Unipol secures its stake in BPER. Risiko on the Stock Exchange invests MPS

The banking risk after the Unipol by Carlo Cimbri has increased its stake in BPERstrengthening its grip on the Emilian bank, which has great potential both as an investment and as an actor in a consolidation project in the banking sector. Even more so since the increase in the shareholding occurs precisely at the moment in which the MEF’s inalienability constraint on the residual share of the Montepaschi. A detail that has rekindled the stock market speculation.

The “share swap” contract

Unipol, which already held a 19.854% stake in BPER Banca, has subscribed, through the insurance company UnipolSai, a share swap contract with a maximum maturity of 25 February 2028, bringing its 24.62% participationaccording to data communicated yesterday by Consob.

The Institute led by Carlo Cimbri has soI armored the bankwhich has great potential both as an investment and in the consolidation game of the banking sector. The insurance company has in fact spoken of “an interesting investment opportunityin consideration of the overall performance (Total Return) prospects of the BPER stock”.

Actions BPER are the second best in the FTSE MIB this yearwith a rise of 69%, second only to Unipol, which has almost reached an 85% gain since the beginning of the year. BPER’s stock market value is equal to 6.89 billion euros, which corresponds to 4.1 times the profit for the 2023 financial year and 5.43 times the expected net profitability in 2024, well below its competitors. Furthermore, at current market prices, the stock is trading at a discount (0.71 times) compared to its book net equity.

But the value of BPER goes far beyond a simple profitable investment.

The sights on MPS

The “share swap” contract was signed as the inalienability restriction on Banca MPS shares held by the Ministry of Economy and Finance expires: this concerns the residual 26.7% of the Sienese bank, following the sales of shares through accelerated bookbuilding carried out in recent months.

Unipol Chairman Carlo Cimbri has never made a secret of having a general interest in the Sienese institute, but neither Unipol nor BPER have “ever considered” an investment in Rocca Salimbeni “in the immediate future”.

Unipol also holds 19.7% of Banca Popolare di Sondrio, another bank with great potential, which could constitute an interesting exchange game for another consolidation operation with Unicredit.

The market euphoria

At Piazza Affari, in the meantime, the sector banking is among the best: the FTSE Italia Banks index shows a 2% increase, performing better than the main FTSE MIB index (+1.24%).

Strong titles at the centre of the risk banking, like MPS Bankwhich stands at 4,946 euros, an increase of approximately 7%. The Minister of Economy Giancarlo Giorgettiregarding the sale of the share held by the Ministry of Economy and Finance, has specified that the government will follow the valorisation strategy followed for ITA Airways and that there is no rush to sell.

Good too BPERwhich stands at 5.09 euros, with an increase of 4.5%, while Unipol shows a progress of 3.19% to 9.55 euros. The same is true for the Sondrio People’s Bank which marks a +2.74% to 6.935 euros.