Since 2001, Mediobanca has carved out a leading role in equities brokerage, leveraging on its knowledge of stock markets and its own strategic positioning. At present, over fifty staff between London, Milan, Paris and New York provide a daily integrated sales, research and trading service on Italian and international shares.
Brokerage activity leverages on:
- A team of sales staff and traders with many years’ experience at leading international brokers
- A team of 11 analysts based in Milan covering over 100 companies listed on the Milan stock market
- A team of 10 FIG analysts and 3 specialist sales staff based in London, covering over 60 companies listed in over 15 countries, including the US
- A team of 18 sales/sales traders between London, Milan, New York and Paris, providing information on flows and offering clients block trading
- Tried and tested execution capability
- Prompt settlement of trades
Over 200 institutional accounts operate on a constant basis with Mediobanca Securities.
Every year we publish:
- More than 400 Company Reports
- More than 300 Daily Banks/Insurance/Italian Navigator Reports
- About 90 Sector Reports
- Market guides
Examples of research notes
Proportion of all recommendations that are "Outperform", "Neutral", "Underperform", and "Not rated":
Proportion of issuers corresponding to "Outperform", "Neutral", "Underperform" and "Not rated" categories to which Mediobanca has supplied material investment banking services:
Outperform (O): The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 6-12 months.
Neutral (N): The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 6-12 months.
Underperform (U): The stock's total return is expected to be below the average total return of the analyst's industry (or industry (team's) coverage universe, on a risk-adjusted basis, over the next 6-12 months.
Not Rated (NR): Currently the analyst does not have adequate confidence about the stock's total return relative to the average total return of the analyst's industry (or industry team's) coverage, on a risk-adjusted basis, over the next 6-12 months. Alternatively, it is applicable pursuant to Mediobanca policy in circumstances when Mediobanca is acting in any advisory capacity in a strategic transaction involving this company or when the company is the target of a tender offer.
Our recommendation relies upon the expected relative performance of the stock considered versus its benchmark. Such an expected relative performance relies upon a valuation process that is based on the analysis of the company's business model / competitive positioning / financial forecasts. The company's valuation could change in the future as a consequence of a modification of the mentioned items.
Please consider that the above rating system also drives the portfolio selections of the Mediobanca's analysts as follows: long positions can only apply to stocks rated Outperform and Neutral; short positions can only apply to stocks rated Underperform and Neutral; portfolios selection cannot refer to Not Rated stocks; Mediobanca portfolios might follow different time horizons.
The current stock ratings system has been used since 1 July 2013. Before then, Mediobanca S.p.A. used a different system, based on the following ratings: outperform, neutral, underperform, under review, not rated. For additional details about the old ratings system, please access research reports dated before 1 July 2013 from the restricted part of the “MB Securities” section of the Mediobanca S.p.A. website at www.mediobanca.com