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  3. •

    Regional banks
Banca Sistema S.p.A.

Banca Sistema S.p.A.

1.56
EUR
0.00
(0.00%)
0.21EPS
6.66P/E
126.26MMarket Cap
Nov 04Next Earn
Banca Sistema S.p.A.
GETTEX:B2S
(Gettex)

Recent

price

1.56

P/E

ratio

6.66

div

yld

- -

ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
EUR
0.81
0.91
1.03
1.03
1.14
1.27
1.29
1.38
1.36
1.33
1.55
2.17
1.9
Revenue per Share
0.24
0.22
0.31
0.33
0.34
0.37
0.33
0.29
0.28
0.21
0.31
0.36
0.24
Basic EPS, GAAP
0.04
-0.43
0.02
0.08
0.09
0.08
0.17
1.04
-0.52
1.61
-1.76
-0.07
-0.92
Free Cash Flow per Basic Share
0.01
0.02
0.05
0.08
0.09
0.09
- -
0.17
0.07
0.06
0.06
- -
- -
Dividend per Share
0.51
1.16
1.42
1.68
1.91
2.21
2.57
3.18
3.07
3.32
3.73
4.17
4.14
Book Value per Share
0.49
1.14
1.4
1.65
1.88
2.16
2.16
2.77
2.64
2.88
3.15
3.74
4.09
Tangible Book Value per Share
80
80
80
80
80
80
80
80
80
80
80
80
80
Basic Weighted Avg Shares
65
73
82
83
91
102
104
111
109
107
125
174
153
Sales/Revenue/Turnover
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Operating Margin (%)
- -
1
1
1
1
2
2
3
3
3
3
4
3
Depreciation Expense
20
18
25
27
27
30
26
23
22
17
25
29
19
Net Income, GAAP
34.15
30.99
29.12
31.15
34.59
29.49
30.37
31.68
32.13
33.04
36.7
43.34
51.98
Effective Tax Rate (%)
30.17
24.15
30.69
32.33
29.71
29.11
25.17
20.89
20.16
15.43
20.23
16.68
12.4
Profit Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Working Capital
20
51
157
393
408
565
368
264
373
298
307
265
205
LT Debt
41
93
114
135
153
177
215
266
256
277
315
352
333
Total Equity
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
17.17
12.19
6.71
4.99
4.56
4.02
4.13
3.73
2.62
3.99
4.27
3.15
Return on Capital (%)
- -
26.2
24.38
21.52
18.88
18
13.65
10.06
8.78
6.44
8.89
9.14
5.82
Return on Common Equity (%)

Capital Structure

EUR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
80
80
80
Market Capitalization
135
138
126

Working Capital

EUR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
107
121
97
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

EUR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
14.47%
10.68%
11.97%
Free Cash Flow
-5.81%
-67.73%
-95.94%
Net Income, GAAP
7.49%
5.3%
15.25%
Sales/Revenue/Turnover
9.68%
11.89%
39.82%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
25
29
31
38
125
2025
32
30
28
75
174
2026
21
29
- -
- -
- -

Quarterly Earnings Per Share

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.05
0.02
0.08
0.16
0.31
2025
0.14
0.04
0.08
0.1
0.36
2026
0.05
0.01
- -
- -
- -

Quarterly Dividends Per Share

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.06
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Banca Sistema S.p.A. (BST.MI; 0R9H.L) operates as a diversified Italian commercial bank specializing in factoring services for trade receivables, particularly those owed by public administrations, alongside a broad range of corporate and retail banking products. The company provides non-recourse and recourse factoring, maturity factoring, VAT receivables financing, receivables certifications, online factoring, and credit management and recovery services; banking solutions including current accounts, securities accounts, time deposits, salary and pension-backed loans, and collateralized loans; and auction house services through its subsidiary Kruso Kapital, which focuses on pawn credit and precious goods auctions. Banca Sistema serves large multinationals, small and medium-sized enterprises, professionals, and individual investors primarily in Italy, with main offices in Milan, Rome, and London. Founded in 2011 and headquartered in Milan, Italy, the bank maintains a business model that bridges public and private sectors by offering liquidity solutions to public administration suppliers while expanding into full-service banking for diverse customer segments. In 2025, Banca Sistema becomes the subject of a EUR145 million voluntary public tender offer from Banca CF+, controlled by Elliott Investment Management funds, structured as a mix of EUR1.382 cash and EUR0.418 in Kruso Kapital shares per share, aiming to create a combined group with over EUR6.5 billion in assets and EUR4.3 billion in customer loans following a planned merger that keeps Banca Sistema listed.