Rankings Financial data & insurance broking Banca Mediolanum

Banca Mediolanum

Financial data & insurance broking · ItalyRank 72 of 829Prices 3 Nov 2026Model 1.4

15070100

A strong score: the model found few serious problems, but analysts see limited upside from here.

Biggest deductions

Multiples vs own history−7
Quality of growth−2
Ownership structure and overhang−2

Strengths

Dividend+2
Beat and raised interest guidance+2

How the score is built

From 100 to 85, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

85Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 22.35 EUR
Median analyst target: 25.50 EUR
Upside to median: +14.1%
Analysts: 12
Target range: 23.20 – 28.00 EUR
52-week change: +28%
P/E (trailing): 12.6
Forward P/E: 14.1
PEG: 38.65

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 1 finding−2 of −30

Quality of growth
Net inflows to managed savings fell 7% in H1 2026 to EUR 4.2bn, and the 2026 target is merely 'in line' with 2025 (about 9bn); consensus expects revenue −8.8% and EPS only +2% over three years, so forward P/E (15.0) is above trailing (13.3).
stockanalysis.com
−2

Price

Today's multiples against the company's own history and its peers. · 1 finding−7 of −35

Multiples vs own history
Trailing P/E 13.3 vs. 7.6–11.6 in 2021–2025 and P/B 3.81 vs. 1.83–3.20 (both records); dividend yield 5.5% vs. 6.6–9.9%. The price is 3.9 times as high as in 2022, while EPS has risen about 84% since 2021; ROE (30%) was already 25–30% in 2021 and 2023–2025.
stockanalysis.com
−7

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−4 of −35

Ownership structure and overhang
The Doris family owns 40.2% and Fininvest 30.0%; Fininvest is still negotiating with the ECB about ownership above 10%, and a new shareholder agreement is pending. Low free float and risk of a share overhang or a forced reduction.
businesspeople.it
−2
Market dependence
Commissions (+10% to 705.7 m EUR in H1) and record client assets (168 bn, +16%) were lifted by positive market effects; a market fall hits both management fees and performance fees.
milanofinanza.it
−1
Fee pressure
The savings industry is under pressure from cheap products and AI-driven competition for younger customers; Mediolanum itself responds with digital onboarding, no liquidity fees and a management fee that can be waived, pointing towards lower fees in a model built on adviser networks.
investiremag.it
−1

Plus

Only documented strengths. · 2 findings+4 of +15

Dividend
Dividend of EUR 0.93bn (TTM) below net profit of 1.32bn; dividend per share EUR 1.30 (+25%) and yield 5.5%; management confirms a rising base dividend in 2026.
stockanalysis.com
+2
Beat and raised interest guidance
H1 2026 net result +16% to €555m vs consensus €529m, operating margin +20%, and net interest income is now expected to rise 15–18% in 2026.
milanofinanza.it
+2

Caveats

What the score does not capture, or where the data is weak.

Bank/wealth manager: EV, ROIC and FCF (FCF payout ratio 128%) are not meaningful; the payout is held against net profit. TTM net profit (EUR 1.32bn) looks lifted by a strong H2 2025 (about EUR 0.76bn vs about 0.48bn in H1 2025) and a low tax rate (15.5%), probably seasonal performance fees and/or one-off gains; this has not been verified, so forward P/E (15.0) is higher than trailing (13.3). Stockanalysis does not show forward P/E history. Consensus expects revenue −8.8% and EPS +2% over three years. The share of performance fees, interest rate sensitivity, the IRAP increase for banks and CET1 have not been investigated separately. Insider ownership is shown as n/a, but the Doris family owns 40.2%. Q3 results 10 Nov.