Stock exchanges, lights still focused on banks, but Equita confirms that the sector is solid
I bank stocks are still in the spotlight a Business Square after saving the Swiss credit. On the Ftse Mib, the securities of the main lenders experienced a volatile morning and are now slowing down while maintaining a general increase. Finecobank scores +1.18%, Intesa Sanpaolo +0.89%, Mps +0,21% e Mediobanca +0.17%While UniCredit and on the parity (-0.01%). To try to calm the climate on the sector is also a report by Equity: analysts underline that “the Italian banks are solid, liquid and well capitalised”, albeit with increasing risks. “Despite the rapid solution of the problem Credit Suisse, that’s it giving relief to the sector – warn the experts – we believe that our neutral position is adequate due to the recent tensions on the market that have affected various credit institutions and the recent macro data which suggest that the economic slowdown could worsen”. Elements, underlines Equita, which “will probably lead to an increase in the cost of capital of banks, at least in the short term”.
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Among commercial banks, the favorite Of Equity And UniCredit, thanks to “improved operating performance, solid capital position and attractive and sustainable shareholder remuneration”. All at ‘attractive valuations’. Equita also intervenes in the debate on the salary increase of the CEO. Andrea Orcel, who will be on the agenda of the meeting on 31 March. “The change in the CEO’s remuneration is justified by the company’s intention to adopt a scheme that ensures greater alignment with the interests of the shareholders, through a system of incentives for exceeding the targets”, writes Equita. The analysts acknowledge “il crucial role played by Orcel in the relaunch of the bank“, which has “changed its strategic approach and its level of ambition, with tangible results in terms of profitability and capital generation”. As a result, they conclude, “we believe that any tension regarding the CEO and his eventual exit would be negative events for the title”.
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