MILAN, June 5 Fineco, the online bank unit of
Italian lender UniCredit that is preparing to list on
the Milan stock market, could be worth up to 3.5 billion euros
($4.8 billion), according to reports from two investment banks
involved in the operation.
UniCredit plans to list between 25 percent and 35 percent of
Fineco by the end of July to bolster its balance sheet as it
undergoes a Europe-wide health check of lenders.
UBS, global coordinator of the initial public
offering, said in a confidential report to investors obtained by
Reuters that the equity valuation of Fineco stood in a range of
1.9 billion euros to 2.6 billion euros.
Mediobanca, which is acting as bookrunner in the
listing, said in its own report that a discounted cash flow
analysis gave a value of 2.6 billion-3.3 billion euros while the
peer group multiples pointed to a fair value range of 2.4
billion-3.5 billion euros.
Fineco, the top online broker in Europe by number of
executed orders, said in a presentation this week it was well
positioned to tap further into the lucrative Italian market,
where 3.7 trillion euros of household wealth are invested in
That represents around 40 percent of total household wealth
compared with 60 percent in other major economies.
($1 = 0.7345 Euros)
(Reporting by Elisa Anzolin, writing by Silvia Aloisi; Editing
by Lisa Jucca)