Starting from this latest news, Kepler Cheuvreux analysts confirmed the recommendation “Buy” with target price at 2 euros on Intesa Sanpaolo. With the ISP stock which at the start of the week stands at € 1,6646 (+ 0.28%), the target price of Kepler Cheuvreux incorporates a potential rise of around 20 percentage points.
Kepler Cheuvreux: why Intesa Sanpaolo shares are to be purchased
According to analysts, some operators are starting to incorporate an increase in the offer for Ubi Banca shares.
The hypothesis, already denied several times by the management of Intesa Sanpaolo, is unlikely, notes Kepler Cheuvreux, also in light of the fact that the offer evaluates Ubi Banca with a ratio between market price and equity of 0.42 times, against the 0.3 times of the competitors.
For analysts, the impact of the transaction on Intesa Sanpaolo’s target price “Would be positive by 5.7% (assuming a full merger), going from 2 to 2.11 euros, therefore increasing the upside potential “.
Profit of 5 billion in 2022 even without Ubi
Even if the merger with Ubi Banca does not go through, Intesa Sanpaolo estimates net profit in 2022 it could reach 5 billion euros in 2022. This is what the Ops prospectus reports.
Intesa Sanpaolo’s offer on Ubi Banca will be launched on July 6 to end, unless extended, on July 28.
Investments in Autostrade Lombarde and BreBeMi sold
Intesa Sanpaolo has announced that it has sold its stake in Autostrade Lombarde and BreBeMi (the motorway link between Milan and Brescia active since 2014) to Aleatica. Based in Madrid, Aleatica is a company specialized in infrastructure investments wholly owned by the Australian IFM Global Infrastructure Fund.
In particular, based on this agreement, Aleatica will acquire a 0.0542% stake in Brebemi as well as a 55.78152% stake in the share capital of the parent company Autostrade Lombarde.
According to the well-informed, the operation evaluates BreBeMI around € 2 billion (the price has not undergone changes following the pandemic).
Francesco Bettoni, President of Autostrade Lombarde and BreBeMi commented: “we are particularly pleased with the choice made by our majority shareholder Intesa Sanpaolo, who after having played a decisive and fundamental role in the creation, construction and start-up of the infrastructure, has identified in a large world group also present in the infrastructure sector as Aleatica is its perfect successor for the development, further growth and success of the A35 BreBeMi “.
“We are happy – continues Bettoni – to welcome them to our company and our country as an investor and strategic operator oriented towards the long term, having significant experience in the development and management of motorways all over the world”.