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BFF Bank SpA
(BFF)
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Rating:55Neutral
Price Target:
€2.50
▼(-20.63% Downside)
Action:Reiterated
Date:10/08/26
Overall score reflects pressured fundamentals and very weak technical momentum as the primary drags (sharp 2025 profitability deterioration and the stock trading well below major moving averages with negative MACD). These are partially offset by an apparently low valuation (P/E ~7.48) and improved balance sheet leverage plus a 2025 cash flow rebound, though cash flow volatility limits confidence.
Positive Factors
Improved Leverage
The reduction in debt-to-equity indicates a stronger capital position and greater financial flexibility than in prior periods. A steadier equity base can help BFF absorb credit or earnings pressure and continue supporting its specialized lending and receivables businesses.
Negative Factors
Revenue and Earnings Decline
The latest contraction in revenue and net income signals a material weakening in earnings power after stronger results in 2021–2023. If the decline persists, BFF will have less capacity to build capital, invest in growth, or absorb adverse credit and funding conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Leverage
The reduction in debt-to-equity indicates a stronger capital position and greater financial flexibility than in prior periods. A steadier equity base can help BFF absorb credit or earnings pressure and continue supporting its specialized lending and receivables businesses.
Read all positive factors
BFF Bank SpA (BFF) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€370.07M
Dividend Yield8.32%
Average Volume (3M)3.50M
Price to Earnings (P/E)7.3
Beta (1Y)0.73
Revenue Growth-18.34%
EPS Growth-85.61%
CountryIT
Employees873
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)0.27
Shares Outstanding188,898,590
10 Day Avg. Volume3,364,318
30 Day Avg. Volume3,504,789
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)1.94
Price to Sales (P/S)2.79
P/FCF Ratio11.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.63
Revenue Forecast (FY)€410.21M
BFF Bank SpA Business Overview & Revenue Model
Company Description
BFF Bank S.p.A., founded in 1985 and based in Milan, Italy, offers specialized financial services with a primary focus on suppliers to the national healthcare system and public administration. Its operations extend across Italy, Croatia, the Czech...
How the Company Makes Money
BFF makes money mainly by monetizing receivables-focused financing and related banking activities. (1) Factoring/receivables financing income: BFF purchases or finances trade receivables and earns revenue through the spread between the yield on th...
BFF Bank SpA Financial Statement Overview
Summary
Income Statement
57
Neutral
Balance Sheet
64
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 607.57M | 642.98M | 778.27M | 783.06M | 508.14M | 341.15M |
| Gross Profit | 363.84M | 376.59M | 394.10M | 437.80M | 415.15M | 301.60M |
| EBITDA | 86.47M | 104.84M | 315.71M | 248.05M | 342.75M | 206.74M |
| Net Income | 51.19M | 70.17M | 215.68M | 171.66M | 232.05M | 197.37M |
Balance Sheet | ||||||
| Total Assets | 11.88B | 12.29B | 12.15B | 12.29B | 13.34B | 11.18B |
| Cash, Cash Equivalents and Short-Term Investments | 151.85M | 980.76M | 305.84M | 593.89M | 911.33M | 825.03M |
| Total Debt | 4.29B | 619.96M | 750.35M | 242.47M | 242.77M | 379.63M |
| Total Liabilities | 10.93B | 11.37B | 11.27B | 11.53B | 12.58B | 10.61B |
| Stockholders Equity | 944.00M | 923.87M | 876.81M | 758.81M | 758.77M | 571.60M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 159.80M | 10.14M | -216.54M | 124.41M | 471.91M |
| Operating Cash Flow | 0.00 | 160.92M | 41.51M | -184.87M | 157.56M | 533.23M |
| Investing Cash Flow | 0.00 | -294.84M | -44.17M | -31.67M | -33.32M | -71.04M |
| Financing Cash Flow | 0.00 | 104.44M | -101.21M | -162.21M | -43.83M | -97.32M |
BFF Bank SpA Technical Analysis
Negative
3.15
Price Trends
2.71
Negative
2.88
Negative
3.21
Negative
Market Momentum
-0.20
Negative
30.38
Neutral
25.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:BFF, the sentiment is Negative. The current price of 3.15 is above the 20-day moving average (MA) of 2.21, above the 50-day MA of 2.71, and below the 200-day MA of 3.21, indicating a bearish trend. The MACD of -0.20 indicates Negative momentum. The RSI at 30.38 is Neutral, neither overbought nor oversold. The STOCH value of 25.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:BFF.
BFF Bank SpA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | €19.78B | 6.92 | 14.34% | 7.64% | -4.14% | -19.23% | |
64 Neutral | €1.98B | 15.06 | 8.89% | 3.39% | 1.80% | 13.22% | |
59 Neutral | €603.02M | 2.62 | 11.48% | 21.20% | 67.89% | 44.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €370.07M | 7.27 | 5.41% | 8.32% | -18.34% | -85.61% |
* General Sector Average
IT:BFF
BFF Bank SpA
1.96
-8.35
-80.97%
IT:IF
Banca Ifis SPA
10.00
-10.31
-50.75%
IT:BST
Banca Sistema S.p.A.
1.51
-0.07
-4.19%
IT:BAMI
Banco BPM S.p.A.
13.09
1.63
14.23%
IT:BDB
Banco di Desio e Della Brianza SPA
15.06
7.73
105.46%
BFF Bank SpA Corporate Events
BF International Moves to Take Sole Control of Agri-Tech Group Diagram S.p.A.
Oct 16, 2026
BF International Best Fields Best Food Limited, a subsidiary of B.F. S.p.A., has agreed to acquire sole control of Diagram S.p.A., a major Italian developer of digital and technological solutions for the agricultural and agri-food industry. Diagra...
Itaca boosts stake in BF International to support BF Group’s global expansion
Oct 8, 2026
B.F. S.p.A., a Milan‑listed holding company, operates through subsidiaries in various parts of the agro‑industrial supply chain and the market for services and products for farmers. The group serves agricultural producers with an integ...
BFF Bank Sells Public-Sector Receivables to Investment Fund to Cut Risk and Reshape Spanish Business
Sep 30, 2026
BFF Bank has signed a binding agreement with a leading investment fund to sell a portfolio of receivables from public administrations in Italy and Spain, with a book value of around €127 million as of June 30, 2026. The deal also includes a ...
B.F. S.p.A. strengthens governance and adopts generous dividend policy after tender offer
Sep 8, 2026
B.F. S.p.A.’s board has refreshed its governance structure, integrating its Nomination and Remuneration Committee with the appointment of director Giuseppe Andreano and confirming an independent-led composition under chair Maria Teresa Bianc...
B.F. S.p.A. Updates Total Voting Rights After Loyalty Share Increase
Sep 2, 2026
B.F. S.p.A. has announced that from 1 September 2026 an increase in voting rights linked to 411,000 ordinary shares has become effective under its enhanced voting rights scheme. This change, implemented pursuant to Italian financial regulations an...
BF adjusts governance after committee member resignation
Aug 21, 2026
B.F. S.p.A. has announced that Ms. Alessandra Bonetti has resigned from her role as a member of the Nomination and Remuneration Committee, while retaining her position as a non‑executive, non‑independent director on the board. The move...
Arum and Dompé Gain Regulatory Clearance, Activate Pact Over B.F. S.p.A.
Aug 13, 2026
Arum S.p.A. and Dompé Holdings S.r.l. have secured key regulatory clearances for their voluntary tender offer for all remaining ordinary shares of B.F. S.p.A., excluding those already held and certain locked-up incentive shares. The offer is ...
BFF Bank Publishes Half-Year Report as Auditor Flags Going-Concern Uncertainty
Aug 7, 2026
BFF Bank has published its Consolidated Half-Year Financial Report as of 30 June 2026, making the condensed financial statements, interim management report and related auditor’s review available at its Milan headquarters, on its corporate we...
BFF Bank lifts H1 2026 profits as capital and asset quality strengthen
Aug 5, 2026
BFF Bank SpA reported adjusted net profit of €81.3 million for the first half of 2026, an 8% year-on-year increase, as group net revenues rose 9% to €216.1 million driven by transaction services. While accounting net profit came in at ...
B.F. S.p.A. boosts enhanced voting rights to reshape shareholder influence
Aug 3, 2026
B.F. S.p.A. has updated the structure of its share capital by making effective an increase in voting rights on 1,079,609 ordinary shares, raising the total number of shares with enhanced voting power to 73,505,924 under Italy’s Consolidated ...
BFF Bank Realigns Government Bond Portfolio and Brings Forward Regulatory Provisions
Jul 28, 2026
BFF Bank has repositioned its Held to Collect portfolio of Italian government bonds, completing a sale and reinvestment of about EUR 3.1 billion in nominal value and securing a pre-tax capital gain of around EUR 62 million. The move aligns with me...
Banca d’Italia Eases MREL Capital Requirements for BFF Bank
Jul 22, 2026
Banca d’Italia has lowered the minimum requirements for own funds and eligible liabilities, or MREL, applicable on a consolidated basis to BFF Bank, easing the capital load compared with the levels previously in force. The MREL ratio based o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.