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olivLaw · European equity research

Credito Emiliano S.p.A. CE.MI

Italy · Euronext Milan · ISIN IT0003121677 · Vertical: Listed companies from Italy

20.18EUR−1.37% · 1 dayClose 05 Nov 2026

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.

Market cap
6.9 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
11.0
Diluted EPS TTM 1.83 · TTM to 31 Dec 2025
E/P (TTM)
9.07%
TTM to 31 Dec 2025
Dividend yield
3.73%
DPS 12m 0.75
Beta (2y)
0.85
Volatility (1y) 23%
52-week range
13.6421.38

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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical 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—
Max drawdown (1y)
−12.0%
04 Feb 2026 → 20 Mar 2026
Max drawdown (5y)
−32.8%
15 Feb 2022 → 05 Jul 2022
Compound annual growth (5y)
+24.9%
EURO STOXX 50 +7.5%

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 year20242025
Revenueunavailableunavailable
Revenue YoYunavailableunavailable
Net income620.1 m621.5 m
Net income YoYunavailable+0.2%
Diluted EPSunavailable1.83
Diluted EPS YoYunavailableunavailable
net %unavailableunavailable
Free cash flowunavailableunavailable

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

Pre-tax income
2024
911.1 m
2025
868.6 m

esef· 09 Apr 2026verified

Income tax
2024
291.0 m
2025
247.2 m

esef· 09 Apr 2026verified

Net income
2024
620.1 m
2025
621.5 m

esef· 09 Apr 2026verified

Diluted EPS
2024
—
2025
1.83

esef· 09 Apr 2026verified

Dividend per share
2024
—
2025
0.75

esef· 09 Apr 2026derived

Balance sheet · EUR

Cash
2024
4.2 bn
2025
1.4 bn

esef· 09 Apr 2026verified

Goodwill
2024
291.3 m
2025
291.3 m

esef· 09 Apr 2026verified

Total assets
2024
68.0 bn
2025
68.1 bn

esef· 09 Apr 2026verified

Shares outstanding at year end
2024
—
2025
339.6 m

esef· 21 Apr 2026derived

Cash flow · EUR

Operating cash flow
2024
-1.8 bn
2025
-2.5 bn

esef· 09 Apr 2026verified

Investing cash flow
2024
-77.1 m
2025
-6.5 m

esef· 09 Apr 2026verified

Financing cash flow
2024
-218.6 m
2025
-272.0 m

esef· 09 Apr 2026verified

Dividends paid
2024
221.4 m
2025
255.8 m

esef· 09 Apr 2026verified

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)
0.2%
computed by olivLawFY 2025
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
0.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
41.2%
computed by olivLawFY 2025
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
-2.5 bn EUR
computed by olivLawFY 2025
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
6.9 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
11.0x
computed by olivLawFY 2025
P/E (TTM)
11.0x
computed by olivLawFY 2025
Earnings yield
9.1%
computed by olivLawFY 2025
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
3.7%
computed by olivLawFY 2025
Shareholder yield (distributions)
3.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • 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

20.18 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 6.9 bn EUR

Key indicators

Market capitalisation
6.9 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
11.0x
computed by olivLawFY 2025
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
3.7%
computed by olivLawFY 2025

Coverage and freshness

13/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 21 Apr 2026
verified 23derived 2

Score by group

17% · Insufficient data

Estimated value range

Low
10.98
EUR per share
Mid
18.21
EUR per share
High
31.66
EUR per share
Price: 20.18 EUR
The price is within the range
Potential to the central value: -9.8% (value / price − 1)
Margin of safety: -10.8% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

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 – 27.0x
    AC5.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%

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) · Valuation11.0x65 (vs peers)63%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns3.7%53 (on a fixed band)38%
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· 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

P/E
11.0x
vertical median 18.0x
below median (−38.9%)
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
3.7%
vertical median 3.6%
at median

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
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 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

Annual reports (ESEF)

Sources

  1. [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.

Credito Emiliano S.p.A. (CE.MI): stock, results, valuation and forecast · olivLaw