Banco Bpm SpA (BAMI) Fair Value & Analysis

Financial Services · IT · Market cap €25.6B · ISIN IT0005218380

What is Banco Bpm SpA really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The price sits close to our fair value, market and models broadly agree here, little valuation tension.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range €1.53 – €17.18 · fair‑value band €11.03 – €18.39 · the €16.10 price screens above the €14.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 3, 2026.

Full chart & analysis →

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Analysis

Banco Bpm SpA (BAMI) currently trades at €16.10, while our model-based Fair Value estimate is €14.71, implying the stock looks roughly 9.4% fairly valued today. The Quality Score stands at 45/100 (below-average quality), in the Financial Services sector. Bull case: the Dividend Discount group reads highest at a median of €14.57 per share, and 2 of the 6 models we run sit above the €16.10 price. Bear case: the Asset-Based group reads lowest at €6.90, and 4 of the 6 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Banco Bpm SpA generated revenue of €5.4B at a net margin of 37.8%. Revenue grew 2.9% year over year. It earns a return on equity of 13.7%. Net debt stands at €17.5B. Fundamentals as of Sep 3, 2026

Our scenario range runs from €11.03 (bear case) to €18.39 (bull case); at €16.10, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 82% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −9%, BAMI screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.2165 per share, which is 1.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Widest divergence: Dividend Discount (€14.57) versus Asset-Based (€6.90). Highest evidence: Residual Income (73).

Key figures & financial health

Quality Score breakdown

About the company

Banco BPM S.p.A. provides banking and financial products and services to individual, business, and corporate customers in Italy. The company operates through six segments: Commercial; Corporate and Investment Banking; Asset Management and Insurance; Other Partnerships; Finance; and Corporate Centre.

Full company description

Banco BPM S.p.A. provides banking and financial products and services to individual, business, and corporate customers in Italy. The company operates through six segments: Commercial; Corporate and Investment Banking; Asset Management and Insurance; Other Partnerships; Finance; and Corporate Centre. It offers current account and digital services; safety deposit boxes; home, personal, property, and car and vehicle insurances; credit, telepass family, debit, payment, and prepaid cards; T3 Trading, web, and T3 mobile platforms; home and surrogacy mortgagees; long term car rental; personal loans, including salary-backed loan; calculate mortgage payments; mutual funds, insurance investment, saving, and certificate products; and supplementary pension securities comprising true life secure retirement and anima arts and crafts pension funds. The company also provides business current accounts; green and sustainable, ordinary financing, dedicated, subsidized, and condominium credit financing products; international payments and collections, trade and export finance, and digital international solutions; license plate, equipment, real estate, renewable energy, operating, and nautical leasing services; POS receipts; and RIBA, MAV and SDD collections. In addition, it offers multi-risk, personal, property, and motor vehicle insurance; corporate cards; digital services; foreign risk coverage, exchange risk hedging, and interest rate risk coverage; investment banking, including equity capital market, mergers and acquisitions, securitization, and debt capital markets; documentary box office receipts, electronic collections abroad, international guarantees, and pro-soluto assignment of export credits services; structured finances; and collection and payment services. The company was formerly known as Banco Popolare Societa Cooperativa Scarl and changed its name to Banco BPM Società per Azioni in January 2017. Banco BPM S.p.A. was founded in 2017 and is headquartered in Verona, Italy.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Banco Bpm SpA reported revenue of €5.8B in FY2025 versus €4.4B in FY2021, a compound +7.5%/yr. Reported net income was €2.1B in FY2025, compounding +38.3%/yr from FY2021.

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Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

• Banco BPM (BIT:BAMI) Stock Looks Fairly Valued After Its Huge Run Yahoo Finance · Aug 22, 2026
• MPS prepares twin bids for Banco BPM and Banca Generali in Intesa defense - FT Yahoo Finance · Aug 20, 2026
• Banco BPM SpA (BNCZF) (H1 2026) Earnings Call Highlights: Record Profit and Raised Shareholder ... Yahoo Finance · Aug 5, 2026
• CREDIT AGRICOLE SA: Crédit Agricole now stands at 29.3% of Banco BPM’s share capital Yahoo Finance · Jul 3, 2026

Peer Group

Banks - Regional · 1071 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Banks - Regional median · lower = cheaper

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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