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olivLaw · European equity research

Banca Sistema S.p.A. BST.MI

Italy · Euronext Milan · ISIN IT0003173629 · Vertical: Listed companies from Italy

1.54EUR+1.58% · 1 dayClose 05 Nov 2026

Banca Sistema is an Italian banking group specialised in factoring, pawn-backed lending and financing to public administration, with a significant part of its activity tied to Superbonus 110 tax credits. Total assets reached EUR 4.7 billion at end-2024, and risk factors in the loan book and tax-credit trading make the group's trajectory worth following closely.

At the close of 05 Nov 2026, Banca Sistema S.p.A. (BST.MI) stock was 1.54 EUR (+1.58% on the day), with beta 0.62, 52-week range 1.50–1.81 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
0.62
Volatility (1y) 22%
52-week range
1.501.81

Price history

Loading chart…

Technical reading

RSI (14)
49.7
neutral
Bollinger (20, 2)
1.50 – 1.60
in the lower half of the band · %B 0.48 · band width 6.6%
SMA 50 / 200
1.56 / 1.64
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -0.01
MACD below 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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−1.0%−0.6%−0.4 pp—
3 months−3.7%−4.2%+0.4 pp—
6 months−10.5%+4.3%−14.9 pp—
Year to date−8.4%+7.5%−15.9 pp—
1 year−1.7%+9.9%−11.6 pp−5.5%
3 years+30.2%+49.8%−19.7 pp+8.9%
5 years−36.3%+42.8%−79.2 pp—
Max drawdown (1y)
−17.1%
09 Jun 2026 → 24 Jul 2026
Max drawdown (5y)
−54.4%
08 Nov 2021 → 05 Oct 2023
Compound annual growth (5y)
−8.6%
EURO STOXX 50 +7.4%

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 year20232024
Revenueunavailableunavailable
Revenue YoYunavailableunavailable
Net income16.5 m25.2 m
Net income YoYunavailable+52.7%
Diluted EPSunavailableunavailable
Diluted EPS YoYunavailableunavailable
net %unavailableunavailable
Free cash flowunavailableunavailable

Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
93.4 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
unavailable EUR
Total assets
4.7 bn EUR
Debt / equity
unavailable
Current ratio
unavailable
ROE
unavailable
ROA
0.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Income statement · EUR

Net income
2023
16.5 m
2024
25.2 m

esef· 24 Sept 2025verified

Balance sheet · EUR

Cash
2023
250.5 m
2024
93.4 m

esef· 24 Sept 2025verified

Total assets
2023
4.6 bn
2024
4.7 bn

esef· 24 Sept 2025verified

Cash flow · EUR

Operating cash flow
2023
130.7 m
2024
-136.5 m

esef· 24 Sept 2025verified

Investing cash flow
2023
-1.8 m
2024
-15.6 m

esef· 24 Sept 2025verified

Financing cash flow
2023
-5.0 m
2024
-5.0 m

esef· 24 Sept 2025verified

Dividends paid
2023
5.2 m
2024
5.2 m

esef· 24 Sept 2025verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
52.7%
computed by olivLawFY 2024
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
input data missing
ROA
0.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-136.5 m EUR
computed by olivLawFY 2024
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • 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

1.54 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
unavailable
input data missing
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
input data missing

Coverage and freshness

7/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Source: esefpublished 24 Sept 2025
verified 14

The data is older than the freshness threshold.

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

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

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 SISTEMA S.P.A. (BST.MI). Latest full fiscal year: 2024; data up to 2024-12-31.

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

P/E
—
vertical median 18.0x
EV/EBITDA
—
vertical median 8.1x
P/S
—
vertical median 1.2x
P/B
—
vertical median 1.1x
ROE
—
vertical median 8.6%
Net margin
—
vertical median 6.7%
EBIT margin
—
vertical median 9.7%
Revenue YoY
—
vertical median 0.6%
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
—
vertical median 3.6%

Companies in the vertical

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DLG.MIDe' Longhi S.p.a.6.8 bn21.515.4%8.4%+8.7%+24% / +60%
ACE.MIAcea S.p.a.4.6 bn9.618.2%16.6%+0.2%−4% / +73%
DIA.MIDiasorin S.p.a.4.3 bn28.39.2%13.0%+0.8%+31% / −7%
CRL.MICarel Industries S.p.a.2.9 bn39.516.1%11.7%+8.7%+3% / +10%
AMP.MIAmplifon S.p.a.2.7 bn29.98.5%3.8%−0.6%−9% / −58%
ELN.MIEl.en. - S.p.a.1.3 bn30.310.9%7.3%+4.2%+26% / +73%
CMB.MICembre S.p.a.1.3 bn27.020.6%18.9%+6.7%+11% / +108%
COM.MIComer Industries S.p.a.1.3 bn18.612.8%7.1%−23.0%+8% / +64%
DNR.MIIndustrie De Nora S.p.a.1.1 bn13.48.6%9.4%+1.4%−22% / −62%
ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a.969.2 m10.423.5%41.0%+1.8%−5% / −23%
AVIO.MIAvio S.p.a.883.6 m86.82.1%1.8%+21.5%+18% / +291%
CIR.MICir S.p.a. - Compagnie Industriali Riunite783.3 m6.017.1%7.3%+1.6%+4% / +72%
ASC.MIAscopiave S.p.a.646.3 m18.04.2%17.5%+13.4%−8% / +33%
AC5.MIAcinque S.p.a.412.6 m19.64.1%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 m13.111.1%13.7%+9.2%−2% / +12%
CAI.MICairo Communication S.p.a.289.2 m6.48.1%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 m11.718.5%10.2%−1.3%−26% / −32%
ABT.MIAbitare In S.p.a.76.0 m276.00.4%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 m2.811.0%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 m5.210.9%3.8%−2.5%−4% / −10%
AEF.MIAeffe S.p.a.10.1 m0.521.9%7.7%−21.3%−59% / −86%

1- and 3-year price returns: for BST.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 Sistema is an Italian banking group specialised in factoring, pawn-backed lending and financing to public administration, with a significant part of its activity tied to Superbonus 110 tax credits. Total assets reached EUR 4.7 billion at end-2024, and risk factors in the loan book and tax-credit trading make the group's trajectory worth following closely.

SWOT

Strengths

  • High liquidity, measured by the LCR, and a growing base of time deposits provide relatively stable funding.
  • Specialisation in factoring, pawn lending and public-administration finance gives niche positions with accumulated experience.
  • The recent acquisition of a pawn-lending operator brought integration into a growing segment.

Weaknesses

  • Non-performing loans rose sharply in 2024 and their coverage fell, pointing to weaker asset quality.
  • Reliance on Superbonus tax credits creates a concentrated and hard-to-predict exposure.
  • Dividends are currently blocked, limiting direct returns to shareholders.

Opportunities

  • Growth in pawn lending and SME finance could offset the decline in factoring.
  • Tax-credit securitisation structures, where the bank acts as arranger, could generate fee income.
  • Consolidation in niche segments could raise market share if asset quality stabilises.

Threats

  • The new default rules and the reclassification of past-due loans could raise provisions.
  • Legislative changes affecting tax credits could reduce the value of assets held.
  • Higher capital requirements and the countercyclical buffer could limit lending capacity.

Risks

  • Loan qualityhigh

    Non-performing loans rose considerably in 2024 and provision coverage fell, which could generate additional losses if recoveries are weaker 1.

  • Superbonus tax-credit exposurehigh

    The book value of tax credits bought for trading can be affected by regulatory changes or low liquidity 1.

  • New default definitionmedium

    Reclassification of past-due loans in 2025 could substantially change the reported indicators 1.

  • Wholesale fundingmedium

    A higher share of wholesale funding can raise costs and sensitivity to market conditions 1.

  • Capital requirementsmedium

    Higher capital requirements and the countercyclical buffer could limit portfolio growth if own funds do not grow enough 1.

Investment thesis

What would need to be true (bull case)

  • If the bank keeps its high liquidity and continues attracting time deposits, funding could stay stable even in difficult periods 1.
  • If pawn lending and SME finance keep growing, they could offset the decline in factoring 1.
  • If tax-credit trading delivers income above expectations, group profitability could recover faster than in 2024 1.

What would break the thesis

  • If non-performing loans keep rising and coverage stays weak, provisions could significantly reduce profit 1.
  • If the value of tax credits falls or their liquidity declines, the group could record trading losses 1.
  • If capital requirements rise faster than own funds, lending capacity could be constrained 1.

What to watch

  • Evolution of non-performing loans and provision coverage after the reclassification of past-due loansQ1 2025
  • Value and evolution of Superbonus tax credits held for trading2025
  • Share of wholesale funding and its cost relative to time depositsnext annual report
  • Timing of a possible resumption of dividend distribution, depending on own funds2026

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 Banca Sistema group builds its activity around factoring, CQS/CQP loans through its agent network, pawn lending (via the Kruso Kapital group) and loans to SMEs. Total assets were EUR 4.7 billion at 31 December 2024, up 2.9% on the prior year 1. The group also includes recent acquisitions, such as Pignus - Credito Economico Popular, consolidated in November 2024 1.

On capital, fully loaded own funds were EUR 261 million at 31 December 2024, and dividend distribution is currently prohibited 1. The 2024 group profit was EUR 25.2 million 1.

Segments

Superbonus tax-credit purchase and trading

The bank bought Superbonus 110 tax credits for trading, with a book value of EUR 400 million at year-end 1. This segment generates income but also exposure to regulatory and counterparty risk 1.

Market context

The group operates in non-bank corporate financing, factoring and lending to the public administration in Italy. Past-due items in the public-administration factoring book are described as physiological for the sector 1. The gross non-performing share rose to 12.0% of the portfolio, showing the segment's sensitivity to the new default rules 1.

The regulatory environment matters: the new default definition and the reclassification of past-due loans from Q1 2025 could change asset-quality indicators 1. Capital requirements rose from 31 March 2024, and a countercyclical buffer of up to 0.5% applies from 31 December 2024 1.

Trends

  • New default definitionheadwind

    Applying the new default definition raised non-performing loans and reduced their coverage, which could weigh on profitability if the trend continues 1.

  • Growth in time depositstailwind

    Time deposits from clients rose and delivered positive net collection, supporting the group's funding if the trend holds 1.

  • Volatility of tax creditsmixed

    The value and liquidity of Superbonus tax credits can vary widely, so trading results could be harder to forecast 1.

Competitive position

Banca Sistema competes with other Italian banks and factoring and pawn-lending companies in corporate lending to small and mid-sized firms and in public-administration lending. Not all competitors are listed, and the sources do not give a quantified market position for the group 1.

The group differentiates through niche specialisation, such as public-administration factoring and pawn lending, rather than through scale. The source gives no comparative data against competitors 1.

  • Italian retail and corporate banks

    Compete on corporate lending and client deposits, with a broader deposit base than the group.

  • Specialised factoring companies

    Compete directly for trade receivables bought from suppliers, the segment where the group holds most of its loan book.

  • Pawn-lending operators

    Compete for asset-backed lending, a segment in which the group grew through Kruso Kapital.

  • Financial institutions buying tax credits

    Compete for Superbonus tax-credit purchases, where the group has significant exposure.

News & filings

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Banca Sistema S.p.A. · 31 Dec 2024

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.