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Banca Sistema S.p.A (BST) Fair Value & Analysis

Financial Services · IT · Market cap €141M

BS Banca Sistema S.p.A BST · MI
Price€1.64
Fair Value€3.28
Upside+100.0%
Quality95/100
Evidence: High Range €2.46 – €4.11

Fair value as of: Jun 26, 2026

From 15 valuation models · updated 3 days ago

Fair value updated Jun 26, 2026 — revised from €3.34 to €3.28 (−1.8%) since Jun 24, 2026. Share price −10.5% over the past month.

Price vs Fair Value (12 months)

€2.03 €1.58 Fair Value €3.28 Jun 2025 Jun 2026

12‑month range €1.58 – €2.03 · fair‑value band €2.46 – €4.11 · the €1.64 price screens below the €3.28 fair value. As of Jun 26, 2026.

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Analysis

Banca Sistema S.p.A (BST) currently trades at €1.64, while our model-based Fair Value estimate is €3.28 — implying the stock looks roughly 100.0% undervalued today. We read business quality at 95/100 (high quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.

Over the trailing twelve months, Banca Sistema S.p.A generated revenue of €152M at a net margin of 14.0%. Revenue declined 46.4% year over year. It earns a return on equity of 7.6%. Net debt stands at €154M. Fundamentals as of Jun 26, 2026

Key figures & financial health

Revenue (TTM) €152M
Revenue growth (YoY) -46.4%
Net margin 14.0%
Return on equity 7.6%
Free cash flow −€5.7M FY2025
P/E ratio 6.3
More key figures
Operating margin 26.6%
EPS (TTM) €0.2800
EPS growth (YoY) +64.0%
Net debt €154M FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.

About the company

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.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Banca Sistema S.p.A reported revenue of €174M in FY2025 versus €108M in FY2021, a compound +12.7%/yr. Reported net income was €29.0M in FY2025, compounding +5.7%/yr from FY2021.

Revenue +12.7%/yr
FY21 €108M
FY22 €109M
FY23 €107M
FY24 €125M
FY25 €174M
Net income +5.7%/yr
FY21 €23.3M
FY22 €22.0M
FY23 €16.5M
FY24 €25.2M
FY25 €29.0M

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Frequently asked questions

Is Banca Sistema S.p.A (BST) undervalued?
As of Jun 26, 2026, our model estimates a fair value of €3.28 versus a price of €1.64 — about +100% (undervalued). Model-based estimate, not financial advice.
What is the fair value of BST?
Our 21-model fair value for Banca Sistema S.p.A is €3.28 (as of Jun 26, 2026), built from audited fundamentals. The current price is €1.64.
What is the quality score of BST?
Banca Sistema S.p.A has a Quality Score of 95/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Banca Sistema S.p.A (BST)?
Banca Sistema S.p.A reported trailing-twelve-month revenue of about €152M (latest available figure, as of Jun 26, 2026).
What is the net profit margin of BST?
The net profit margin of Banca Sistema S.p.A is about 14.0%, meaning it keeps roughly 14.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.