olivLaw · European equity research
Banca Ifis S.p.A. IF.MI
Italy · Euronext Milan · ISIN IT0003188064 · Vertical: Listed companies from Italy
Banca Ifis is an Italian banking group specialised in factoring, corporate lending and the management of non-performing loans, which reported in 2023 a net profit attributable to shareholders of 160.1 million EUR. The results show how much the group depends on interest margins and credit risk costs in a changing rate environment.
At the close of 05 Nov 2026, Banca Ifis S.p.A. (IF.MI) stock was 9.98 EUR (−3.29% on the day), with beta 0.91, 52-week range 9.93–27.54 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)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 9.81 – 10.43
- in the lower half of the band · %B 0.28 · band width 6.1%
- SMA 50 / 200
- 12.30 / 18.28
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.56 / -0.72
- 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 | −9.6% | −0.6% | −9.0 pp | — |
| 3 months | −33.0% | −4.2% | −28.9 pp | — |
| 6 months | −57.0% | +4.3% | −61.4 pp | — |
| Year to date | −60.7% | +7.5% | −68.2 pp | — |
| 1 year | −55.5% | +9.9% | −65.4 pp | −5.5% |
| 3 years | −39.8% | +49.8% | −89.7 pp | +8.9% |
| 5 years | −40.5% | +42.8% | −83.3 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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 100.6 m | 141.1 m | 160.1 m |
| Net income YoY | unavailable | +40.3% | +13.5% |
| 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 2023 · 31 Dec 2023
- Cash
- 857.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 14.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 1.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 73.4 m | 400.0 m | 445.4 m | esef· 02 Apr 2024verified |
| Investing cash flow | 73.5 m | -17.5 m | -105.9 m | esef· 02 Apr 2024verified |
| Financing cash flow | -83.2 m | -134.7 m | -85.2 m | esef· 02 Apr 2024verified |
| Dividends paid | 83.0 m | 102.5 m | 85.2 m | esef· 02 Apr 2024verified |
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
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
| 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 IFIS S.P.A. (IF.MI). Latest full fiscal year: 2023; data up to 2023-12-31.
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 IF.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 Ifis is an Italian banking group specialised in factoring, corporate lending and the management of non-performing loans, which reported in 2023 a net profit attributable to shareholders of 160.1 million EUR. The results show how much the group depends on interest margins and credit risk costs in a changing rate environment.
SWOT
Strengths
- The group has a growing net banking income and a diversified segment structure, from factoring to recovery of non-performing loans.
- Capital adequacy and liquidity were comfortable at year-end 2023, according to the report.
- Profitability rose in 2023, and the dividend policy was generous compared with prior years.
Weaknesses
- Operating costs rose in 2023, particularly personnel costs and judicial recovery services.
- The recovery business depends on complex estimates of cash flows, which can be affected by model errors.
- The price-to-book ratio of the shares stayed below 1 in all years presented, a structural situation for Italian banks.
Opportunities
- Integrating Revalea could generate synergies and extend the group's activity if delivered as planned.
- Maintaining a favourable interest rate level could continue to support interest income.
- Expansion in corporate lending and in external markets could diversify revenue sources.
Threats
- Stricter capital and MREL requirements for 2024 could limit flexibility in dividend distribution.
- International tensions and inflation could affect supply chains and debtors' ability to pay.
- A regulatory change, such as raising the threshold for pension garnishment, can quickly reduce the value of some Npl portfolios.
Risks
- Model risk in the Npl Segmenthigh
Non-performing loan valuation relies on proprietary models, and variability in amounts and collection timing can lead to value adjustments.
- Stricter prudential requirementsmedium
CET1, Tier 1 and MREL requirements for 2024 are higher, which could restrict growth or distribution capacity.
- Goodwill riskmedium
Goodwill of 38.0 million EUR allocated to the Npl Segment could require impairment if projections are not met.
- Recoverability of deferred tax assetslow
Recoverability of deferred tax assets depends on future taxable income, which involves complex judgements.
- Litigation and provisionsmedium
The group is party to litigation and exposed to contingent liabilities, and estimating provisions can be uncertain in early stages.
Investment thesis
What would need to be true (bull case)
- If net banking income keeps growing and the cost of risk stays controlled, the group's profitability could support another increase in earnings per share.
- Integrating Revalea and the subsidiaries could generate synergies that gradually reduce operating costs relative to income.
- A generous dividend policy and comfortable capital could support total shareholder return in the coming years.
What would break the thesis
- If interest rates fall, the interest margin, which is the main income source, could come under pressure.
- Stricter capital requirements for 2024 could limit distributions and lending growth.
- High operating costs and model risk in the Npl Segment could erode profitability if recoveries decline.
What to watch
- Trend in net interest income and interest margin2024
- Level of credit risk cost and recoveries in the Npl Segment2024
- Integration of Revalea and reported synergies2024
- Dividend policy and payout ratio for fiscal 20242025
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
Banca Ifis operates as a banking group with distinct business segments, including factoring, corporate lending and the Npl Segment, dedicated to acquiring and recovering non-performing loans. Net banking income of the group was 704.6 million EUR in 2023, up 3.5% 1. Profit attributable to the Parent Company reached 160.1 million EUR 1.
Revenue structure relies mainly on the interest margin, which rose in 2023 thanks to the positive trend in interest rates, and on factoring commissions. Net interest income was 566.2 million EUR 1 and net commissions 98.2 million EUR 1. The remaining income comes from dividends, gains on financial assets and other components.
Operating costs were 405.8 million EUR in 2023 1, and the group had 1,940 employees at year-end 1. The Revalea acquisition, completed in November 2023, produced a bargain purchase gain but also non-recurring costs tied to integration.
Segments
Factoring and loan financing
The factoring segment generates most of the group's commissions, with factoring fees on customers' turnover as the main component. Higher yields on factoring loans supported net commissions in 2023, according to the annual report.
Npl Segment
The Npl Segment acquires and recovers non-performing loans through judicial and non-judicial operations. In 2023 there were significant recoveries on written-down positions, and goodwill of 38.0 million EUR is allocated to this cash generating unit 1.
Corporate and bank lending
This segment contributed to growth in net interest income, supported by the positive trend in interest rates in 2023 1. Without it, the rise in the group's interest margin would have been smaller.
Market context
Banca Ifis operates in the Italian banking market, where for all Italian banks the price-to-book ratio is structurally below 1, indicating a discount to tangible book value according to the annual report. Prudential requirements set by the Bank of Italy, including a CET1 of 9.00% with the P2G component for 2024 1, define the framework in which the group operates.
Profit growth depends on keeping credit risk costs under control and absorbing high operating costs. The market remains sensitive to international tensions and inflation, factors the management cites as context risks for supply chains 1.
Trends
- Credit risk costmixed
Net credit losses declined in 2023, partly thanks to recoveries on written-down positions 1. If recoveries do not recur, the cost of risk could rise.
- Stricter prudential requirementsheadwind
The Bank of Italy set higher capital and MREL requirements for 2024, which could limit the capacity to distribute dividends or grow lending 1.
- Acquisition integrationmixed
Integrating Revalea and the subsidiaries Farbanca and Credifarma generated additional costs in 2023, but may bring synergies if integration proceeds as planned.
Competitive position
Banca Ifis competes with other Italian and European banks and financial intermediaries in factoring, corporate finance and the purchase of non-performing loans. The provided sources do not explicitly name competitors, so a detailed comparison cannot be made from these documents alone.
The competitive position is supported by diversified funding channels and expertise in loan recovery, aspects highlighted in the report. Differentiation from competitors, however, depends on the ability to keep margins and costs under control.
- Other Italian factoring banks
Direct competition in factoring and working capital financing for small and medium enterprises.
- Non-performing loan recovery companies
Competition for the purchase of Npl portfolios and for out-of-court or judicial recovery.
- European corporate banks
Competition in financing mid-sized companies, especially where rates and credit terms are comparable.
- Leasing and alternative finance providers
Competition in leasing products, where the group is also active according to the report.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202302 Apr 2024
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Banca Ifis S.p.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.