Stock BMED BANCA MEDIOLANUM S.P.A.
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Financials Banca Mediolanum S.p.A.

Equities

BMED

IT0004776628

Banks

Market Closed - Borsa Italiana
Other stock markets
 11:44:59 2024-06-06 am EDT 		5-day change 1st Jan Change
10.93 EUR +1.02% Intraday chart for Banca Mediolanum S.p.A. +4.79% +28.08%
08:56am Mediolanum, net inflows in May is EUR789 million AN
May. 31 Banca Mediolanum buys shares for more than EUR6 million AN

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 3,728 6,490 5,214 6,392 5,755 8,031 8,031 -
Enterprise Value (EV) 1 3,749 6,419 4,233 6,801 4,075 7,635 7,443 7,353
P/E ratio 14.7 x 11.5 x 12 x 8.99 x 11.1 x 10.4 x 9.07 x 9.23 x
Yield 7.86% 6.21% 11% 5.3% 6.41% 8.2% 6.83% 7.01%
Capitalization / Revenue 2.28 x 3.04 x 2.97 x 3.14 x 2.61 x 3.55 x 2.8 x 2.7 x
EV / Revenue 2.3 x 3.01 x 2.41 x 3.34 x 1.85 x 4.28 x 2.59 x 2.48 x
EV / EBITDA 7.62 x 7.03 x 7.1 x 5.07 x 2.71 x 7.09 x 5.84 x 6.03 x
EV / FCF - 19.6 x - 8.02 x 1.82 x 8.99 x 8.95 x 8.91 x
FCF Yield - 5.11% - 12.5% 54.9% 11.1% 11.2% 11.2%
Price to Book 1.81 x 2.77 x 1.91 x 2.22 x 1.96 x 2.35 x 2.1 x 1.95 x
Nbr of stocks (in thousands) 732,388 732,874 734,369 736,438 738,063 742,249 742,249 -
Reference price 2 5.090 8.855 7.100 8.680 7.798 10.82 10.82 10.82
Announcement Date 2/11/19 2/11/20 2/11/21 2/10/22 2/8/23 2/8/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 1,632 2,134 1,755 2,036 2,208 1,782 2,870 2,969
EBITDA 1 492 912.8 595.8 1,343 1,502 1,077 1,274 1,220
EBIT 1 454.8 876.5 559.1 1,304 1,461 1,032 1,204 1,174
Operating Margin 27.88% 41.07% 31.86% 64.03% 66.16% 57.91% 41.94% 39.53%
Earnings before Tax (EBT) 1 333.2 739 531.4 890.5 661.6 1,067 1,164 1,148
Net income 1 255.7 565.4 434.5 713.1 521.8 821.9 883.4 868
Net margin 15.67% 26.49% 24.76% 35.02% 23.64% 46.12% 30.78% 29.23%
EPS 2 0.3470 0.7670 0.5911 0.9650 0.7010 1.042 1.193 1.172
Free Cash Flow 1 - 328.1 - 848.5 2,236 712 832 825
FCF margin - 15.37% - 41.67% 101.28% 28.05% 28.99% 27.78%
FCF Conversion (EBITDA) - 35.94% - 63.2% 148.92% 66.22% 65.33% 67.64%
FCF Conversion (Net income) - 58.02% - 118.99% 428.51% 91.9% 94.18% 95.05%
Dividend per Share 2 0.4000 0.5500 0.7800 0.4600 0.5000 0.7000 0.7387 0.7587
Announcement Date 2/11/19 2/11/20 2/11/21 2/10/22 2/8/23 2/8/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales - - - 541.7 460.2 533.4 - 525 618.7 588.1 607 - 620.2 471 778 - - - - -
EBITDA - - - 1,117 - - - - - - - - - - - - - - - -
EBIT - - - 1,106 143.5 167.6 - 186.8 407.7 237.7 367.7 - - 264.2 - - - - - -
Operating Margin - - - 204.24% 31.18% 31.42% - 35.58% 65.9% 40.41% 60.58% - - 56.09% - - - - - -
Earnings before Tax (EBT) 214.5 184.9 349.3 410.8 143.6 154.3 297.9 169.7 194 235.4 241.6 477 275 315.1 297.5 - - - - -
Net income 1 171.3 150.5 268.7 337.2 114.3 123.6 237.9 133.6 150.3 178.3 185 363.3 208.8 249.7 220.5 198.8 239.5 235.4 - -
Net margin - - - 62.24% 24.84% 23.17% - 25.46% 24.29% 30.31% 30.49% - 33.67% 53.02% 28.34% - - - - -
EPS 2 - - - 0.4560 - - - 0.1790 - 0.2390 0.2490 - 0.2810 - 0.2960 0.2684 0.3232 0.3178 - -
Dividend per Share 2 - - - 0.4600 - - - - 0.2600 - - - - 0.4200 - - - 0.7500 - -
Announcement Date 7/31/19 7/29/20 7/29/21 2/10/22 5/10/22 8/3/22 8/3/22 11/9/22 2/8/23 5/10/23 8/1/23 8/1/23 11/9/23 2/8/24 5/9/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 20.9 - - 409 - 1,310 - -
Net Cash position 1 - 70.7 982 - 1,681 1,630 588 678
Leverage (Debt/EBITDA) 0.0425 x - - 0.3048 x - 1.216 x - -
Free Cash Flow 1 - 328 - 848 2,236 712 832 825
ROE (net income / shareholders' equity) 12% 25.7% 17.1% 25.4% 17.9% 25.7% 23.8% 21.1%
ROA (Net income/ Total Assets) 0.56% 1.12% - - 0.71% 1.09% 1% 1%
Assets 1 45,319 50,404 - - 73,555 75,748 88,340 86,799
Book Value Per Share 2 2.810 3.190 3.730 3.910 3.980 4.610 5.160 5.540
Cash Flow per Share 2 0.4800 0.4900 -0.0100 1.230 3.080 1.750 3.350 7.020
Capex 1 43.8 35.2 42.8 60.8 59.5 44.3 53.1 54.2
Capex / Sales 2.68% 1.65% 2.44% 2.99% 2.69% 1.74% 1.85% 1.83%
Announcement Date 2/11/19 2/11/20 2/11/21 2/10/22 2/8/23 2/8/24 - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Banca Mediolanum S.p.A.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
10.82 EUR
Average target price
12.12 EUR
Spread / Average Target
+11.98%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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