Banco BPM (BAMI IM) Italy
Report by Galliano's Financials Research
Credit Agricole acquires a 9% stake in the Italian bank sparking bid speculation - Victor Galliano believes a takeover is highly likely and expects it to be at a similar valuation to the Credito Valtellinese deal, which implies 40% upside potential for BPM's share price. The Italian bank remains one of Victor’s 2022 High Conviction Ideas; not only a modestly valued potential M&A target, but its valuations are also underpinned by improving fundamentals.