olivLaw · European equity research
BFF Bank S.p.A. BFF.MI
Italy · Euronext Milan · ISIN IT0005244402 · Vertical: Listed companies from Italy
BFF is a European specialty finance group, active mainly in non-recourse factoring of receivables owed by public administrations and in securities and payment services in Italy. Its 2025 sustainability report describes an extensive internal control structure.
At the close of 05 Nov 2026, BFF Bank S.p.A. (BFF.MI) stock was 1.91 EUR (−7.71% on the day), with market capitalisation 353.6 k EUR, P/E 0.0 on diluted EPS of 190.00 EUR over the last 12 months, dividend yield 0.00%, beta 0.53, 52-week range 1.43–11.47 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)
- 36.5
- weak (30–45)
- Bollinger (20, 2)
- 1.84 – 2.23
- in the lower half of the band · %B 0.18 · band width 19.0%
- SMA 50 / 200
- 2.50 / 2.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.16
- 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 | −12.2% | +0.4% | −12.6 pp | — |
| 3 months | −40.9% | −3.3% | −37.7 pp | — |
| 6 months | −4.8% | +4.0% | −8.7 pp | — |
| Year to date | −79.9% | +8.1% | −88.0 pp | — |
| 1 year | −82.3% | +10.7% | −93.0 pp | −5.5% |
| 3 years | −79.8% | +50.1% | −129.9 pp | +8.9% |
| 5 years | −74.6% | +43.6% | −118.2 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 33 percentile of its own 3-quarter history (min 0.0, median 0.1, max 11.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 171.7 m | 219.3 m | 37.0 m |
| Net income YoY | unavailable | +27.8% | −83.2% |
| Diluted EPS | 0.91 | 1,150.00 | 190.00 |
| Diluted EPS YoY | unavailable | +126,273.6% | −83.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 124.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 12.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 0.3%
- 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 | 235.0 m | 307.2 m | 42.1 m | esef· 27 May 2026verified |
| Income tax | 63.3 m | 87.8 m | 5.2 m | esef· 27 May 2026verified |
| Net income | 171.7 m | 219.3 m | 37.0 m | esef· 27 May 2026verified |
| Diluted EPS | 0.91 | 1,150.00 | 190.00 | esef· 27 May 2026verified |
| Dividend per share | 0.85 | 539.88 | 0.00 | esef· 27 May 2026derived |
Balance sheet · EUR
Cash flow · EUR
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: 353.6 k 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: 1,215.77 – 5,123.83 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/E1,215.77 – 5,123.83 (Mid 2,553.41)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)unavailable · the base of the ratio is not positive
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 | 0.0x | 100 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (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· partial0/100 · 1/2 factors with a value
- Valuation· partial100/100 · 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
BFF BANK S.P.A. (BFF.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
The estimated value range is 1,215.77–5,123.83 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2,553.41 EUR, the price of 1.91 EUR leaves a potential of 133,307.2% (value / price − 1) and a margin of safety of 99.9% (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
- P/E (TTM): 0.0x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.0%
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 BFF.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
BFF is a European specialty finance group, active mainly in non-recourse factoring of receivables owed by public administrations and in securities and payment services in Italy 1. Its 2025 sustainability report describes an extensive internal control structure 1.
SWOT
Strengths
- Leading position in non-recourse factoring of receivables owed by public administration in Europe, according to the document 1.
- Extensive internal control structure, with risk management, compliance, AML and internal audit functions 1.
- Multi-country presence, which diversifies sources of activity beyond a single market 1.
Weaknesses
Opportunities
Risks
- Compliance and AML riskmedium
The history of anti-money-laundering remediation could resurface if transaction monitoring does not remain robust 1.
- Concentration riskhigh
Dependence on receivables owed by public administration could amplify the impact of payment delays by states 1.
- CSRD reporting riskmedium
Value-chain estimates, especially Scope 3 emissions, could lead to later corrections of sustainability data 1.
- Risk framework calibration risklow
Recalibrating RAF thresholds could create tension in the escalation process if indicators are breached 1.
- Expansion operational riskmedium
Expansion across several countries could increase the complexity of supervising subsidiaries and branches 1.
Investment thesis
What would need to be true (bull case)
- The leading position in discounting public-administration receivables could support steady growth if demand stays high 1.
- Diversification into securities and payment services could reduce dependence on a single business line 1.
- The extensive internal control structure could support confidence among investors and supervisors 1.
What would break the thesis
What to watch
- Progress of anti-money-laundering remediation and transaction monitoring2026
- Results of expansion in Poland, the Czech Republic and Slovakia2026
- Application of the recalibrated RAF framework and risk thresholds2026
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
The group has three main business units, of which Factoring & Lending is the core, and it is described as a European leader in non-recourse discounting of trade receivables from public administrations 1.
Factoring operates in Italy, Croatia, France, Greece, Spain and Portugal, while in Poland, the Czech Republic and Slovakia the group offers financial services to firms that deal with public administrations 1.
In Italy the group is among the leaders in securities services and bank payment services, serving funds, banks, payment institutions, large corporates and public administrations 1.
Segments
Factoring & Lending
The core business unit, through which the group manages and non-recourse discounts trade receivables owed by Pubblica Amministrazione across several European countries 1.
Securities Services
An Italian activity serving investment funds, banks, payment institutions and corporates, forming part of the group's service offering 1.
Bank payment services
Bank payment services are offered in Italy alongside securities services, to the same institutional and public client base 1.
Market context
The analysed source contains no quantifiable market data; the market described is financing of receivables owed by public administration across several European states 1.
The group's position in this niche is described as leading in Europe for non-recourse discounting of receivables owed by public administration 1.
Trends
- Geographic expansiontailwind
The presence in Poland, the Czech Republic and Slovakia through BFF Polska points to an extension of the offering to firms working with public administration, if this direction continues 1.
- CSRD sustainability reportingmixed
The group reports under CSRD for the first time for fiscal 2025, which could increase the complexity of reporting and internal control 1.
- Risk framework adjustmentsmixed
The RAF was revised in 2025 with new monitoring indicators, which may strengthen risk control but entails operational adjustments 1.
- Supervision and compliancetailwind
The anti-money-laundering remediation plan agreed with the Bank of Italy has been completed, which could ease supervisory pressure if it remains stable 1.
Competitive position
The analysed source does not explicitly identify competitors; the market for public-administration receivables factoring and institutional banking services is competitive, but competition is not detailed in the document 1.
The group's differentiation, as the document shows, rests on its specialisation in receivables owed by public administration and on its internal control structure 1.
- Not identified in source
The analysed source names no competitors, so no US tickers can be confirmed.
- Not identified in source
The document contains no other entities against which the group is directly compared.
- Not identified in source
A specific competitor cannot be identified without sources beyond this document.
- Not identified in source
Competitive analysis requires sources external to the document analysed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 May 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BFF Bank 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.