olivLaw · European equity research
Credito Emiliano S.p.A. CE.MI
Italy · Euronext Milan · ISIN IT0003121677 · Vertical: Listed companies from Italy
Credito Emiliano S.p.A., also known as Credembanca or Credem, is an Italian banking group whose activities include lending to retail and corporate clients, investment services and insurance. The group publishes its sustainability reporting under the CSRD, which clarifies its climate exposures and credit risks. The capital requirement for credit risk rose substantially in 2025, a change the report explains through a methodology change and higher client exposures.
At the close of 05 Nov 2026, Credito Emiliano S.p.A. (CE.MI) stock was 20.18 EUR (−1.37% on the day), with market capitalisation 6.9 bn EUR, P/E 11.0 on diluted EPS of 1.83 EUR over the last 12 months, dividend yield 3.73%, beta 0.85, 52-week range 13.64–21.38 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)
- 51.5
- neutral
- Bollinger (20, 2)
- 19.32 – 20.46
- in the upper half of the band · %B 0.75 · band width 5.7%
- SMA 50 / 200
- 20.42 / 17.46
- mixed trend
- MACD (12, 26, 9)
- -0.12 / -0.19
- 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 | −3.7% | +0.4% | −4.1 pp | — |
| 3 months | −2.4% | −3.3% | +0.8 pp | — |
| 6 months | +27.5% | +4.0% | +23.5 pp | — |
| Year to date | +32.1% | +8.1% | +24.0 pp | — |
| 1 year | +47.3% | +10.7% | +36.6 pp | −5.5% |
| 3 years | +157.1% | +50.1% | +107.0 pp | +8.9% |
| 5 years | +204.4% | +43.6% | +160.8 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 1-quarter history (min 8.3, median 8.3, max 8.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 620.1 m | 621.5 m |
| Net income YoY | unavailable | +0.2% |
| Diluted EPS | unavailable | 1.83 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 68.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
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: 6.9 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: 10.25 – 49.35 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/E11.71 – 49.35 (Mid 24.59)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)10.25 – 13.97 (Mid 11.82)
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 | 11.0x | 65 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.7% | 53 (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· partial53/100 · 1/2 factors with a value
- Valuation· partial65/100 · 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
CREDITO EMILIANO S.P.A. ABBREVIABILE IN CREDEMBANCA E IN CREDEM (CE.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
The estimated value range is 10.98–31.66 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 18.21 EUR, the price of 20.18 EUR leaves a potential of -9.8% (value / price − 1) and a margin of safety of -10.8% (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 CE.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
Credito Emiliano S.p.A., also known as Credembanca or Credem, is an Italian banking group whose activities include lending to retail and corporate clients, investment services and insurance. The group publishes its sustainability reporting under the CSRD, which clarifies its climate exposures and credit risks. The capital requirement for credit risk rose substantially in 2025, a change the report explains through a methodology change and higher client exposures.
SWOT
Strengths
- The group has an integrated structure with bank, leasing, factoring, insurance and private banking under one management, allowing complementary offers to clients.
- The risk monitoring system is well articulated, with monthly and quarterly RAF indicators and ESG risks integrated into the ICAAP and ILAAP processes.
- Internal audit covers the distribution networks and checks compliance of lending and investment processes, which strengthens confidence in operations.
Weaknesses
- The capital requirement for credit risk rose sharply in 2025, which narrows room to grow lending without adding capital.
- Financed emissions remain significant in the credit portfolio, and their measurement is still being refined.
- Adapting to the new CSRD reporting requirements relies on external advisers, which points to an internal capability still under construction.
Opportunities
- Digitalisation of channels and personalisation of relationships could expand the client base and reduce distribution costs.
- Demand for sustainability products and green financing could open new business lines for the group.
- Growth in private banking and insurance could diversify revenues if market conditions remain favourable.
Threats
- Physical and transition climate risks could affect the quality of the credit portfolio, especially for companies with high emissions.
- Heightened regulatory pressure, including the CSRD and new capital requirements, could compress margins and limit dividends.
- Competition in the Italian market and geopolitical risks could affect credit demand and the stability of interest income.
Risks
- Higher capital requirement for credithigh
The methodology change and higher client exposures led to a sharp rise in the capital requirement, which could limit credit growth.
- Climate and environmental risksmedium
Climate impacts on the credit portfolio, through financed emissions and physical risks, could degrade asset quality over the medium and long term.
- Interest rate exposure in the banking bookmedium
The economic value sensitivity to interest rates increased in 2025, which could affect the value of assets if rates move adversely.
- Compliance and anti-money laundering riskmedium
Risks of non-compliance with European and anti-money laundering rules remain present, especially with the new DORA and Instant Payments regulations.
- Geopolitical risks and sanctionslow
Geopolitical instability requires careful control of compliance with international sanctions, which can generate costs and reputational risks.
Investment thesis
What would need to be true (bull case)
- If digitalisation and ESG integration are implemented effectively, the group could reduce costs and attract clients seeking sustainable finance.
- The integrated structure with leasing, insurance and private banking could support revenues even if margins on classic lending compress.
- The risk monitoring system and the extended internal audit could help manage exposures prudently during periods of volatility.
What would break the thesis
- The sharp rise in the capital requirement could limit the ability to grow lending and to distribute dividends in the coming years.
- Climate exposures in the credit portfolio could generate impairments if the energy transition accelerates without enough support for clients.
- If interest rate sensitivity stays high, interest income could become volatile in case of sudden changes in monetary policy.
What to watch
- Evolution of the credit risk capital requirement and the effect of the methodology change2026
- Progress of CSRD adaptation projects and quality of non-financial reporting2026
- Trend of the economic value sensitivity to interest rates relative to Tier1 capitalnext 10-K
- CRD-based climate transition plans and targets across multiple horizons2027
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 Credem group operates as a banking group with its own distribution networks, including Credem, Credemleasing, Credem Euromobiliare Private Banking, Credemfactor, Avvera and Credemvita, among other companies. The annual report shows that client activity covers both individuals and companies. The group continuously monitors client satisfaction through indicators such as the Net Promoter Score and the Customer Satisfaction index.
The capital requirement for credit risk was 2,568 mln EUR on a consolidated basis at the end of 2025, compared with 1,619 mln EUR in 2024 1. The increase is attributed mainly to a methodology change linked to a higher risk weight coefficient and, secondarily, to higher client exposures. Operational risk, calculated under the SMA method, stands at about 252 mln EUR 1.
Risk management is integrated into a RAF framework with first and second level indicators, monitored quarterly and monthly. Climate and environmental risks are included in the ICAAP and ILAAP scenario analyses and in operational continuity plans, which shows a systematic approach to ESG risks.
Segments
Credit and prudential risks
Credit exposures are the largest component of the group's capital requirements. Lending to corporate and retail clients, including mortgages and vehicle loans, is analysed from an ESG perspective through the emission profiles associated with each portfolio 1.
Investment and insurance services
The group offers investment services through Credem Euromobiliare Private Banking and financial advisers, and insurance products through Credemvita and Credemassicurazioni. The double materiality analysis included insurance policies among the downstream business lines.
Leasing and factoring
Credemleasing and Credemfactor complete the financing offer for companies. Leasing lending contributes to the group's credit risk capital requirement together with the other consolidated companies 1.
Market context
The group's activity takes place in the Italian banking market, where it operates branch networks, business centres and financial advisers. The report refers to benchmarks against the main Italian banks supervised by the ECB, which indicates that the group compares itself with these institutions on sustainability.
The regulatory environment is changing quickly, notably through the CSRD and the Pillar 3 requirements on climate risks. The group has set up two organisational projects with external advisers to adapt processes to these requirements, which suggests growing regulatory pressure on reporting.
Trends
- CSRD sustainability regulationmixed
The adoption of the CSRD requires a closer integration of financial and non-financial information. The group has started adapting its processes and internal controls, which could generate additional costs but also more coherent reporting.
- Climate risks in the credit portfolioheadwind
Financed emissions from loans to companies, mortgages and car loans are identified as current impacts. If the climate transition accelerates, these portfolios could suffer impairments.
- Digitalisation of channelstailwind
The group is pursuing digitalisation of channels and personalisation of client relationships through a virtual contact center, virtual meetings and online platforms. This could lower distribution costs and extend client access.
- Pressure on risk capitalheadwind
The rise in the capital requirement for credit risk by more than 58 percent in 2025, partly due to a methodology change, limits room for new lending and could influence dividend policy.
Competitive position
The group competes in the Italian market with other universal banks and with banks specialised in private banking. The report does not name competitors directly but refers to benchmarks against the main Italian banks supervised by the ECB.
The group's differentiation rests on its network of financial advisers, its private banking services and its range of insurance and leasing products. Competition on prices and digitalisation remains intense in the retail segment.
- Main Italian universal banks
Italian banking groups with comparable branch networks, used by Credem as a benchmark in its double materiality analysis.
- Banks specialised in private banking
Italian institutions competing with the Credem Euromobiliare Private Banking division for high-net-worth clients.
- Leasing and factoring companies
Competitors in corporate financing, where Credemleasing and Credemfactor are active.
- Life insurance companies
Competitors of Credemvita in insurance and savings products linked to the bank.
News & filings
In the press
- Frans Muller, CEO-ul global al Ahold Delhaize, proprietarul Mega Image şi Profi: Portofoliul nostru complementar de branduri ne oferă o platformă solidă în România. Am deschis 64 de magazine în acest an şi continuăm. Credem în această regiune!Ziarul Financiar · 05 Nov 2026 · RO
- Cum a fost primită în Iran victoria democraților la alegerile din SUA. Mesaj transmis de Mojtaba Khamenei: "Credem că este aproape"Antena 3 CNN · 04 Nov 2026 · RO
- Cât ne costă să rămânem cine credem că suntem?SpotMedia.ro · 31 Oct 2026 · RO
- Iotova: Este o iluzie să credem că putem schimba Bulgaria dacă nu votăm - БНР НовиниSurge — Google News · 25 Oct 2026 · RO
- EXCLUSIV | Șeful Dacia România, despre concurența chineză: „Nu suntem atât de naivi să credem că românii vor cumpăra Dacia doar pentru că este a noastră”Economedia · 16 Oct 2026 · RO
- Anunțul făcut de Edward Sanda și Cleopatra Stratan după ce și-au luat casă: „Ajunsesem să credem că nu se mai poate”Libertatea.ro · 15 Oct 2026 · RO
- VIDEO | Dominic Fritz, după întâlnirea cu Luca Niculescu: Credem că s-au îndeplinit toate condițiile pentru alegeri anticipate / Am ajuns într-un moment în care nu putem avea încă un guvern care este sâmburele instabilității și haosului în continuareG4Media · 12 Oct 2026 · RO
- Rubio avertizează de la Atena că Occidentul se află la o răscruce: „Credem că Europa se poate trezi din somnul său îndelungat”Mediafax · 07 Oct 2026 · RO
- Codirlașu (CFA Romania): Credem că PIB-ul va rămâne tot în situația actuală; îl estimăm undeva între 0 și 0,5% în 2027Agerpres · 05 Oct 2026 · RO
- Von der Leyen: „Credem în Muntenegru – al 28-lea stat membru în 2028″. Comisia pregătește tratatul de aderare și un pachet financiarCursDeGuvernare.ro · 02 Oct 2026 · RO
- Vasile Bozeșan: Noi, ca magistrați, credem că soluția din dosar ni se datorează doar nouă…Juridice.ro · 02 Oct 2026 · RO
- De ce a cumpărat retailerul grec Jumbo fabrica de frigidere Haier din Prahova? Preşedintele bordului Jumbo: Faptul că România traversează acum o perioadă turbulentă e oportunitate, nu o ameninţare. Credem cu tărie în viitorul ţării, iar acum profităm de oportunităţi la preţuri buneZiarul Financiar · 28 Sept 2026 · RO
- Poate IA să distrugă omenirea? De ce scenariile apocaliptice sunt mai puțin probabile decât credemDigi24 · 28 Sept 2026 · RO
- De ce ne convine să credem că America a dat jos Guvernul Bolojan - analiza unui politologAdevărul · 26 Sept 2026 · RO
- „Noi chiar credem cu sinceritate că AI ar putea ucide toţi oamenii”. Cele 10 zile care au zguduit industria inteligenţei artificialeStartupCafe.ro · 20 Sept 2026 · RO
- „Chiar credem, în mod sincer, că IA ar putea ucide toți oamenii”. Zece zile care au schimbat cursul inteligenței artificialeAntena 3 CNN · 19 Sept 2026 · RO
- De ce munca de acasă ar putea fi mai dăunătoare pentru sănătate decât credem (studiu)Digi24 · 19 Sept 2026 · RO
- ”Nu e nimeni negativist, dar asta e misiunea ta, «Rege»”. Panduru a auzit discursul lui Hagi şi i-a dat replica: ”Fă-ne şi pe noi să credem” | VIDEO EXCLUSIV - PrimaSport.roSurge — Google News · 17 Sept 2026 · RO
- Sebastian Stan apără „Fjord”, acuzat că este film MAGA: De când a devenit normal să credem că o tabără are toate răspunsurile?SpotMedia.ro · 12 Sept 2026 · RO
- Ryanair contestă afirmația că un pasager a fost aspirat prin geamul avionului: „Nu credem că vreo parte a corpului său a fost în exterior”Adevărul · 10 Sept 2026 · RO
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202521 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Credito Emiliano 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.