Mediobanca, objective of "leadership" in asset management. In the plan, it promises 3.7 billion to shareholders by 2026
MILAN - The "definitive" affirmation of leader in wealth management, asset management, affirming "a unique model of private & investment banking" that leads to "a substantial growth of low capital absorption activities, aiming to achieve the best returns in the sector, associated to a low risk profile and a significant increase in shareholder remuneration", in the words of the CEO Albert Nagel.
It is the plan to 2026 that Mediobanca announced before the opening of the markets, which welcome it with sharp increases against a weak list for US debt.
Strategic and numerical indications in the future of Piazzetta Cuccia. "In an economic and regulatory context that is expected to challenge the entire financial sector (low economic growth, inflation, stringent regulations, tightening of monetary policies) - Mediobanca stated - interesting development opportunities emerge for those operators who, due to their specialization and solidity of the business model, are able to turn the critical issues of the context into the possibility of long-lasting growth.In this framework, the Group aspires to achieve positive development in all its operating segments, leveraging on its salient features: responsible approach to business, strength of the brand, distinctive focus and positioning in highly specialized and marginal business segments, driven by structural long-term development trends".
In the new plan, Nagel foresees a growth in shareholder remuneration up to €3.7 billion in the three-year period 2024-26 (+70% compared to the previous four-year period) of which 2.7 billion in dividends and 1 billion via repurchase and cancellation of treasury shares: the dividend will be paid on the basis of a 70% payout, with the introduction of the interim dividend (interim dividend in May, balance in November) in proportion to 70% of the profits generated in the period. Within the period of the plan - specifies a note from the group - an annual program for the repurchase of treasury shares is also envisaged for a total value of 1 billion. The amounts will be established annually following the organic growth achieved during the year and will see the cancellation of approximately 80% of the shares repurchased over the three-year period.
Given that there will be a "continuous assessment of external growth opportunities through acquisitions", in the plan called "One brand one culture" Mediobanca has the objective 3.8 billion in revenues in three years (+6%) and earnings per share of 1.8 euros (equity per share +15%).