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Intesa Sanpaolo: stock up after bid from Intrum

(CercleFinance.com) - The share price has risen on the Milan Stock Exchange after Intrum announced an offer to form a strategic partnership with the group.

Following this announcement, Oddo confirmed its “buy” rating on the share, maintaining its target price of 3.65 euros.

IntesaSP satisfies both of our stock picking criteria in the European banking sector (earnings growth potential that is underestimated by the consensus and returns for shareholders), Oddo says in its daily equity review.

The offer from Intrum concerns the creation of a JV in the servicing NPL in the Italian market (49%-owned by ISP) and especially the deconsolidation of a portfolio of 10.8 billion euros (gross) of NPL for a valuation that is estimated at about 3.1 billion euros.



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