olivLaw · European equity research
Banco di Desio e della Brianza S.p.A. BDB.MI
Italy · Euronext Milan · ISIN IT0001041000 · Vertical: Listed companies from Italy
Banco Desio is an Italian bank active in retail, corporate and asset management through the Banco Desio Group. In 2025 the bank launched products that can only be subscribed online and started implementing a new Corporate Banking platform under the Beyond 26 industrial plan. The bank recorded climate and environmental risk adjustments totaling 12.9 million euro in 2025.
At the close of 05 Nov 2026, Banco di Desio e della Brianza S.p.A. (BDB.MI) stock was 16.34 EUR (+0.49% on the day), with market capitalisation 2.1 bn EUR, P/E 16.8 on diluted EPS of 0.97 EUR over the last 12 months, dividend yield 2.81%, beta 1.11, 52-week range 7.84–19.06 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.8
- neutral
- Bollinger (20, 2)
- 14.96 – 16.89
- in the upper half of the band · %B 0.72 · band width 12.1%
- SMA 50 / 200
- 16.98 / 12.64
- mixed trend
- MACD (12, 26, 9)
- -0.33 / -0.43
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.6% | −0.6% | −3.9 pp | — |
| 3 months | −5.1% | −4.2% | −0.9 pp | — |
| 6 months | +86.5% | +4.3% | +82.2 pp | — |
| Year to date | +72.9% | +7.5% | +65.4 pp | — |
| 1 year | +107.1% | +9.9% | +97.2 pp | −5.5% |
| 3 years | +390.7% | +49.8% | +340.8 pp | +8.9% |
| 5 years | +404.3% | +42.8% | +361.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 2.0, median 7.1, max 9.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 240.4 m | 126.9 m | 127.3 m |
| Net income YoY | unavailable | −47.2% | +0.3% |
| Diluted EPS | 1.79 | 0.95 | 0.97 |
| Diluted EPS YoY | unavailable | −46.9% | +2.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 692.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 19.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 204.2 m | 188.4 m | 194.0 m | esef· 09 Apr 2026verified |
| Income tax | 61.9 m | 65.1 m | 66.7 m | esef· 09 Apr 2026verified |
| Net income | 240.4 m | 126.9 m | 127.3 m | esef· 09 Apr 2026verified |
| Diluted EPS | 1.79 | 0.95 | 0.97 | esef· 09 Apr 2026verified |
| Dividend per share | 0.20 | 0.26 | 0.46 | esef· 09 Apr 2026derived |
Balance sheet · EUR
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 747.1 m | -562.8 m | -243.4 m | esef· 09 Apr 2026verified |
| Investing cash flow | 51.8 m | -35.2 m | -13.0 m | esef· 09 Apr 2026verified |
| Financing cash flow | -26.5 m | -41.0 m | -74.8 m | esef· 09 Apr 2026verified |
| Dividends paid | 26.5 m | 35.4 m | 60.2 m | esef· 09 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.21 – 26.16 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E6.21 – 26.16 (Mid 13.04)21 companies used · median multiple 13.4x · quartiles 6.4x – 27.0xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)6.24 – 8.51 (Mid 7.20)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 16.8x | 52 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial40/100 · 1/2 factors with a value
- Valuation· partial52/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BANCO DI DESIO E DELLA BRIANZA SOCIETA' PER AZIONI (BDB.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
The estimated value range is 6.22–17.33 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 10.12 EUR, the price of 16.34 EUR leaves a potential of -38.1% (value / price − 1) and a margin of safety of -61.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for BDB.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Banco Desio is an Italian bank active in retail, corporate and asset management through the Banco Desio Group. In 2025 the bank launched products that can only be subscribed online and started implementing a new Corporate Banking platform under the Beyond 26 industrial plan. The bank recorded climate and environmental risk adjustments totaling 12.9 million euro in 2025 1.
SWOT
Strengths
- The bank reports capital strength, a low NPL ratio and loan quality that management considers good 1.
- The recently launched digital product range and automated onboarding processes give an edge in acquiring online clients 1.
- The Beyond 26 industrial plan provides a clear strategic framework with profitability and sustainability objectives 1.
Weaknesses
- Dependence on the Italian banking system exposes the bank to local macroeconomic developments 1.
- Credit models are still being adjusted for climate risks, indicating that measurement tools are not yet fully mature 1.
- The gradual migration of corporate clients to the new platform puts operational pressure on several functions 1.
Opportunities
Risks
- Climate credit riskmedium
Climate and environmental risk adjustments were recorded as prudential provisions, which signals uncertainty about future scenarios 1.
- Cyber riskhigh
The bank stresses the priority of IT security and data protection, but any incident could cause reputational and operational losses 1.
- Digital fraud riskmedium
The newly launched digital channels are exposed to attempts at fraudulent use, which is why the bank is working on alert systems 1.
- Macroeconomic and geopolitical riskmedium
Geopolitical tensions, tariffs and inflation could change the bank's commercial and funding strategy 1.
- Implementation risklow
Migrating clients to the new corporate platform during 2026 could cause operational disruption if coordination is insufficient 1.
Investment thesis
What would need to be true (bull case)
- Capital strength, a low NPL ratio and solid lending positions could support positive results in 2026 if the macroeconomic scenario remains stable 1.
- The launch of digital products and the new corporate platform could increase client acquisition and operational efficiency 1.
- The Beyond 26 plan targets profitability levels in line with the best in the sector, which could strengthen the bank's position if objectives are met 1.
What would break the thesis
- Geopolitical tensions, restrictive trade policies and inflation uncertainty could reduce lending activity and pressure margins 1.
- Climate risks are not yet fully integrated into credit models, which could generate further adjustments if scenarios deteriorate 1.
- Higher digital exposure could attract fraud attempts and cyber incidents, with remediation costs and loss of confidence 1.
What to watch
- Progress of the migration of corporate clients to the new Corporate Banking platform2026
- Launch of the product for POE and Small Business firms with online account openingstart of 2026
- Evolution of climate and environmental risk adjustments in expected loss calculationsnext annual report
- Actual results against the profitability objectives of the Beyond 26 plan2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Banco di Desio e della Brianza S.p.A. is the parent company of the Banco Desio Group, and the consolidated scope includes Fides S.p.A. (100%), Desio OBG S.r.l. (60%) and Dynamica Retail Agenzia in Attività Finanziaria S.r.l. (100%), after the incorporation of Dynamica Retail S.p.A. into Fides S.p.A. with legal effect from 6 December 2025 1. Its core activity is supporting families and SMEs through lending and savings management, within the 'Beyond 26' industrial plan approved by the board on 24 November 2023 1. The bank aims to keep profitability indicators in line with the best performers in the system while maintaining strong attention to loan quality 1.
The bank continued developing its digital channels, launching products for private clients that can only be subscribed online through the Digital On Boarding platform, including the Fidù deposit account and the D.One current account 1. A project to extend online current account opening to POE and Small Business firms is planned to launch at the start of 2026 1. The bank also strengthened its digital invoice advance platform, first launched in 2024 1.
The bank also started a project to implement a new Corporate Banking platform, aimed at improving the experience of corporate clients with more high-performing and flexible tools 1. The project involves several company functions throughout 2026, with a gradual migration of clients to the new instrument 1.
Segments
Private clients and online accounts
The private client segment is served through new products that can only be subscribed online, suggesting a digital acquisition strategy supported by web marketing campaigns and Fides S.p.A. agents 1.
Corporate clients
For corporate clients, the bank is working on a new Corporate Banking platform and new features of its digital invoice advance service, targeting SMEs and clients using invoice financing 1.
Asset management
Planned growth in managed savings is one of the stated objectives for 2026 alongside lending to families and SMEs 1.
Market context
The bank operates in the Italian banking market, where relevant macroeconomic factors include geopolitical tensions, tougher trade policies with tariffs, and inflation trends that influence monetary policy decisions 1. Management considers it reasonable to expect positive results in 2026, provided the macroeconomic scenario does not show major adverse critical events 1.
The financial statements at 31 December 2025 were prepared on a going-concern basis, supported by capital strength, growing operating activity and a low NPL ratio 1.
Trends
- Digitalisation of distributiontailwind
The launch of online products and the extension of digital account opening could support the acquisition of new clients, if onboarding processes remain secure and efficient 1.
- Digital security and fraud riskmixed
The bank is investing in automated real-time controls, such as the Trustful system, to detect fraud attempts in Digital Onboarding, which reduces risk but requires ongoing resources 1.
- Climate risk in lendingheadwind
Credit risk models have been adjusted to include physical and transition risks, which generated adjustments that could increase the cost of risk if climate scenarios worsen 1.
- Inflation and monetary policymixed
Managing expected inflation levels remains the variable with the greatest influence on monetary policy decisions and therefore on the bank's funding strategy 1.
Competitive position
The analysed source does not explicitly name the bank's competitors. It only refers to the 'migliori peers di settore' (best sector peers) and states that the bank benchmarked other financial sector banks for sustainability reporting 1.
According to the document, the bank's competitive positioning rests on capital strength, economic resilience, service quality and a strategy focused on innovation, digital and closeness to clients 1.
- Best sector peers in the Italian banking market
The bank states its aim to align with the best performance levels in the sector, without naming specific competitors in the source 1.
- Financial sector banks used as sustainability benchmark
For its sustainability analysis the bank used financial sector peers, but the source does not list them 1.
- Other institutions in the reference group
The source gives no further identities of competitors, so figures cannot be compared with these players 1.
- Technology providers for corporate banking platforms
The new Corporate Banking platform project involves technology partners, though the source does not name them 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Banco di Desio e della Brianza S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.