Download PDF

1. Company Snapshot

1.a. Company Description

FinecoBank Banca Fineco S.p.A. provides banking and investment products and services.The company operates through Banking, Brokerage, and Investing segments.The company offers banking services, including current account and deposit services, payment services, mortgages, and personal loans, as well as debit, credit, and prepaid cards; and brokerage services comprising order execution services on behalf of customers with direct access to global equity markets, as well as to trade on currencies, indices, shares, bonds, commodities, futures, options, bonds, ETFs, and certificates.


The company also provides asset management services, such as placement and distribution services of various products, including mutual funds and SICAV sub-funds, and insurance and pension products, as well as investment advisory services.It serves primarily through a network of personal financial advisors, and online and mobile channels.As of December 31, 2021, the company operated 424 financial shops.


The company was founded in 1999 and is based in Reggio Emilia, Italy.

Show Full description

1.b. Last Insights on FBK

FinecoBank Banca Fineco S.p.A. faced headwinds from concerns about AI disruption in the wealth management sector, which impacted European stocks. The company's wealth management business may face challenges from technological advancements. Additionally, the European Central Bank's potential rate hikes amid resilient economic conditions could affect the bank's operations. A recent decline in similar wealth management stocks, such as St James's Place, which fell about 13% in London trading, may also have influenced investor sentiment.

1.c. Company Highlights

2. FinecoBank's 2025 Earnings: A Strong Year for Brokerage and Client Acquisition

FinecoBank reported a flat net profit of EUR 647 million in 2025, with revenues reaching EUR 1,317 million, driven by a 10% year-on-year increase in non-financial income and an 18% rise in brokerage revenues. The bank's active investor base and growing assets under custody contributed to the strong performance. Brokerage revenues hit a record EUR 256 million, with January 2026 already showing promising signs with estimated revenues of EUR 22 million. Earnings per share (EPS) was not disclosed, but analysts had estimated it to be around 0.27. The bank's cost-income ratio is expected to remain comfortably below 30% in 2026.

Publication Date: Feb -10

📋 Highlights
  • Brokerage Revenue Growth:: Brokerage revenues hit EUR 256 million in 2025, up 18% YoY, driven by active investor base expansion and higher assets under custody.
  • New Client Surge:: Recorded 194,000 new clients in 2025 (+27% YoY), with January alone adding 22,000 clients (+70% YoY), the strongest monthly performance.
  • Net Sales Expansion:: Net sales reached EUR 13.4 billion in 2025, a robust 33% YoY increase, fueled by brokerage and asset management growth.
  • Strong Capital Position:: Maintained a common equity Tier 1 ratio of 23.3% and a leverage ratio of 5.07%, supporting a 7% dividend hike to EUR 0.69 per share.
  • 2026 Growth Outlook:: Projects acceleration in total net sales and new clients, with brokerage revenue expected to set another record and cost-income ratio below 30%.

Strong Client Acquisition and Net Sales

The bank reported its third consecutive record year for new clients, with 194,000 new clients added in 2025, representing a 27% year-on-year increase. January 2026 continued this trend with 22,000 new clients, the best month on record. Net sales also reached a new high of EUR 13.4 billion, up 33% year-on-year. According to Alessandro Foti, the bank's growth is mostly organically driven, with recruiting accounting for not more than 10% overall, indicating a healthy approach to client acquisition.

Capital Position and Dividend

FinecoBank's capital position remains strong, with a common equity Tier 1 ratio of 23.3% and a leverage ratio of 5.07%. The bank has proposed a dividend per share of EUR 0.69, a 7% increase year-on-year. The strong capital position and commitment to returning value to shareholders are positives. The bank's leverage ratio, although slightly down due to increased deposits, remains above the 3% requirement, and Alessandro Foti expects to generate additional organic capital from its capital-light business model.

Valuation and Outlook

With a Price-to-Tangible Book Value (P/TBV) ratio of around 6, and a Dividend Yield of 3.31%, the stock appears to be reasonably valued. The bank's guidance for 2026 suggests continued growth across all business areas, with expectations of further acceleration in total net sales and new clients, and another record year for brokerage revenues. Analysts estimate revenue growth of 8.0% for the next year. The bank's diversified revenue stream, capital-light business model, and strong market positioning make it well-suited to capitalize on the long-term growth opportunity in the Italian household wealth market.

3. NewsRoom

Card image cap

Wealth Stocks Drop Outside the U.S.

Feb -11

Source:

Card image cap

Top European Dividend Stocks For December 2025

Dec -17

Source:

Card image cap

Top European Dividend Stocks To Watch In October 2025

Oct -17

Source:

Card image cap

European Dividend Stocks To Consider For Your Portfolio

Aug -19

Source:

Card image cap

3 European Dividend Stocks With Yields Up To 7.9%

May -19

Source:

Card image cap

FinecoBank SpA (FNBKY) Q1 2025 Earnings Call Highlights: Strong Profit Growth and Client ...

May -08

Source:

Card image cap

3 European Dividend Stocks Yielding Up To 7.6%

Apr -14

Source:

Card image cap

European Dividend Stocks Featuring FinecoBank Banca Fineco And Two More

Feb -27

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.17%)

6. Segments

Banking and Related Activities

Expected Growth: 6.17%

FinecoBank's 6.17% growth in Banking and Related Activities is driven by increasing demand for online banking services, expansion of investment products, and strategic partnerships. Additionally, the bank's focus on digital transformation, cost optimization, and strong risk management practices have contributed to its growth.

7. Detailed Products

Current Accounts

FinecoBank's current accounts offer a convenient and flexible way to manage daily finances, with features such as online banking, mobile banking, and debit cards.

Savings Accounts

FinecoBank's savings accounts provide a safe and secure way to save money, with competitive interest rates and flexible access to funds.

Investment Products

FinecoBank's investment products offer a range of options for investors, including stocks, bonds, ETFs, and mutual funds, with access to expert research and analysis.

Mortgage Loans

FinecoBank's mortgage loans offer competitive rates and flexible repayment terms, with options for fixed-rate and variable-rate loans.

Personal Loans

FinecoBank's personal loans offer flexible repayment terms and competitive interest rates, with options for unsecured and secured loans.

Credit Cards

FinecoBank's credit cards offer rewards, cashback, and other benefits, with competitive interest rates and flexible repayment terms.

Insurance Products

FinecoBank's insurance products offer a range of options for life insurance, home insurance, and other types of coverage, with competitive rates and flexible policies.

Wealth Management

FinecoBank's wealth management services offer personalized investment advice and portfolio management, with access to expert financial advisors.

8. FinecoBank Banca Fineco S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

FinecoBank's services are highly specialized, making it difficult for substitutes to emerge. However, the rise of fintech companies and digital banking platforms poses a moderate threat.

Bargaining Power Of Customers

FinecoBank's customers have limited bargaining power due to the bank's strong brand reputation and diversified product offerings.

Bargaining Power Of Suppliers

FinecoBank has a diversified supplier base, reducing the bargaining power of individual suppliers. The bank's strong financial position also gives it negotiating power.

Threat Of New Entrants

The Italian banking industry has high barriers to entry, including regulatory hurdles and capital requirements, making it difficult for new entrants to compete with FinecoBank.

Intensity Of Rivalry

The Italian banking industry is highly competitive, with many established players competing for market share. FinecoBank faces intense rivalry from other banks and fintech companies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 46.05%
Debt Cost 8.08%
Equity Weight 53.95%
Equity Cost 8.68%
WACC 8.41%
Leverage 85.36%

11. Quality Control: FinecoBank Banca Fineco S.p.A. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
FinecoBank

A-Score: 6.9/10

Value: 3.2

Growth: 7.7

Quality: 8.8

Yield: 6.9

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Banca Sondrio

A-Score: 6.7/10

Value: 4.9

Growth: 5.6

Quality: 6.2

Yield: 8.8

Momentum: 10.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Banca Generali

A-Score: 6.6/10

Value: 3.0

Growth: 6.6

Quality: 6.1

Yield: 8.1

Momentum: 7.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
BPER Banca

A-Score: 6.4/10

Value: 4.7

Growth: 4.9

Quality: 5.7

Yield: 8.1

Momentum: 10.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Mediobanca

A-Score: 6.3/10

Value: 4.0

Growth: 5.1

Quality: 5.6

Yield: 9.4

Momentum: 8.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Unicaja Banco

A-Score: 6.1/10

Value: 4.6

Growth: 3.9

Quality: 4.8

Yield: 6.9

Momentum: 10.0

Volatility: 6.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.26$

Current Price

19.27$

Potential

-0.00%

Expected Cash-Flows