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FINANCIALS: MEDIM: Results In Line, Small Buyback. Not Spread Material.

FINANCIALS

Banca Mediolanum (MEDIM: BBB/BBB) results look solid and in line with expectations. The equity buyback is relatively small. Spreads have marginally outtightened the €IG banks since last results (and over the last month) and there’s nothing here to give meaningful discomfort to credit investors, in our view.

  • MEDIM is, largely, an asset manager rather than a traditional credit bank. AuMs are ahead of consensus (EUR125.9bn vs. 123.2bn, 2% better) with revenues and pre-tax profit both broadly in line.
  • There is a EUR66m buyback included here but this is <1% of the firm’s market cap, so should be immaterial.

Conf call is 1530 (London time) at: https://edge.media-server.com/mmc/p/drdwiowg/lan/en/

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