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Banca Sistema S.p.A (0R9H) fair value: what the stock is really worth
As of Jul 31, 2026: fair value of Banca Sistema S.p.A €1.72, price €1.57, upside +9.0%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 24, 2026
Banca Sistema S.p.A
0R9H · LSENeutralThe stock looks roughly fairly valued with average quality.
·Fair value €1.72 · Fairly valued (+9.0%)
!Quality 59/100
✓Healthy Growth (revenue 5y +26.9 %/yr)
✓Solidly profitable · 14.0% net margin (TTM)
!High debt · generates free cash flow
!Moderate moat 55/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €0.8222 – €3.14 · fair‑value band €1.20 – €2.23 · the €1.57 price screens below the €1.72 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Banca Sistema S.p.A. provides various business and retail banking products and services in Italy. The company offers factoring services that cover non-recourse and recourse factoring, VAT receivables, maturity factoring, receivables certifications, and credit management products; and online factoring services.
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Banca Sistema S.p.A. provides various business and retail banking products and services in Italy. The company offers factoring services that cover non-recourse and recourse factoring, VAT receivables, maturity factoring, receivables certifications, and credit management products; and online factoring services. Its banking solutions comprising current and securities accounts, and time deposits, as well as salary and pension backed loans. Further, it offers collateralized loans; and auction house services. The company was founded in 2011 and is based in Milan, Italy. As of March 13, 2026, Banca Sistema S.p.A. operates as a subsidiary of Banca CF+ S.p.A.
Stock analysis
Banca Sistema S.p.A (0R9H) currently trades at €1.57, while our model-based Fair Value estimate is €1.72, so the stock looks roughly fairly valued today (gap 8.3%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €13.11 per share, and 18 of the 20 models we run sit above the €1.57 price.
Bear case: the Dividend Discount group reads lowest at €0.7200, and 2 of the 20 models stay below the price. Evidence for this calculation is high.
Scenario range: €1.20 (bear) to €2.23 (bull), the price of €1.57 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Banca Sistema S.p.A reported revenue of €303M in FY2025 versus €134M in FY2021, a compound +22.6%/yr. Reported net income was €42.3M in FY2025, compounding +16.2%/yr from FY2021.
Key figures
Market cap €138M · P/E ratio 0.1 · EPS (TTM) €0.2870 · Net margin 14.0% · Return on equity 7.6% · Return on assets (EBIT) 1.0% · Operating margin 26.7% · Revenue (TTM) €152M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −20% fair-value upside, at 9%, 0R9H screens cheaper than that median.
Fair Value models
Bear €1.20
Fair Value €1.72
Bull €2.23
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.2170 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
€35.53
€55.23
€109.06
76
Growth DCF
€32.93
€58.24
€101.60
76
Residual Income
€3.20
€3.74
€5.25
76
All 21 models by family
DCF Models
FCF DCF
€35.53
€55.23
€109.06
76
Owner Earnings
€6.54
€21.66
€48.03
69
5Y Revenue Exit
€8.82
€14.41
€24.29
71
5Y EBITDA Exit
€9.25
€15.31
€25.76
73
5Y P/E Exit
€10.14
€19.92
€30.99
69
10Y Revenue Exit
€18.23
€30.81
€38.58
67
10Y EBITDA Exit
€18.59
€31.52
€50.42
67
10Y P/E Exit
€19.14
€33.02
€53.34
62
Earnings-Based
Graham-Dodd
€3.58
€24.99
€35.06
63
Lynch FV
€7.97
€11.39
€14.80
61
PEG = 1.0
€7.97
€11.39
€14.80
57
Dividend Discount
Gordon GGM
€0.4500
€0.7600
€0.9800
68
DDM Multi-Stage
€0.4500
€0.7200
€0.8200
67
Multiples
P/E Multiple
€5.53
€7.38
€9.22
63
P/S Multiple
€3.39
€4.52
€5.65
58
P/B Multiple
€4.87
€6.49
€8.11
55
EV/EBIT
n/a
n/a
€1.59
61
Asset-Based
NCAV (Graham)
€1.80
€2.42
€3.60
54
Growth DCF
Growth DCF
€32.93
€58.24
€101.60
76
Economic Profit
Residual Income
€3.20
€3.74
€5.25
76
Growth Earnings
Growth-Adj P/E
€9.17
€13.11
€17.04
67
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Set up alert →Quality Score breakdown
Overall quality
59/100
Of which business quality 54 · Market factors (momentum, volatility) 51
Profitability
30
Margins and returns on capital today
Quality Growth
45
Are margins and returns improving?
Cashflow
100
Earnings quality: real cash, not paper profit
Fin. Strength
2
Balance sheet, leverage, solvency risk
Investment
90
Disciplined investing over empire-building
Low Volatility
51
Calm price path (market factor)
Momentum
45
Price trend over the last 3–12 months (market factor)
52W Momentum
60
Distance to the 52-week high (market factor)
Net Issuance
81
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+152.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.9%
Start year 2020 (pandemic). Over 10 years: +12.2% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.2%
’14
’15
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’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+2.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10.1% vs 6.6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.39% → 23%
2025 sits 91% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
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Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Oil & gas
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Frequently asked questions
Is Banca Sistema S.p.A (0R9H) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €1.72 versus the last price from Jul 31, 2026 of €1.57, about +9% upside (fairly valued).
What is the fair value of 0R9H?
Our model-based fair value for Banca Sistema S.p.A is €1.72 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jul 31, 2026): €1.57.
What is the quality score of 0R9H?
Banca Sistema S.p.A has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Banca Sistema S.p.A (0R9H)?
Our model-based price target is the fair value of €1.72 (as of Sep 24, 2026) from 21 valuation models. Cautious scenario €1.20, optimistic scenario €2.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Banca Sistema S.p.A stock forecast for 2026?
Our models put fair value at €1.72, about +9% upside versus the last price from Jul 31, 2026 of €1.57 (fairly valued). Cautious scenario €1.20, optimistic scenario €2.23. The calculation is refreshed regularly with new filings.
What is the revenue of Banca Sistema S.p.A (0R9H)?
Banca Sistema S.p.A reported trailing-twelve-month revenue of about €152M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Banca Sistema S.p.A (0R9H)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banca Sistema S.p.A it is €1.72 per share (as of Sep 24, 2026), against a price of €1.57. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Banca Sistema S.p.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0R9H trades below its calculated fair value: price €1.57, fair value €1.72, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0R9H?
No. The price is what the market pays today (€1.57); the fair value is what the company's own numbers justify (€1.72). For Banca Sistema S.p.A the two are €0.1423 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banca Sistema S.p.A worth?
The market values Banca Sistema S.p.A at about €138M (market capitalisation, as of Sep 24, 2026). Per share that is €1.57; our models calculate a fair value of €1.72 per share.
What do the bullish and bearish scenarios say about 0R9H?
Our models span a range for Banca Sistema S.p.A: cautious scenario €1.20, base €1.72, optimistic €2.23 per share (as of Sep 24, 2026, price €1.57). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0R9H from its 52-week high?
Banca Sistema S.p.A trades at €1.57, about 15% below its 52-week high of €1.85 and 2% above the low of €1.54 (as of Jul 31, 2026). Distance from the high says nothing about value: that is what the fair value of €1.72 is for.
Which stocks are comparable to Banca Sistema S.p.A?
From the same area (Energy) we also value Saudi Arabian Oil Company, Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Banca Sistema S.p.A stock attractive at the current price?
The data as of Sep 24, 2026: price €1.57, calculated fair value €1.72 (+9%), Quality Score 59/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0R9H calculated?
We run Banca Sistema S.p.A through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €1.72, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Banca Sistema S.p.A currently trades 8 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Banca Sistema S.p.A (0R9H)?
The latest price we hold is from Jul 31, 2026 and stands at €1.57. Our model-based fair value is €1.72, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banca Sistema S.p.A right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€1.20 to €2.23) leaves room in how you read the outcome.
Where does the earnings growth of Banca Sistema S.p.A (0R9H) come from?
Earnings per share at Banca Sistema S.p.A grew +2.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.8 %, EBIT margin −3.6 %, tax rate −0.9 %, residual (interest, one-offs) −0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Banca Sistema S.p.A
How large is the market capitalisation of Banca Sistema S.p.A (0R9H)?
The market capitalisation of Banca Sistema S.p.A is €138M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Banca Sistema S.p.A (0R9H)?
The price-to-earnings ratio of Banca Sistema S.p.A is 0.1 (as of Aug 5, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What are the earnings per share of Banca Sistema S.p.A (0R9H)?
Earnings per share at Banca Sistema S.p.A are €0.2870 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Banca Sistema S.p.A (0R9H)?
The net margin of Banca Sistema S.p.A is 14.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Banca Sistema S.p.A (0R9H)?
The return on equity (ROE) of Banca Sistema S.p.A is 7.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Banca Sistema S.p.A (0R9H)?
On an EBIT basis the return on assets of Banca Sistema S.p.A is 1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Banca Sistema S.p.A (0R9H)?
The operating margin of Banca Sistema S.p.A is 26.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banca Sistema S.p.A (0R9H)?
Revenue at Banca Sistema S.p.A is growing −30.1% versus a year earlier (3y avg +30.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Banca Sistema S.p.A (0R9H)?
Earnings per share at Banca Sistema S.p.A are growing −49.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Banca Sistema S.p.A (0R9H) generate?
The free cash flow of Banca Sistema S.p.A is €237M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Banca Sistema S.p.A (0R9H) carry?
The net debt of Banca Sistema S.p.A is €1.1B (fiscal year 2025, ≈ 4.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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