Wave of purchases on the shares of the Sienese bank Mps-Monte dei Paschi di Siena, which today soars with a gain of over +9% in the intraday highs, taking it to the top of the Ftse Mib list of Piazza Affari.
The effect of the accounts for the second quarter and first half of 2023, which highlighted a strong improvement in profitability, is still unfolding on the shares of the Sienese bank.
At 15.25 Italian time, Mps scores an increase of 9.56% to 2.773 euros.
Today Equita SIM issued a note, communicating the decision to have raised “the estimates of EBT 2023/24 (of Monte dei Paschi di Siena) by 13%/5% mainly to reflect higher NII (interest margin) and lower operating costs ”.
A “slight fine-tuning on the 2025/26 estimates mainly due to lower costs” has also been prepared.
Equita also announced an upgrade of the target price on the Monte dei Paschi di Siena stock of 3% to 3.3 euro, against a P/TE for 2024 equal to 0.37 times:
“We are aware that the stock trades at compressed multiples (2024 P/TE = 0.3x) and that, should the bank continue to confirm the improvements on the operational front, there is room for rerating – wrote Andrea Lisi, analyst at SIM Milan – On the other hand, in a market context that is proving to be supportive for the sector as a whole and in which we do not necessarily expect an acceleration of M&A in the short term, we maintain HOLD on a relative basis”.