Monte Dei Paschi's Mediobanca Synergies Seem Underappreciated -- Market Talk

Dow Jones

2025/10/16

0700 GMT - The synergies that Banca Monte dei Paschi di Siena is set to achieve upon merging with Mediobanca are underappreciated by the market, Jefferies says in a research note. The combination of the two Italian banks implies an initial earnings per share dilution due to Mediobanca's richer valuation. However, the deal offers clear upside as the corporate and investment bank can scale new capabilities across a broader footprint with BMPS's strength in retail enhancing its franchise, analysts Marco Nicolai and Joseph Dickerson write. The 700-million-euro synergy target is achievable and should support a best-in-class dividend yield of more than 12% in 2027 and 14% in 2028, they add. Jefferies starts covering the stock with a buy rating and 9.30 euro price target. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 16, 2025 03:01 ET (07:01 GMT)

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(elena.vardon@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 16, 2025 03:01 ET (07:01 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Monte Dei Paschi's Mediobanca Synergies Seem Underappreciated -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMonte Dei Paschi's Mediobanca Synergies Seem Underappreciated -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-10-16 15:01</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0700 GMT - The synergies that Banca Monte dei Paschi di Siena is set to achieve upon merging with Mediobanca are underappreciated by the market, Jefferies says in a research note. The combination of the two Italian banks implies an initial earnings per share dilution due to Mediobanca's richer valuation. However, the deal offers clear upside as the corporate and investment bank can scale new capabilities across a broader footprint with BMPS's strength in retail enhancing its franchise, analysts Marco Nicolai and Joseph Dickerson write. The 700-million-euro synergy target is achievable and should support a best-in-class dividend yield of more than 12% in 2027 and 14% in 2028, they add. Jefferies starts covering the stock with a buy rating and 9.30 euro price target. 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The combination of the two Italian banks implies an initial earnings per share dilution due to Mediobanca's richer valuation. However, the deal offers clear upside as the corporate and investment bank can scale new capabilities across a broader footprint with BMPS's strength in retail enhancing its franchise, analysts Marco Nicolai and Joseph Dickerson write. The 700-million-euro synergy target is achievable and should support a best-in-class dividend yield of more than 12% in 2027 and 14% in 2028, they add. Jefferies starts covering the stock with a buy rating and 9.30 euro price target. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"MDIBY":"MedioBanca SpA","BK4207":"综合性银行"},"translate_title":"Monte Dei Paschi的Mediobanca协同效应似乎未被充分认识——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MDIBY":0.9},"content_text":"0700 GMT - The synergies that Banca Monte dei Paschi di Siena is set to achieve upon merging with Mediobanca are underappreciated by the market, Jefferies says in a research note. The combination of the two Italian banks implies an initial earnings per share dilution due to Mediobanca's richer valuation. However, the deal offers clear upside as the corporate and investment bank can scale new capabilities across a broader footprint with BMPS's strength in retail enhancing its franchise, analysts Marco Nicolai and Joseph Dickerson write. The 700-million-euro synergy target is achievable and should support a best-in-class dividend yield of more than 12% in 2027 and 14% in 2028, they add. Jefferies starts covering the stock with a buy rating and 9.30 euro price target. (elena.vardon@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 16, 2025 03:01 ET (07:01 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}