|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||9.77 - 9.77|
|52 Week Range||7.63 - 10.31|
|Beta (5Y Monthly)||0.97|
|PE Ratio (TTM)||8.21|
|Forward Dividend & Yield||0.65 (6.70%)|
|Ex-Dividend Date||Jun 19, 2023|
|1y Target Est||N/A|
MILAN (Reuters) -Italian banks and insurers that are being called upon to rescue struggling life group Eurovita will help by using their balance sheet, Poste Italiane's CEO said on Thursday, without elaborating. Matteo Del Fante said in response to a question during a post-results analyst call that it was reasonable to assume that the Italian post office would help to bear the cost of a Eurovita rescue, which is estimated at around 400 million euros, based on its 20% share of the life insurance market. The Poste Italiane chief executive said all the main Italian insurers and banks distributing products by Cinven-owned Eurovita were working on a possible solution.
Revenues at Poste Italiane rose 8.1% to 3 billion euros ($3.32 billion) in the first quarter of the year, lifted by positive trends in all its businesses, the company said on Thursday. The state-controlled Italian postal service company, which said it was well on track to meet its forecasts for the current year, also posted a rise in net profit to 540 million euros in the January-to-March period.
MILAN (Reuters) -Poste Italiane drew an extra 4 billion euros ($4.4 billion) into its savings products in the first quarter versus a year earlier, it said on Thursday, flows that could reduce the need to tap in to its government bond portfolio at a loss. While Poste is not a bank, analysts have been zeroing in on so-called unrealised losses on its large sovereign portfolio which amounted to 4.7 billion euros as of March 20, down from 7.2 billion euros at end-2022. CEO Matteo Del Fante, who is running for reappointment, said Poste had always benefited from market jitters because of its safe haven status.
Italy's state-controlled companies should have at least one leader who is a woman, Prime Minister Giorgia Meloni said on Tuesday, ahead of appointments at key firms such as ENI, Enel, Poste Italiane and Leonardo. "The challenge is not how many women sit on a board of directors, the challenge is when will we have the first woman chief executive in a state-controlled company," Meloni said at an event in parliament. Meloni, 46, is Italy's first female prime minister.
Italy's post office Poste Italiane plans to invest 1.2 billion euros ($1.3 billion) of mostly public money to renovate 7,000 outlets across the country, aiming to help older people in small towns who are struggling to access public services online. Poste said it would tap a fund financed by the Italian state for 800 million euros and add half that amount of its own money to refurbish thousands of post offices, with a particular focus on towns with less than 5,000 people. Under the terms of the plan, the renovated post offices will provide less digitally savvy customers with machines to access online services within branches, with staff assistance.
Net income at Italy's Poste Italiane rose 44% in the second quarter to 469 million euros, mainly thanks to strong growth in the payment and mobile division and cost-cutting in the mail and parcel segment, the company said on Thursday. Poste said it expects to report an operating profit of 2 billion euros in 2022, up from 1.85 billion euros last year.
Italian mail group Poste Italiane launched an energy supply business for its employees, two sources told Reuters on Thursday, a first step before extending the new line to the general public. Poste, now a conglomerate whose services range from digital payments to mobile services, said in May it would enter the energy sector by the end of the year, with an offer based exclusively on renewable sources. Poste Italiane aims to be among the top five energy providers in Italy by 2024, the company said in March.