BRIDGING THE GAP – The Countdown to
We are pleased to announce the launch of a new product designed to provide institutional investors with an even more comprehensive experience: BRIDGING THE GAP – The Countdown to.
The goal? To ensure constant and timely updates on EGM-listed companies—covered by Banca Profilo’s Equity Research and Corporate Broking team—even during the periods between the release of annual and semi-annual data.
To kick things off, here is the first Report, while we await the FY24 results. The next edition is scheduled for May/June, featuring the results for 1H25.
This new tool is part of our commitment to delivering a continuous and punctual flow of information, with a particular focus on companies.
Read the Report here.
How is portfolio management changing with Artificial Intelligence?
Banca Profilo, in an article from the banking magazine Minerva Bancaria, issue 4 of 2024, written by Fabio Candeli, CEO, and Marco Palandri, Head of Collective Management and AI Strategies, confirms its pioneering role in financial innovation with the adoption of an AI-Assisted approach to portfolio management.
This advanced model, integrating Machine Learning algorithms with the discretionary oversight of managers, strikes an ideal balance between technology and human expertise, ensuring scalability, reliability, and interpretability of results.
The article includes a case study on the Eurofund Profilo Equity Arbitrage fund, showcasing how AI-Assisted technology has improved the investment process, optimizing sector rotation and risk balancing, with promising results in creating more efficient and high-performing portfolios.
The implementation of Artificial Intelligence, started in 2019 and continuously evolving, not only offers operational advantages but also enables Banca Profilo to meet the challenges of an increasingly dynamic market while keeping the client experience at the forefront.
This innovative strategy, combined with a constant commitment to governance and sustainability, positions Banca Profilo as a benchmark for modern asset management, with a forward-looking perspective.
Read the full article here.
The US-China Trade War: Global Implications
Trump, known for his protectionist rhetoric, has threatened to impose tariffs of up to 60% on Chinese goods—a move that could have significant repercussions for the global economy. While the “Trump Trade” could strengthen the dollar and boost U.S. stock markets, European and Asian markets are likely to feel negative effects.
China’s response will be critical. Beijing might implement selective tariffs on foreign trade while focusing on fiscal policies to stimulate domestic demand and safeguard its economy. However, China has limited room to further devalue the yuan without risking capital outflows and greater instability.
This new phase of economic tensions not only heightens the rivalry between the two superpowers but could also accelerate Chinese productive investments abroad as a way to bypass U.S. tariffs. Meanwhile, Europe may find itself needing to define a strategic position between Washington and Beijing, with significant implications for regional growth.
Trade dynamics between these two powers are likely to impact far more than just U.S.-China relations, creating new economic alliances and redefining global balances.
Find out why! Watch the analysis by Lorenzo Fuscà, Head of Wealth Management, and Stefania Cardone, Investment Advisory at Banca Profilo.
Results for the First Nine Months of 2024
Approvati i risultati dei primi nove mesi del 2024.
In crescita la raccolta totale della clientela a 6,1 miliardi di euro (+4% a/a). Ricavi netti consolidati pari a 53 milioni di euro con un utile netto di 7,2 milioni di euro.
Il risultato operativo raggiunge i 11,7 milioni di euro, con un Cost Income al 78%. CET1 a 22,9%, si conferma essere tra i più alti del mercato, indice della elevata solidità patrimoniale.
Leggi il comunicato stampa.
EGM Analysis 3Q24
Index-fundamental convergence, cautiously optimistic after first half.
In the first nine months of 2024, the number of companies listed on the EGM was 208. There were only 17 IPOs, slowing down from 27 last year. Total capitalization is 9.7 billion euros, with an average of 46.8 million.
Over the past year, the FTSE Italia Growth has recovered around 5% and EGM companies have shown an average six-month growth in revenues in line. This represents a reversal of the trend, considering that in the last three years, the downward trend of the EGM index has not been justified by a worsening of company fundamentals.
Although the convergence between fundamentals and the index gives relief to the segment, we note that the first half of the year has disappointed the consensus, which has reduced both growth and margin projections. Revenues are now expected to grow by 18% in 2024, compared to the 20% estimated five months ago. The EBITDA margin is seen stable at 14% on average this year versus the 15% estimated in May.
The question remains whether possible future initiatives to support the EGM will lead to an acceleration of this convergence. Are we cautiously optimistic? Find out the report by Francesca Sabatini, Head of Equity Research, and Michele Calusa, Equity Research Analyst of Banca Profilo.
The Crisis of German Electric Cars and the Rise of China
In the last two years, Germany, once the locomotive of Europe, has come to a halt. Zero growth and discouraging forecasts for the future weigh heavily on the manufacturing and automotive sectors, partly due to exogenous factors such as the war in Ukraine, but also due to an outdated and shortsighted growth model that is overly dependent on exports. Major Western producers have underestimated the growing Chinese threat and are now forced to close their less profitable plants at home. The price to pay is not only economic but also political, as demonstrated by the rise of nationalist right-wing parties in the recent regional elections.
China, on the other hand, is consolidating its leadership in the electric sector. Direct subsidies in highly competitive sectors have resulted in a record trade surplus. This is evidenced by the great success of BYD from Shenzhen, which has become the world’s largest producer of electric vehicles in just a decade.
Check out the market analysis for September conducted by Lorenzo Fuscà, Head of Wealth Management, and Francesco Menini, Head of Investment Advisory at Banca Profilo.
Comal: successful completion of the capital increase in option
Comal S.p.A. (CML.MI), active in the solar energy generation sector, has successfully concluded its capital increase in option, raising a total of approximately €4.8 million. This operation aims to support Comal in building a factory for the production of innovative and high-efficiency photovoltaic modules in Abruzzo.
In this operation, Banca Profilo acted as Placing Agent.
For more details, visit the Investors section on Comal’s website and read the press release.
