Added to YB: 2024-10-01
Pitch date: 2024-07-25
BFF.MI [bullish]
BFF Bank S.p.A.
-8.93%
current return
Author Info
No bio for this author
Company Info
BFF Bank S.p.A. engages in non-recourse factoring and credit management activities towards public administration bodies and private hospitals in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, Slovakia, and Spain.
Market Cap
EUR 2.1B
Pitch Price
EUR 10.36
Price Target
N/A
Dividend
9.70%
EV/EBITDA
N/A
P/E
16.90
EV/Sales
N/A
Sector
Financial Services
Category
value
Lazard International Strategic Equity Portfolio Added On Position: BFF Bank S.p.A.
BFF.MI: Specialty finance firm misunderstood as Italian bank. Low-risk non-recourse financing for pharma, main borrowers are governments. Competitive edge: relationships, network, unique ability to charge late fees. Underperformed on dividend halt, but thesis intact. High-quality, capital-generating business. Position increased on pullback.
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