct 25
Nov 25
Strong Buy
0
0
0
0
0
Buy
5
6
6
3
2
Hold
0
2
2
4
2
Sell
0
0
0
0
0
Strong Sell
0
0
0
0
0
total
5
8
8
7
4
In the current month, IF has received 2Buy Ratings, 2Hold Ratings, and 0Sell Ratings. IF average Analyst price target in the past 3 months is ―.
Each month's total comprises the sum of three months' worth of ratings.
IF Stock Forecast FAQ
What is IT:IF’s average 12-month price target, according to analysts?
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Currently there's no upside potential for IT:IF, based on the analysts’ average price target.
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Is Banca Ifis SPA a Buy, Sell or Hold?
Banca Ifis SPA has a consensus rating of Moderate Buy, which is based on 0 buy ratings, 0 hold ratings and 0 sell ratings.
What is Banca Ifis SPA’s share price target?
Currently, no data Available
What do analysts say about Banca Ifis SPA?
Banca Ifis SPA’s analyst rating consensus is a Moderate Buy. This is based on the ratings of 0 Wall Streets Analysts.
How can I buy shares of Banca Ifis SPA?
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