olivlawolivlaw

olivLaw · European equity research

Banca Ifis S.p.A. IF.MI

Italy · Euronext Milan · ISIN IT0003188064 · Vertical: Listed companies from Italy

9.98EUR−3.29% · 1 dayClose 05 Nov 2026

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.

Market cap
unavailable
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
0.91
Volatility (1y) 59%
52-week range
9.9327.54

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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical 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—
Max drawdown (1y)
−64.0%
04 Feb 2026 → 20 Oct 2026
Max drawdown (5y)
−64.0%
04 Feb 2026 → 20 Oct 2026
Compound annual growth (5y)
−9.9%
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 year202120222023
Revenueunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailable
Net income100.6 m141.1 m160.1 m
Net income YoYunavailable+40.3%+13.5%
Diluted EPSunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailable
net %unavailableunavailableunavailable
Free cash flowunavailableunavailableunavailable

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

Pre-tax income
2021
149.9 m
2022
211.8 m
2023
237.6 m

esef· 02 Apr 2024verified

Income tax
2021
47.6 m
2022
69.9 m
2023
75.6 m

esef· 02 Apr 2024verified

Net income
2021
100.6 m
2022
141.1 m
2023
160.1 m

esef· 02 Apr 2024verified

Balance sheet · EUR

Cash
2021
355.4 m
2022
603.1 m
2023
857.5 m

esef· 02 Apr 2024verified

Total assets
2021
13.0 bn
2022
13.3 bn
2023
14.1 bn

esef· 02 Apr 2024verified

Cash flow · EUR

Operating cash flow
2021
73.4 m
2022
400.0 m
2023
445.4 m

esef· 02 Apr 2024verified

Investing cash flow
2021
73.5 m
2022
-17.5 m
2023
-105.9 m

esef· 02 Apr 2024verified

Financing cash flow
2021
-83.2 m
2022
-134.7 m
2023
-85.2 m

esef· 02 Apr 2024verified

Dividends paid
2021
83.0 m
2022
102.5 m
2023
85.2 m

esef· 02 Apr 2024verified

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)
13.5%
computed by olivLawFY 2023
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
1.2%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
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
445.4 m EUR
computed by olivLawFY 2023
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

9.98 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

9/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Source: esefpublished 02 Apr 2024
verified 28

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 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

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

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 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

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

Banca Ifis S.p.A. (IF.MI): stock, results, valuation and forecast · olivLaw