olivLaw · European equity research
Banca Mediolanum S.p.A. BMED.MI
Italy · Euronext Milan · ISIN IT0004776628 · Vertical: Listed companies from Italy
Banca Mediolanum is an Italian bank that provides financial advice through its own network of advisers, Family Bankers, active in Italy and Spain. Its model, based on personal client relationships, remains central to the group's strategy as climate risk and sustainability requirements tighten, according to its 2025 annual report.
At the close of 05 Nov 2026, Banca Mediolanum S.p.A. (BMED.MI) stock was 23.32 EUR (+0.17% on the day), with beta 1.08, 52-week range 16.44–24.42 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)
- 55.7
- strong (55–70)
- Bollinger (20, 2)
- 22.13 – 23.42
- in the upper half of the band · %B 0.92 · band width 5.7%
- SMA 50 / 200
- 23.16 / 20.87
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.07 / -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 | −1.3% | −0.6% | −0.6 pp | — |
| 3 months | −3.6% | −4.2% | +0.6 pp | — |
| 6 months | +21.2% | +4.3% | +16.8 pp | — |
| Year to date | +19.8% | +7.5% | +12.3 pp | — |
| 1 year | +33.6% | +9.9% | +23.7 pp | −5.5% |
| 3 years | +192.9% | +49.8% | +143.0 pp | +8.9% |
| 5 years | +160.8% | +42.8% | +118.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 821.9 m | 1.1 bn | 1.2 bn |
| Net income YoY | unavailable | +36.2% | +10.6% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 161.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 89.9 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 1.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.8 bn | 1.2 bn | 389.8 m | esef· 07 Apr 2026verified |
| Investing cash flow | -23.9 m | -15.5 m | -20.3 m | esef· 07 Apr 2026verified |
| Financing cash flow | -385.6 m | -640.4 m | -892.1 m | esef· 07 Apr 2026verified |
| Dividends paid | 400.9 m | 584.9 m | 909.2 m | esef· 07 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: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
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/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| 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 | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| 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· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
BANCA MEDIOLANUM SPA (BMED.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
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
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.
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, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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 BMED.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
Banca Mediolanum is an Italian bank that provides financial advice through its own network of advisers, Family Bankers, active in Italy and Spain. Its model, based on personal client relationships, remains central to the group's strategy as climate risk and sustainability requirements tighten, according to its 2025 annual report 1.
SWOT
Strengths
- The personalised advisory model, delivered through the proprietary adviser network, offers a direct and continuous relationship with clients 1.
- Combining physical and digital channels allows coverage of different client preferences 1.
- The group structure integrates banking, insurance and asset management, which enables full product offers 1.
Weaknesses
- Reliance on the adviser network makes results sensitive to the ability to retain and attract advisers.
- Compliance costs for sustainability reporting are significant, since the double materiality process is complex 1.
- Exposure of property-backed loans to physical climate risk is a vulnerability identified in internal analyses 1.
Opportunities
- Rising demand for personalised financial advice could support expansion of the adviser network.
- Development of sustainable products and financial education initiatives may open new client segments 1.
- Expanding digital channels could reduce distribution costs if integrated with the physical network.
Threats
- Regulatory pressure on climate risk and sustainability may increase capital and reporting requirements.
- Competition from digital platforms could attract clients who prefer services without a dedicated adviser.
- Climate transition risk could affect the value of securities and funds in the portfolio if climate policies accelerate 1.
Risks
- Physical climate risk on loansmedium
Property-backed loans may be affected by extreme weather events, and the bank has introduced IFRS 9 model adjustments to reflect this risk 1.
- Climate transition riskhigh
Emission reduction policies could lower the value of financial assets and managed funds, which could affect commission income 1.
- Dependence on the adviser networkmedium
Maintaining and developing the Family Banker network is essential for distribution, and a fall in the number of advisers could reduce business volume.
- Sustainability compliance riskmedium
CSRD and ESRS requirements are complex, and reporting errors could bring sanctions or harm the bank's reputation.
- Client reputation risklow
Client dissatisfaction or poor handling of complaints could erode trust and loyalty toward the network.
Investment thesis
What would need to be true (bull case)
- If the personalised advisory model continues to attract clients, the bank could keep a stable base of fee and savings product revenue.
- Experience in integrating climate risk into stress tests could help the bank adapt faster to regulatory requirements.
- The combination of the physical network and digital channels could support distribution growth without depending on a single channel.
What would break the thesis
- If the adviser network declines in number or productivity, revenues could be materially affected.
- Climate risks and regulatory requirements could raise costs and reduce the value of some portfolio assets.
- Digital competition could attract clients who prefer lower costs and services without a dedicated adviser.
What to watch
- Trend in the number of Family Bankers in Italy and Spain2026
- Impact of climate scenarios on capital adequacy in ICAAP2026
- Results of the 2026-2030 sustainability plan2026-2030
- Development of digital channels and the volume of clients using themnext 10-K
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 Mediolanum group runs its activity through product factories and advisory models, channel development, management of deposits and lending, asset management, policy underwriting and claims management. Distribution runs through three channels: the Family Banker network in Italy and Spain (6,798 in total), Prexta S.p.A. agents in Italy and digital channels, mainly the app and website 1. According to the report, downstream distribution is essential to the business model, and client relations cover protection, investment, banking and credit products 1.
The group structure also includes an insurance component, Gruppo Assicurativo Mediolanum, which is subject to separate solvency assessments (ORSA) and dedicated climate scenarios 1. The adviser network is managed through an internal portal and periodic meetings, according to the stakeholder engagement disclosures 1.
The presence of the adviser network and digital channels defines how the bank interacts with clients, and managing this network is a separate topic in the group's sustainability reporting 1.
Segments
Family Banker network
The network of financial advisers in Italy and Spain, with 6,798 Family Bankers across the group, is the bank's main advisory and distribution channel 1.
Prexta agents
Prexta S.p.A. operates in Italy with agenti in attività finanziaria and collaborators, complementing the proprietary network with additional distribution channels 1.
Digital channels
The app and website are the bank's digital channels, used for distribution and client relations alongside the physical adviser network 1.
Market context
The 2025 annual report describes a qualitative scenario analysis focused on sector trends and peer comparison, which points to a banking environment where regulatory pressure and sustainability are increasingly important 1.
The group assesses the physical and transition impact of climate risks on credit and asset portfolios using NGFS scenarios, which shows that the market environment is shaped by climate policy and asset price developments 1.
Trends
- Sustainability regulation (CSRD)mixed
Application of the CSRD and ESRS standards requires the bank to carry out a double materiality analysis and detailed reporting, which raises compliance costs but also transparency toward investors 1.
- Climate risk in stress testsheadwind
Integrating NGFS scenarios into ICAAP and ORSA allows assessment of physical risk on property-backed loans and transition risk on financial assets, which could influence capital adequacy 1.
- Personalised advicetailwind
The model based on direct client relationships through advisers remains a point of differentiation, if the network keeps its productivity and stability over time 1.
- Channel digitalisationmixed
Development of the app and website could widen access to products alongside the physical adviser network, and combining the two channels is described as part of the distribution model 1.
Competitive position
The report does not explicitly name the bank's competitors, but it mentions peer analysis within the scenario assessment and comparison with the main adviser networks in the market 1.
The bank's differentiation rests on its proprietary adviser network and combined channels, while traditional banks and independent adviser networks may rely more on digital offers or larger networks 1.
- Italian financial adviser networks
Direct competitors in personalised advisory, cited in the report as a comparison point for client satisfaction and brand image.
- Traditional Italian banks
Competitors for savings collection and lending products, analysed in the report through comparison with sector peers.
- Digital investment platforms
Competitors in digital channels, which may attract clients who prefer online interaction without a dedicated adviser.
- Life insurers
Competitors in protection and investment products, given the group's insurance component.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Banca Mediolanum 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.