Managed savings – The paradox of listed networks: revenues go up but valuations go down

The situation which sees economic uncertainty at the same time – from high energy prices to out-of-control inflation – and the increase in interest rates, while on the one hand depressing the market value of financial securities and consequently also the valuation of listed Networks , Banca Mediolanum, Fineco Bank, Banca Generali and Azimut (-20% on average the Price to Book Value at the end of September 22 vs. the end of September 21), on the other hand does not seem to have had such a decisive influence on their revenues: +3.8% on average the Intermediation Margin at the end of September 22 vs. end september 21.

Comparing the data of the four listed companies of the third quarter of 2022 with those of the third quarter of 2021, the intermediation margin is up for three out of four: Azimut (+22.6%, equal to +103.0, Fineco ( +9.3%, equal to +47.3 million), Mediolanum (+6.8%, equal to +70.2 million). Assets administered and managed substantially hold (on average -3%), while Net Inflows remain positive, albeit on lower values than last year (on average -25%). This is what emerges from a research carried out by Excellence Consulting which today finds ample space in sector publications, including Il Sole 24 Ore.

In the detail of the study on the four Networks of financial advisors listed on the Milan Stock Exchange compared, between 3Q22 and 3Q21 the interest margin trend is interesting, which tends to grow for all of them: Banca Generali (+34.7% equal to + 22.7 million); Banca Mediolanum (+18.3% equal to +47.2 million), Fineco Bank (+13.5% equal to +25.1 million). The figure for net commissions, on the other hand, records a positive figure for all: Azimut (+21.3% equal to +99.6 million), Fineco Bank (+6.8% equal to +22.2 million), Banca Mediolanum (+3% equal to +23.0 million), with the exclusion of Banca Generali (-31% equal to -162.0 million).

“From our analysis – says Maurizio Primanni, CEO of Excellence Consulting – a surprising picture emerges. In fact, despite the fact that between 3Q22 and 3Q21 the situation in terms of market context changed enormously, however, listed networks have maintained the ability to generate revenues, demonstrating good resilience. The same thing, however, cannot be said of the valuations of these companies which on average in the period considered in terms of Price to Book Value decreased by more than 20%, with even companies notoriously valued by the market such as Fineco Bank, which having positive fundamentals both in terms of growth in the intermediation margin and in net profit, they have nonetheless lost value. In our opinion, it is above all the increase in interest rates that weighs, which also generates an increase in the rate of return expected by investors. A mechanism that ends up depressing the prices even of companies that have positive fundamentals. It is important to take note of this element and consequently act to activate new growth engines starting from those linked to the generation of the interest margin.”


L’Istituto del “Whistleblowing” è riconosciuto come strumento fondamentale nell’emersione di illeciti; per il suo efficace operare è pero cruciale assicurare una protezione adeguata ed equilibrata ai segnalanti. In tale ottica, al fine di garantire che i soggetti segnalanti siano meglio protetto da ritorsioni e conseguenze negative, e incoraggiare l’utilizzo dello strumento, in Italia è stato approvato il D.Lgs. n.24 del 10 marzo 2023 a recepimento della Direttiva (UE) 2019/1937 riguardante la protezione delle persone che segnalano violazioni.

Il decreto persegue l’obiettivo di rafforzare la tutela giuridica delle persone che segnalano violazioni di disposizioni normative nazionali o europee, che ledono gli interessi e/o l’integrità dell’ente pubblico o privato di appartenenza, e di cui siano venute a conoscenza nello svolgimento dell’attività lavorativa.


(*) Campi obbligatori