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.

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:

Conflict of interests arising between the activities in which Mediobanca is engaged, are managed by organizational and physical barriers, called "chinese walls", designed to restrict the flow of information between different Mediobanca's business areas. In particular, Investment Banking units are separated by physical and organizational boundaries from the Equity Research unit (i.e.: location in different buildings, inability to exchange e-mails, impossibility to share files, etc.). Please refer to the Policy on production and distribution of investment research reports of Equity Research for additional information.
The recommendations contained in the MB Securities section of this website have all been issued by Mediobanca staff employed at the Equity Research unit. The chief professional activity of such staff is to write and publish such recommendations. Their remuneration is not in any way linked to corporate finance transactions carried out by Mediobanca and/or companies forming part of the Mediobanca Banking Group. Please refer to the Policy on production and distribution of investment research reports of Equity Research for additional information.

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