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Banca Farmafactoring

DB:2BF
Snowflake Description

Good value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2BF
DB
€846M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Banca Farmafactoring S.p.A., together with its subsidiaries, operates in the factoring industry in Italy, Spain, Portugal, Poland, the Czech Republic, Croatia, the Slovak Republic, and Greece. The last earnings update was 63 days ago. More info.


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2BF Share Price and Events
7 Day Returns
4.9%
DB:2BF
5.3%
DE Diversified Financial
1.2%
DE Market
1 Year Returns
6.4%
DB:2BF
-0.5%
DE Diversified Financial
0.4%
DE Market
2BF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Banca Farmafactoring (2BF) 4.9% 2.4% -2.2% 6.4% - -
DE Diversified Financial 5.3% 5.7% -7.1% -0.5% 72.6% 328.3%
DE Market 1.2% -1.3% -0.9% 0.4% 6.9% 24.4%
1 Year Return vs Industry and Market
  • 2BF outperformed the Diversified Financial industry which returned -0.5% over the past year.
  • 2BF outperformed the Market in Germany which returned 0.4% over the past year.
Price Volatility
2BF
Industry
5yr Volatility vs Market

Value

 Is Banca Farmafactoring undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Banca Farmafactoring to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Banca Farmafactoring.

DB:2BF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= €2.30 * 27%
€0.62
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. €2.30
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:2BF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 9%
Diversified Financial Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.719 (1 + (1- 24%) (255.28%))
0.859
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.859 * 9.02%)
7.97%

Discounted Cash Flow Calculation for DB:2BF using Excess Returns Model Model

The calculations below outline how an intrinsic value for Banca Farmafactoring is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:2BF Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (27% – 7.97%) * €2.30)
€0.44
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €0.44 / (7.97% - 0.23%)
€5.63
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €2.30 + €5.63
€7.92
DB:2BF Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:2BF represents 0.98894x of BIT:BFF
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.98894x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 7.92 x 0.98894
€7.84
Value per share (EUR) From above. €7.84
Current discount Discount to share price of €4.92
= -1 x (€4.92 - €7.84) / €7.84
37.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Banca Farmafactoring is available for.
Intrinsic value
37%
Share price is €4.92 vs Future cash flow value of €7.84
Current Discount Checks
For Banca Farmafactoring to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Banca Farmafactoring's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Banca Farmafactoring's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Banca Farmafactoring's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Banca Farmafactoring's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:2BF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.52
BIT:BFF Share Price ** BIT (2019-10-11) in EUR €4.98
Germany Diversified Financial Industry PE Ratio Median Figure of 6 Publicly-Listed Diversified Financial Companies 27.43x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.64x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Banca Farmafactoring.

DB:2BF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:BFF Share Price ÷ EPS (both in EUR)

= 4.98 ÷ 0.52

9.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Banca Farmafactoring is good value based on earnings compared to the DE Diversified Financial industry average.
  • Banca Farmafactoring is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Banca Farmafactoring's expected growth come at a high price?
Raw Data
DB:2BF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.54x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
7.6%per year
Europe Diversified Financial Industry PEG Ratio Median Figure of 13 Publicly-Listed Diversified Financial Companies 1.79x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.37x

*Line of best fit is calculated by linear regression .

DB:2BF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.54x ÷ 7.6%

1.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Banca Farmafactoring is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Banca Farmafactoring's assets?
Raw Data
DB:2BF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €1.86
BIT:BFF Share Price * BIT (2019-10-11) in EUR €4.98
Germany Diversified Financial Industry PB Ratio Median Figure of 9 Publicly-Listed Diversified Financial Companies 3.77x
Germany Market PB Ratio Median Figure of 597 Publicly-Listed Companies 1.72x
DB:2BF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:BFF Share Price ÷ Book Value per Share (both in EUR)

= 4.98 ÷ 1.86

2.68x

* Primary Listing of Banca Farmafactoring.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Banca Farmafactoring is good value based on assets compared to the DE Diversified Financial industry average.
X
Value checks
We assess Banca Farmafactoring's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Diversified Financial industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Diversified Financial industry average (and greater than 0)? (1 check)
  5. Banca Farmafactoring has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Banca Farmafactoring expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Banca Farmafactoring expected to grow at an attractive rate?
  • Banca Farmafactoring's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Banca Farmafactoring's earnings growth is positive but not above the Germany market average.
  • Banca Farmafactoring's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:2BF Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:2BF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 7.6%
DB:2BF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 7.4%
Germany Diversified Financial Industry Earnings Growth Rate Market Cap Weighted Average 17.3%
Europe Diversified Financial Industry Revenue Growth Rate Market Cap Weighted Average 0.6%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.9%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:2BF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:2BF Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 233 111 3
2020-12-31 220 105 3
2019-12-31 202 97 1
2019-10-11
DB:2BF Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 194 109 89
2019-03-31 200 94
2018-12-31 198 117 92
2018-09-30 183 85
2018-06-30 214 121 86
2018-03-31 173 81
2017-12-31 201 156 96
2017-09-30 179 99
2017-06-30 173 -2 94
2017-03-31 198 91
2016-12-31 164 94 72

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Banca Farmafactoring's earnings are expected to grow by 7.6% yearly, however this is not considered high growth (20% yearly).
  • Banca Farmafactoring's revenue is expected to grow by 7.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:2BF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Banca Farmafactoring Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2BF Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.68 0.69 0.66 2.00
2020-12-31 0.62 0.66 0.60 3.00
2019-12-31 0.57 0.57 0.56 2.00
2019-10-11
DB:2BF Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.52
2019-03-31
2018-12-31 0.54
2018-09-30
2018-06-30 0.50
2018-03-31
2017-12-31 0.56
2017-09-30
2017-06-30 0.55
2017-03-31
2016-12-31 0.42

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Banca Farmafactoring is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Banca Farmafactoring's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Banca Farmafactoring has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Banca Farmafactoring performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Banca Farmafactoring's growth in the last year to its industry (Diversified Financial).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Banca Farmafactoring's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Banca Farmafactoring's 1-year earnings growth exceeds its 5-year average (3.1% vs -0%)
  • Banca Farmafactoring's earnings growth has not exceeded the Europe Diversified Financial industry average in the past year (3.1% vs 3.5%).
Earnings and Revenue History
Banca Farmafactoring's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Banca Farmafactoring Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2BF Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 193.60 88.92 61.38
2019-03-31 199.97 93.78 60.27
2018-12-31 198.03 92.15 59.67
2018-09-30 182.69 85.28 57.11
2018-06-30 213.83 86.22 55.32
2018-03-31 172.54 81.13 51.20
2017-12-31 201.26 95.55 54.09
2017-09-30 178.77 99.46 46.31
2017-06-30 172.72 94.44 52.81
2017-03-31 197.63 91.04 54.90
2016-12-31 164.23 72.14 48.90
2016-06-30 152.96 70.49 41.50
2016-03-31 144.74 70.77 33.85
2015-12-31 140.33 68.79 37.29
2014-12-31 217.96 124.38 32.79
2013-12-31 111.10 48.91 27.65
2012-12-31 110.94 56.19 24.77

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Banca Farmafactoring has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Banca Farmafactoring used its assets less efficiently than the DE Diversified Financial industry average last year based on Return on Assets.
  • Unable to establish if Banca Farmafactoring improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Banca Farmafactoring's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Diversified Financial industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Banca Farmafactoring has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Banca Farmafactoring's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Banca Farmafactoring's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Banca Farmafactoring is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Banca Farmafactoring's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Banca Farmafactoring's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Banca Farmafactoring Company Filings, last reported 3 months ago.

DB:2BF Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 315.53 2,157.31 198.39
2019-03-31 296.11 764.12 201.05
2018-12-31 366.24 2,137.68 260.21
2018-09-30 330.57 711.81 170.19
2018-06-30 312.85 2,151.52 38.66
2018-03-31 384.37 730.90 164.60
2017-12-31 363.86 2,218.02 183.25
2017-09-30 334.66 574.86 21.94
2017-06-30 316.36 2,568.97 4.08
2017-03-31 298.70 730.50 0.40
2016-12-31 333.75 2,732.16 0.92
2016-06-30 289.43 2,609.25 0.91
2016-03-31 331.28 1,846.45 0.16
2015-12-31 331.28 1,846.45 0.16
2014-12-31 310.79 1,715.64 0.00
2013-12-31 233.01 392.93 0.01
2012-12-31 237.25 313.28 0.00
  • Banca Farmafactoring's level of debt (683.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (387.2% vs 683.7% today).
  • Debt is not well covered by operating cash flow (5.1%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Banca Farmafactoring's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Banca Farmafactoring's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Banca Farmafactoring has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Banca Farmafactoring's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10.83%
Current annual income from Banca Farmafactoring dividends. Estimated to be 10.43% next year.
If you bought €2,000 of Banca Farmafactoring shares you are expected to receive €217 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Banca Farmafactoring's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • Banca Farmafactoring's dividend is above the markets top 25% of dividend payers in Germany (3.96%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:2BF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Europe Diversified Financial Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:2BF Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.51 3.00
2020-12-31 0.51 4.00
2019-12-31 0.54 3.00
2019-10-11
DB:2BF Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-11 0.539 11.024
2019-02-08 0.539 10.179
2018-04-10 0.492 9.902
2018-02-09 0.492 8.401

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Banca Farmafactoring has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Banca Farmafactoring only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Banca Farmafactoring's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Banca Farmafactoring's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Banca Farmafactoring afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Banca Farmafactoring has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Banca Farmafactoring's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Massimiliano Belingheri
AGE 45
TENURE AS CEO 5.8 years
CEO Bio

Mr. Massimiliano Belingheri, also known as Max, serves as Chief Executive Officer at Banca Farmafactoring S.p.A. Mr. Belingheri has been Vice-Chairman of Supervisory Board at BFF Polska S.A. since January 2019. He served as an Executive Officer at Apax Partners LLP. He joined the Apax Partners LLP in 2001 and was a Partner at the Apax Partners LLP. He focused on financial and business services. He leads the financial services sector in Europe. He served as a Strategy Consultant at McKinsey & Company, advising financial services and energy companies. He also worked as an Associate in the mergers and acquisition department of Morgan Stanley International. He serves as a Director of Psagot and Farmafactoring S.p.A. He served as a Director on the Board of Azimut. He served as a Director of Azimut Holding Spa. He has been an Executive Director at Banca Farmafactoring S.p.A. since November 4, 2015. Mr. Belingheri holds a Degree, summa cum laude, in Public Sector Economics and Management and a Laurea in Economia in Government, Business & Economics from Universita Commerciale “Bocconi”, Milan and an M.B.A. with high distinction (Baker Scholar) from the Harvard University.

CEO Compensation
  • Insufficient data for Massimiliano to compare compensation growth.
  • Insufficient data for Massimiliano to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team

Massimiliano Belingheri

TITLE
CEO & Director
AGE
45
TENURE
5.8 yrs

Emanuele Bona

TITLE
Vice President of Finance & Administration Department

Marina Corsi

TITLE
Head of Internal Audit
Board of Directors Tenure

Average tenure and age of the Banca Farmafactoring board of directors in years:

1.5
Average Tenure
55.5
Average Age
  • The average tenure for the Banca Farmafactoring board of directors is less than 3 years, this suggests a new board.
Board of Directors

Salvatore Messina

TITLE
Chairman of the Board
AGE
73
TENURE
6.8 yrs

Massimiliano Belingheri

TITLE
CEO & Director
AGE
45

Luigi Sbrozzi

TITLE
Vice Chairman
AGE
37

Federico Fornari Luswergh

TITLE
Non-Executive Director
AGE
55

Gabriele Michaela Aumann

TITLE
Independent Non-Executive Director
AGE
66
TENURE
4.8 yrs

Carlo Paris

TITLE
Non Executive Director
AGE
63
TENURE
1.5 yrs

Barbara Poggiali

TITLE
Non Executive Director
AGE
56
TENURE
1.5 yrs

Paola Carrara

TITLE
Chairman of the Board of Statutory Auditors
AGE
43
TENURE
1.5 yrs

Ben Langworthy

TITLE
Non-Executive Director
AGE
41

Isabel Aguilera

TITLE
Non Executive Director
AGE
59
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Banca Farmafactoring individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
11. Sep 19 Buy Walter Landi Individual 06. Sep 19 06. Sep 19 4,430 €4.67 €20,613
11. Sep 19 Buy Walter Landi Individual 09. Sep 19 09. Sep 19 3,070 €4.67 €14,322
20. Aug 19 Buy Massimiliano Belingheri Individual 14. Aug 19 14. Aug 19 99,499 €4.49 €446,880
16. Aug 19 Buy Massimiliano Belingheri Individual 13. Aug 19 13. Aug 19 50,551 €4.50 €227,485
25. Jun 19 Sell Andrea Benettin Individual 20. Jun 19 20. Jun 19 -3,526 €5.00 €-17,630
03. Apr 19 Sell Centerbridge Partners, L.P. Company 29. Mar 19 29. Mar 19 -22,000,000 €5.42 €-119,240,005
X
Management checks
We assess Banca Farmafactoring's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Banca Farmafactoring has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Banca Farmafactoring S.p.A., together with its subsidiaries, operates in the factoring industry in Italy, Spain, Portugal, Poland, the Czech Republic, Croatia, the Slovak Republic, and Greece. The company engages in the management and non-recourse sale of trade receivables due from public administrations and national healthcare systems. It provides financial and management support services to companies operating primarily in the pharmaceutical and biomedical sectors. The company also offers online deposit accounts to retail and corporate customers in Italy, Spain, and Germany. In addition, it purchases tax receivables; and provides electronic invoicing services, as well as legal assistance in credit collection for suppliers of the public administrations and national health services. Banca Farmafactoring S.p.A. was incorporated in 1985 and is headquartered in Milan, Italy.

Details
Name: Banca Farmafactoring S.p.A.
2BF
Exchange: DB
Founded: 1985
€846,170,173
170,084,457
Website: http://it.bffgroup.com
Address: Banca Farmafactoring S.p.A.
Via Domenichino 5,
Milan,
Milan, 20149,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT BFF Ordinary Shares Borsa Italiana IT EUR 07. Apr 2017
DB 2BF Ordinary Shares Deutsche Boerse AG DE EUR 07. Apr 2017
LSE 0RON Ordinary Shares London Stock Exchange GB EUR 07. Apr 2017
Number of employees
Current staff
Staff numbers
477
Banca Farmafactoring employees.
Industry
Specialized Finance
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/11 22:43
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/04
Last earnings filing: 2019/08/09
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.