Piazza Affari runs: prices in Germany fall more than expected
German inflation falls more than expected by putting the turbo in Piazza Affari which rises by 1.1% as well as Frankfurt and Paris. In Germany: in December, according to what was reported this morning by the statistics office, consumer prices show an increase of +9.2%, from +9.6% in December, the consensus was +10%.
In Piazza Affari, Tim is weak, falling by a theoretical 2% in the volatility auction after the recent increases. Saipem continues its ride. Among the main stocks of the Milan Stock Exchange, Unicredit stands out with an increase of 2.9%, while among the small capitalization groups MPS marks an increase of 4% to 2.4 euros. In general, the banks are up except Bper which loses 1.6% after disappointing accounts.
BPER
With closed markets, Bper announced that it closed 2022 with a net book profit of 1.449 billion euros in light of the impact of the write-downs relating to the acquisition of Carige. Excluding extraordinary items, according to a note from the bank, the utle is equal to 502.8 million, stable compared to the 525 million euro of the previous year. Operating income amounted to €4.258 billion, with operating expenses amounting to €2.787 billion. Net value adjustments for credit risk amounted to 606.6 million (and include 19.5 million of adjustments relating to cash exposures to Russia).
Bper will propose to the shareholders’ meeting a dividend of 12 euro cents, double compared to last year. For Equita analysts, the results for the fourth quarter of 2022 were lower than expected. In any case, positive developments are expected for 2023 and 2024. 12-cent dividend is higher than forecasts that were for an 11-cent coupon. The “hold” judgment was confirmed on the stock with the price target raised from 2.5 to 3.3 euro. For Intermonte the results are «below expectations due to higher costs and higher provisions on loans which more than compensated for the better interest margin». Furthermore, considering the “cautious estimates for 2023 with a pre-tax forecast of 5% below the consensus estimates”. The “neutral” judgment confirmed with a target price of 2.9 euros.