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Research
View Team
Andrea Filtri
Head of European Equity and Credit Research
+44 203 0369 571
Andrea.Filtri@mediobanca.com
Andrea is the Head of European Equity and Credit Research and leads the Pan-European FIG team at Mediobanca. With a specialised focus on the financial sectors of Southern Europe, particularly Italian and Spanish banks, he provides deep analytical insights into digital transformation, EU policy, and financial regulation. Additionally, Andrea plays a key role in strategic advisory, reporting directly to Mediobanca's CEO and General Manager. He maintains extensive interactions with C-suite executives, institutional leaders, and regulators to monitor policies that are often critical to investment strategies. His expertise is widely recognised, often being shared through university lectures and cited in leading publications such as the Financial Times, the Wall Street Journal, and other European national press outlets. His comprehensive coverage extends beyond equity to include a broader range of capital structures, facilitating diversified client interactions and cross-business synergies. Prior to joining Mediobanca in 2010, he covered European Banks at Merrill Lynch and held roles as the CIO of Compagnia di San Paolo and Investor Relations Manager at Sanpaolo IMI. He received his education from the London School of Economics and Essex University.
Javier Suárez
Vice Head of European Equity and Credit Research
+39 02 8829 036
Javier.Suarez@mediobanca.com
Vice Head of European Equity and Credit Research at Mediobanca, where he leads the Italian product and the SE Utilities & Infrastructure franchise, while maintaining direct coverage of some of the largest Spanish/Italian Utilities. Analyst for over 20 years, Javier has previously worked at Nomura, Unicredit, Dresdner Kleinwort, ING Barings and Santander Investment. He started his career in the industry at Ferrovial, where he worked as controller. He holds a BA in Law (JD, 1994) and a BS in Business Administration (1995) both from Universidad Pontificia Comillas (Icade E-3) of Madrid (Spain). Javier also holds a Global Executive MBA (TRIUM, 2006), jointly issued by New York University Stern (USA), London School of Economics (UK) and HEC School of Management (France). During this professional career he has lived and worked in Madrid, London & now Milan.
Alberto Nigro
Banks/ Diversified Financials
+39 02 8829 9540
Alberto currently covers Southern European Banks (including Greek, Iberian and Italian banks) and the Italian payment sector (Nexi). Alberto joined Mediobanca in 2014 as junior analyst in the European TMT team and afterwards he joined the European FIG team. Alberto received a master's degree in Finance from Bocconi University.
Alessandro Pozzi
Oil & Oil Related/ Industrials/ Capital Goods
+44 203 0369617
Alessandro currently covers Energy and Industrials stocks, including ENI, FINCANTIERI, GALP, LEONARDO, MAIRE TECNIMONT, REPSOL, SAIPEM, SARAS, and TENARIS. Prior to joining Mediobanca in 2015, Alessandro worked for the Oil&Gas equity research team at Barclays Capital, and he has over 10 years of experience. Before moving to financial services, he started his career at Talisman Energy, as a Petroleum Engineer. Alessandro received a MSc from Imperial College, and MEng from Università di Bologna.
Alessandro Tortora
Industrials/ Capital Goods/ Building Materials/ Consumer Goods/ Diversified Industrials
+39 02 8829 673
Alessandro has been covering Italian Mid caps including Consumers, Cement, Capital Goods and Diversified Industrials for 11 years at Mediobanca. Alessandro is a graduate in Finance from the Bocconi University and has an MBA from MIP- Politecnico di Milano.
Alessandro di Vito
+39 02 8829 297
Joined Mediobanca in 2020 as part of the Southern European Utilities & Infrastructures Team. Alessandro graduated in International Finance at Bocconi University and holds a Master in Financial Risk Management at Politecnico of Milan.
Amit Goel
Banks
+44 203 0369 574
Amit has joined to cover the UK and Swiss banks. Prior to joining Mediobanca, Amit was co-head of the Barclays banks team, and has covered UK, Swiss, German, French and Benelux banks, along with sector strategy. He is a CFA charterholder, and read mathematics at St. John’s College, Cambridge.
Andrea Balloni
Auto & Auto Components/Holdings/Medical Products
+39 02 8829 541
Prior to joining Mediobanca in 2018, Andrea Balloni had been covering Italian Industrial companies including Automotive, Equipment, Construction and Cement sectors, both small and large cap in primary financial institutions . Andrea spent last 20 years as a sell-side analyst at Allianzbank, BancaIMI, Ing, Berenberg and Fidentiis. Andrea is a graduate in Finance from the 2000.
Beatrice Gianola
+39 02 8829 5146
Beatrice is an equity analyst part of the South European Utilities team. She joined Mediobanca in 2021 as junior analyst in the European TMT team. Beatrice received a master’s degree in Banking & Finance at Cattolica University.
Chiara Rotelli
Branded Goods/Consumers Goods
+39 02 8829 931
Prior to joining Mediobanca in 2002, Chiara Rotelli had been covering Italian Luxury and Consumers goods companies for three years at Banca Akros (BPM). Chiara Rotelli is a graduate in Economics from the Bocconi University (Milan).
Emanuele Negri
Industrials
+39 02 8829 855
Emanuele joined Mediobanca in 2021, where he covers Italian Mid&Small caps. Prior to joining Mediobanca, Emanuele had been covering Italian Small caps at Integrae SIM. Emanuele holds an MSc in Finance from the Cattolica University.
Enrico Bartoli
Utilities
+39 02 8829 5537
Enrico joined Mediobanca in March 2022. In the past 20 years, he has covered several Southern European stocks in the Utility, Infrastructure and Energy sectors. Deep knowledge of those sectors and money-making ideas on the stocks he has covered gained Enrico strong reputation within the international institutional investor community. Before joining Mediobanca, Enrico worked for several international and Italian financial institutions, including JP Morgan Cazenove & Mainfist/Stifel, based in London & Milan. Enrico received a Master's Degree in Engineering from University of Bologna. He also holds Eni’s Master in Economy of Energy Companies.
Fabio Pavan
Media/ Technology/ Telecommunications
+39 02 8829 633
Prior to joining Mediobanca in 2007, Fabio Pavan has spent three years in RCS MediaGroup in the IR, M&A and benchmarking division. Fabio Pavan is a graduate in Economics (2001).
Gian Luca Ferrari
Asset Gatherers/Insurance/Diversified Financials
+39 02 8829 482
Prior to joining Mediobanca in 2005, Gian Luca worked for five years in the Strategic Planning department of Allianz Italy, with focus on the wealth management activities of the Group. Gian Luca is a graduate in Business Administration from Bocconi University.
Gilles Errico
Branded Goods/Consumers Goods
+39 02 8829 558
Before joining Mediobanca in 2018, Gilles had been covering European and US luxury goods and retail companies at Deutsche Bank, for 10 years and he had spent two years as Investor Relations manager of Yoox Net-a-Porter. Gilles is a graduate in Engineering with a specialization in Finance from Politecnico di Milano.
Gopinatha Prasad (GJ)
Credit Strategy & Research
+44 203 0369 672
GJ is Mediobanca's lead Financials Credit Researcher with more than 20 years of experience covering European bank hybrids and sub-debt/cross-capital structures in both analyst and risk-taking roles. He has previously worked at BofA ML credit flow desk as a desk analyst, at JPM Chief Investment Office as a PM/lead financials analyst, and at Millennium and Caxton in sub-PM/strategist roles. GJ specialises in AT1/sub-debt structures and in understanding the impact of global banking regulations on bank capital.
Isacco Brambilla
Industrials / Small Caps
+ 39 02 8829 067
Prior to joining Mediobanca in 2017, Isacco had been covering Italian Consumer and Pharma companies at Intermonte. Isacco is a graduate in Finance from the Bocconi University.
Jordan Bartlam
Banks
+44 203 0369 692
Jordan covers the Irish banks and supports the Research Team, with a focus on Benelux, Swiss, UK and French banks. Jordan joined Mediobanca in September 2020, following completion of a MSc in Finance at the London School of Economics.
Marco Vitale
Industrials / Small caps
+39 02 8829 444
Marco Vitale joined Mediobanca in 2018, where he had been covering Italian Mid&Small caps. Marco is a graduate in finance from Bocconi University.
Matthew Clark
Banks
+44 203 0369 564
Matthew currently covers French banks. Prior to joining Mediobanca in 2018, Matthew has variously covered German, Swiss, Austrian, CEE, Nordic, French and Benelux banks at FPK, KBW, Nomura and MainFirst. He is a CFA® charterholder.
Nicolo Pessina
Infrastructure
+39 02 8829 796
Prior to joining Mediobanca Securities in 2012, Nicolo had been covering European Consumer Goods, Food & Beverage and Retail for a number of years, first on the sell-side at Banca Leonardo (today Kepler Cheuvreux) and then on the buy-side at Mediobanca. Nicolo holds an MBA from INSEAD and is a graduate in Finance from Bocconi University.
Noemi Peruch
Banks
+44 203 0369 645
Noemi currently covers Southern European banks (including Italian, Portuguese, Spanish and Greek banks) She joined Mediobanca in 2014. Noemi received a Master of Science in Finance from Bocconi University in 2015.
Riccardo Rovere
Banks
+39 02 8829 604
Prior to joining Mediobanca in 2007, Riccardo had been covering European Banks including Italian, Germans and Investment Banks for 7 years at Citigroup Global Markets. Riccardo is a graduate in Economics from the Cattolica University in Milan.
Simonetta Chiriotti
Diversified Financials/Specialty Finance/Real Estate
+39 02 8829 933
Prior to joining Mediobanca in 1998, Simonetta had been covering Italian insurance, media and consumers for number of years at Paribas and Société Générale. Simonetta is a graduate in Finance from the Bocconi University.

Thomas Bateman
Insurance
+44 203 0369 536
Thomas Bateman is an equity research analyst focused on covering both UK and European insurers. Thomas has over 10 years of experience looking at the insurance sector – most recently he covered European insurers as a sell-side equity analyst at Berenberg but has also gained experience working as a credit analyst, as well as working in industry at a reinsurer and as a management consultant. He holds a BSc degree in Mathematics and Economics from the University of Reading and is also a CFA charterholder.
Vinit Malhotra, CFA
Insurance
+44 203 0369 585
Vinit Malhotra currently covers European multiline insurers and reinsurers (e.g. Allianz and Munich Re). Prior to joining Mediobanca in 2015, Vinit covered European insurers also at Goldman Sachs and at J.P. Morgan. He has more than 15 years of experience covering European insurers. Vinit received a degree in Mechanical Engineering from The Army Institute of Technology in India and an MBA from Institute of Management Technology in India. Vinit is also a CFA charterholder.
Stefano Dova
+39 02 8829 3522
Stefano.Dova@mediobanca.com
Prior to joining Mediobanca in 2016, Stefano spent ten year at Deutsche Bank where he was co-Head of European Structuring. Prior to Deutsche Bank he worked at Merrill Lynch and JP Morgan in London as well as at Allianz Asset Management in Munich. Stefano holds a Ph.D. Doctor of Philosophy, Finance from EDHEC Business School Nice, France and a Master's Degree in Economics from Bocconi University in Milan, Italy.
Angelo Vietri
+39 02 8829 989
Angelo Vietri is an Equity Sales with >20 years of experience. He joined Mediobanca in 2003. Previously he worked at Epta SIM and Milla SIM.

Bernardo Scandellari
+44 203 0369 695
Bernardo joined Mediobanca in 2020, straight after university. Prior to joining the Equity Sales desk in London, he spent one year in the Corporate Broking team in Milan. Bernardo owns a BA with Honours in History and Politics from the University of Warwick in the UK.
Bertrand Tissier
+33 1 568 869 04
Prior to joining Mediobanca in 2020, Bertrand worked mainly for Cheuvreux, UBS, Bryan Garnier as a Paneuropean equity sales for 15 years. Before that, Bertrand began his career at Credit Lyonnais Asset Management where he was part of the European equity team.
Carlo Pirri
+44 203 0369 531
Prior to joining Mediobanca in 2008, Carlo worked for Lehman Brothers as a Paneuropean equity sales for 3 years. Before that he was head of banks analysts at Intermonte Securities
Christopher Seidenfaden
+39 02 8829 8395
Christopher joined Mediobanca in 2007, and in 2011 he was rated n.1 Extel Italian Small & Mid Caps Sales. Previous experience include Italian Equities Sales for 3 years at UniCredit Banca Mobiliare, and prior to that, 3 years at Schroder Salomon Smith Barney, where he was rated as top Italian country analyst in the Extel Survey 2002 and also as Specialist sales in the European banks team (ranked n.2 in Europe). Before that, he worked for 4 years at Robert Fleming as Italian specialist sales, and briefly on the European banking research team as Italian banking analyst. Before joining the City, Christopher worked for Standard & Poor's, and various Italian publications, including Milano Finanza, Il Mondo, Espansione, Il Giornale Della Banca.
David Hegarty
+1 212 991 4748
Prior to Joining Mediobanca in 2020, Dave Hegarty was a salestrader at Investec Securities. Previously he spent 16 years at Jefferies and Kepler Cheuvreux as a cash equity trader focusing on European ADRs. He has a BBA from Loyola Maryland and lives in New York.
Elyes Zouari
+39 02 8829 954
Prior to joining Mediobanca in 2018, Elyes was an Equity Derivatives Sales covering Institutional clients at Société Générale CIB for 2 years. Elyes began his career at BNP Paribas in 2014, joining the Structuring and Pricing task force. Graduate of a MSc in Finance from Grenoble Graduate School of Business, Elyes Zouari also holds a Bachelor in Physics (Strasbourg University) and a MSc in Management (Grenoble Ecole de Management).
Eugenio Vergnano
+44 203 0369 505
Prior to joining Mediobanca in 2016, Eugenio had a brief experience in an asset management firm called Prime Acquisitions, managing a portfolio of commercial real estate assets in Milan. Eugenio holds a master's degree in finance from Bocconi University, Milan.
Federico Bellantoni, CFA
+39 02 8829 674
Federico comes from Credit Suisse as an institutional equity sales focused on Italian and Pan European stocks, covering long-only, L/S, HFs, and prop. desk clients. He started his career with an internship in the buy-side and moved then to the sell-side at Intermonte where he used to be a sales trader of equities and plain vanilla options. Federico holds a master’s degree in Finance from Bocconi University, and he is a CFA charterholder
Francesco Solazzo
+39 02 8829 697
Francesco is co-head of Fixed Income Solutions and Head of Investment Products teams. Prior to joining Mediobanca in 2007, Francesco spent two years at Barclays as Investment Director in the Italian private equity arm. Prior to Barclays he worked at KPMG Corporate Finance in their Financial Institutions Group with focus on CEEMEA financial services. Francesco is a Chartered Accountant and holds a Master's Degree in Economics from Bocconi University in Milan, Italy. He speaks French, English and basic German.
Giuseppe Puglisi
+39 02 8829 998
Prior to joining Mediobanca in July 2019, Giuseppe Puglisi had been working for over 19 years in Intermonte, of which 15 years as analyst covering Italian capital goods, industrial and tech stocks, and 4 years as salesman covering UK & US HF's, some activists and prop desks.
Massimiliano Pula
+1 646 839 4911
10+ years experience as Italian Equity Sales to US/Canada investors at Mediobanca USA in NY 5+ years experience as Italian Equities Sales to UK investors at Mediobanca Milan 10+ years experience as Equity Analyst: Italian specialist for Credit Lyonnais, Italian utilities and EU media at Dresdner Kleinwort London
Matteo Agrati
+33 1 568 841 54
Prior to joining Mediobanca in 2010, Matteo Agrati had been covering European Clients at HVB. Matteo has a BSc and a M.Sc in Finance at Bocconi University.
Michael Finney
+44 203 0369 635
Michael joined Mediobanca in early 2022 from High Ground Investment Management, a London-based hedge fund he co-founded in 2019. Previously, he’d been at RBC London for 10 years as head of mid-cap equity sales and corporate access and before that an equity analyst and a generalist salesman at Societe Generale, DLJ and Kleinwort Benson. With an honours degree in Economics, Michael also served as a Captain in the British Army for four years.
Nicolo Bottaro
+39 02 8829 429
Nicolò Bottaro joined Mediobanca in 2010 before completing his studies in Management at Bocconi University in Milan in the same year. In Mediobanca he had the opportunity to enrich his financial competences in different departments of the bank. Currently he is VicePresident (VP) - Private Sales/Corporate Broking in the Markets Division of Mediobanca, covering Italian Mid-Small Caps
Pierluigi Gastone
+1 212 991 4745
CEO of Mediobanca Securities USA from 2006 where he leads the office with outstanding results, profitable in 1st year from the set-up, more than 10 roadshows per year on recurrent basis and successful IPOs placements including Prysmian, Salvatore Ferragamo, Yoox, Diasorin, Tod's, Brunello Cuccinelli, EGP. Prior to joining Mediobanca, Pierluigi was European Sales Manager at Chevreux NA and UBS. Pierluigi holds a MA of Columbia School of International Affairs (Joint degree with Columbia Business School) and a BA in Political science of Columbia College.
Salvatore Guardino
+39 02 8829 826
Salvatore Guardino has more than 30 years experience in market advise, trading and corporate actions. Salvatore has been in charge of Mediobanca brokerage House for Corporate and Captive Clients and previously Head of Prop. Equity Desk
Sarka Adams
+1 646 731 2299
Sarka Adams has been selling Pan-European Equities to US investors for over 20 years and spent the bulk of her career at Lehman Brothers in London, New York and San Francisco. After their bankruptcy she was hired by Barclays Capital to build out their European Equities business from scratch and became Managing Director after its successful completion. In 2020, Sarka was hired by Bob Diamond’s owned UK SMID Broker Panmure Gordon to build-out their US presence. Sarka was educated in Switzerland and speaks 5 languages fluently.
Stefano Lolli
+39 02 8829 3917
Prior to joining Mediobanca in 2020, Stefano spent eleven years at Deutsche Bank where he was responsible for Equity Derivatives Sales for Southern Europe. Prior to Deutsche Bank he worked at Dresdner Kleinwort for 10 years where he worked in the Institutional sales group. Stefano holds an Economics degree at the University of Modena in Italy.

Thibault Guérin
+33 1 568 860 76
Thibault is an Equity Sales within the Paris office. He graduated from École Centrale d'Électronique as a Quantitative Finance Engineer and then specialized in Financial Markets by graduating with highest honors at ESCP. He joined Mediobanca in 2022.
Stefano Dova
+39 02 8829 3522
Stefano.Dova@mediobanca.com
Prior to joining Mediobanca in 2016, Stefano spent ten year at Deutsche Bank where he was co-Head of European Structuring. Prior to Deutsche Bank he worked at Merrill Lynch and JP Morgan in London as well as at Allianz Asset Management in Munich. Stefano holds a Ph.D. Doctor of Philosophy, Finance from EDHEC Business School Nice, France and a Master's Degree in Economics from Bocconi University in Milan, Italy.
Alessandro Montinari
+39 02 8829 048
Prior to joining the Equity and Hybrid Solutions Trading team in May 2019, Alessandro Montinari had been working as a quantitative analyst covering Equity, FX and Alternatives models for 5 years. Alessandro Montinari is a graduate in Mathematical Engineering from 2013.
Alessandro Moro
+44 203 0369 538
Alessandro Moro heads Fixed Income Sulutions Trading at Mediobanca. Prior to join Mediobanca in 2008, Alessandro had been working as a structurer and trader at Morgan Stanley, SPG London from 2004. He graduated in Physics from Scuola Normale Superiore and has a Master degree in Mathematical Analysis and Proability from University of Paris-Est Marne la Vallee
Ambra De Chiara
+39 02 8829 669
Joining Mediobanca in 2013, straight after graduation from Università Cattolica in Milan, Ambra De Chiara had been covering different positions within the bank, from Operations to Corporate Broking; she is now part of Salestrading team under Markets Division, with a focus on projects and new developments.
Andrea Saraullo
+39 02 8829 760
Andrea Saraullo started working at Mediobanca in 2011, where he first joined the Equity Derivatives Flow desk. After five years he moved to the Equity and Hybrid Solutions trading desk, where he is currently managing the Exotic Derivatives book both on indexes and single stocks. Andrea is a CFA charterholder.
Ciro Fonzo
+39 02 8829 759
Graduated in financial markets in 2004, prior to joining Mediobanca in 2010, Ciro Fonzo held the position of portfolio manager and structurer in an Italian bank. He is currently part of Salestrading team in the Markets Division with a focus on trading platform development projects.
Denis Mascetti
+39 02 8829 744
Prior to joining Mediobanca in 2008, Denis Mascetti has been working as a junior trader at Deutsche Bank. After a bachelor in Management Engineering at Politecnico di Milano, Denis graduated in Finance from Bocconi University.
Giovanni Orlando
+39 02 8829 433
Prior to joining Mediobanca in 2010, Giovanni Orlando was a member of fund linked investment products team at Abaxbank. Giovanni Orlando is a graduate in Finance from the 2003.
Julian Bradley
+44 203 0369 605
Prior to joining Mediobanca in 2017, Julian Bradley was a generalist Sales trader at Mirabaud Securities for 12 years. Prior to that he worked as a proprietary trader/Market maker at BNP Paribas for 11 Years.
Lorenzo Penati
+44 203 0369 512
Lorenzo Penati joined Mediobanca London in 2013 on the Credit Trading desk. He holds a BSc in Economics and Finance and a MSc in Finance from Bocconi University.

Luca Cianetti
+39 02 8829 967
Luca Cianetti joined the Equity Derivatives Trading Team in Mediobanca in 2017. After completing a bachelor's degree in Mathematics from Università degli Studi di Perugia, Luca graduated in Finance from Bocconi University.
Marco Cannata
+39 02 8829 569
Prior to joining Mediobanca in 2009, Marco Cannata was an Equity Derivatives Trader in Deutsche Bank: in his last position, he was responsible for the Italian market covering index and single stock derivatives. In his current position in Mediobanca, he is responsible for single stock volatility and delta one trading. Marco Cannata graduated from University Bocconi (2003).
Mathieu Darnis
+33 1 568 869 01
Prior to joining Mediobanca in 2022, Mathieu Darnis worked 12 years at CIC Market Solutions: 4 years as Head of Trading and 8 years as Equity Sales Trader. Prior to that he worked as an Equity Trader at GFI Securities for 4 Years.
Roberto Riboldi
+39 02 8829 639
Prior to joining Mediobanca in 2001, Roberto Riboldi had been working for 3 years in the Financial Markets Division of Equita Sim and Sim Sella Capital Markets. He is a graduate in Economics & Corporate Law from the 1997.
Roberto Romeo
+39 02 8829 597
Prior to joining Mediobanca in 2008, Roberto Romeo had been head of Trading X-markets Italy for 4 years at Deutsche Bank, after 7 years of Equity Derivatives Trading at Unicredit and Citigroup. Roberto is graduated in Business Economics from Università Cattolica in 1997.
Vito Pinto
+39 02 8829 542
Prior to joining Mediobanca in 2012, Vito Antonio Pinto had been covering Italian listed derivatives at Societe Generale. After working for Corporate Broking team for four years, he is now responsible for ETFs trading and all index models used to estimate equity indices compositions. Vito Antonio Pinto took a bachelor degree in Finance and took two Master degrees in Finance (Bocconi University) and Political, Economic and Social Sciences (Università degli Studi di Milano)
Mediobanca
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Mediobanca | Meet the Team
Andrea Filtri
Head of European Equity and Credit Research
+44 203 0369 571
Andrea is the Head of European Equity and Credit Research and leads the Pan-European FIG team at Mediobanca. With a specialised focus on the financial sectors of Southern Europe, particularly Italian and Spanish banks, he provides deep analytical insights into digital transformation, EU policy, and financial regulation. Additionally, Andrea plays a key role in strategic advisory, reporting directly to Mediobanca's CEO and General Manager. He maintains extensive interactions with C-suite executives, institutional leaders, and regulators to monitor policies that are often critical to investment strategies. His expertise is widely recognised, often being shared through university lectures and cited in leading publications such as the Financial Times, the Wall Street Journal, and other European national press outlets. His comprehensive coverage extends beyond equity to include a broader range of capital structures, facilitating diversified client interactions and cross-business synergies. Prior to joining Mediobanca in 2010, he covered European Banks at Merrill Lynch and held roles as the CIO of Compagnia di San Paolo and Investor Relations Manager at Sanpaolo IMI. He received his education from the London School of Economics and Essex University.
Javier Suárez
Vice Head of European Equity and Credit Research
+39 02 8829 036
Vice Head of European Equity and Credit Research at Mediobanca, where he leads the Italian product and the SE Utilities & Infrastructure franchise, while maintaining direct coverage of some of the largest Spanish/Italian Utilities. Analyst for over 20 years, Javier has previously worked at Nomura, Unicredit, Dresdner Kleinwort, ING Barings and Santander Investment. He started his career in the industry at Ferrovial, where he worked as controller. He holds a BA in Law (JD, 1994) and a BS in Business Administration (1995) both from Universidad Pontificia Comillas (Icade E-3) of Madrid (Spain). Javier also holds a Global Executive MBA (TRIUM, 2006), jointly issued by New York University Stern (USA), London School of Economics (UK) and HEC School of Management (France). During this professional career he has lived and worked in Madrid, London & now Milan.
Stefano Dova
+39 02 8829 3522
Prior to joining Mediobanca in 2016, Stefano spent ten year at Deutsche Bank where he was co-Head of European Structuring. Prior to Deutsche Bank he worked at Merrill Lynch and JP Morgan in London as well as at Allianz Asset Management in Munich. Stefano holds a Ph.D. Doctor of Philosophy, Finance from EDHEC Business School Nice, France and a Master's Degree in Economics from Bocconi University in Milan, Italy.
Stefano Dova
+39 02 8829 3522
Prior to joining Mediobanca in 2016, Stefano spent ten year at Deutsche Bank where he was co-Head of European Structuring. Prior to Deutsche Bank he worked at Merrill Lynch and JP Morgan in London as well as at Allianz Asset Management in Munich. Stefano holds a Ph.D. Doctor of Philosophy, Finance from EDHEC Business School Nice, France and a Master's Degree in Economics from Bocconi University in Milan, Italy.
Alberto Nigro
Banks/ Diversified Financials
+39 02 8829 9540
Alberto currently covers Southern European Banks (including Greek, Iberian and Italian banks) and the Italian payment sector (Nexi). Alberto joined Mediobanca in 2014 as junior analyst in the European TMT team and afterwards he joined the European FIG team. Alberto received a master's degree in Finance from Bocconi University.
Alessandro Pozzi
Oil & Oil Related/ Industrials/ Capital Goods
+44 203 0369617
Alessandro currently covers Energy and Industrials stocks, including ENI, FINCANTIERI, GALP, LEONARDO, MAIRE TECNIMONT, REPSOL, SAIPEM, SARAS, and TENARIS. Prior to joining Mediobanca in 2015, Alessandro worked for the Oil&Gas equity research team at Barclays Capital, and he has over 10 years of experience. Before moving to financial services, he started his career at Talisman Energy, as a Petroleum Engineer. Alessandro received a MSc from Imperial College, and MEng from Università di Bologna.
Alessandro Tortora
Industrials/ Capital Goods/ Building Materials/ Consumer Goods/ Diversified Industrials
+39 02 8829 673
Alessandro has been covering Italian Mid caps including Consumers, Cement, Capital Goods and Diversified Industrials for 11 years at Mediobanca. Alessandro is a graduate in Finance from the Bocconi University and has an MBA from MIP- Politecnico di Milano.
Alessandro di Vito
+39 02 8829 297
Joined Mediobanca in 2020 as part of the Southern European Utilities & Infrastructures Team. Alessandro graduated in International Finance at Bocconi University and holds a Master in Financial Risk Management at Politecnico of Milan.
Amit Goel
Banks
+44 203 0369 574
Amit has joined to cover the UK and Swiss banks. Prior to joining Mediobanca, Amit was co-head of the Barclays banks team, and has covered UK, Swiss, German, French and Benelux banks, along with sector strategy. He is a CFA charterholder, and read mathematics at St. John’s College, Cambridge.
Andrea Balloni
Auto & Auto Components/Holdings/Medical Products
+39 02 8829 541
Prior to joining Mediobanca in 2018, Andrea Balloni had been covering Italian Industrial companies including Automotive, Equipment, Construction and Cement sectors, both small and large cap in primary financial institutions . Andrea spent last 20 years as a sell-side analyst at Allianzbank, BancaIMI, Ing, Berenberg and Fidentiis. Andrea is a graduate in Finance from the 2000.
Beatrice Gianola
+39 02 8829 5146
Beatrice is an equity analyst part of the South European Utilities team. She joined Mediobanca in 2021 as junior analyst in the European TMT team. Beatrice received a master’s degree in Banking & Finance at Cattolica University.
Chiara Rotelli
Branded Goods/Consumers Goods
+39 02 8829 931
Prior to joining Mediobanca in 2002, Chiara Rotelli had been covering Italian Luxury and Consumers goods companies for three years at Banca Akros (BPM). Chiara Rotelli is a graduate in Economics from the Bocconi University (Milan).
Emanuele Negri
Industrials
+39 02 8829 855
Emanuele joined Mediobanca in 2021, where he covers Italian Mid&Small caps. Prior to joining Mediobanca, Emanuele had been covering Italian Small caps at Integrae SIM. Emanuele holds an MSc in Finance from the Cattolica University.
Enrico Bartoli
Utilities
+39 02 8829 5537
Enrico joined Mediobanca in March 2022. In the past 20 years, he has covered several Southern European stocks in the Utility, Infrastructure and Energy sectors. Deep knowledge of those sectors and money-making ideas on the stocks he has covered gained Enrico strong reputation within the international institutional investor community. Before joining Mediobanca, Enrico worked for several international and Italian financial institutions, including JP Morgan Cazenove & Mainfist/Stifel, based in London & Milan. Enrico received a Master's Degree in Engineering from University of Bologna. He also holds Eni’s Master in Economy of Energy Companies.
Fabio Pavan
Media/ Technology/ Telecommunications
+39 02 8829 633
Prior to joining Mediobanca in 2007, Fabio Pavan has spent three years in RCS MediaGroup in the IR, M&A and benchmarking division. Fabio Pavan is a graduate in Economics (2001).
Gian Luca Ferrari
Asset Gatherers/Insurance/Diversified Financials
+39 02 8829 482
Prior to joining Mediobanca in 2005, Gian Luca worked for five years in the Strategic Planning department of Allianz Italy, with focus on the wealth management activities of the Group. Gian Luca is a graduate in Business Administration from Bocconi University.
Gilles Errico
Branded Goods/Consumers Goods
+39 02 8829 558
Before joining Mediobanca in 2018, Gilles had been covering European and US luxury goods and retail companies at Deutsche Bank, for 10 years and he had spent two years as Investor Relations manager of Yoox Net-a-Porter. Gilles is a graduate in Engineering with a specialization in Finance from Politecnico di Milano.
Gopinatha Prasad (GJ)
Credit Strategy & Research
+44 203 0369 672
GJ is Mediobanca's lead Financials Credit Researcher with more than 20 years of experience covering European bank hybrids and sub-debt/cross-capital structures in both analyst and risk-taking roles. He has previously worked at BofA ML credit flow desk as a desk analyst, at JPM Chief Investment Office as a PM/lead financials analyst, and at Millennium and Caxton in sub-PM/strategist roles. GJ specialises in AT1/sub-debt structures and in understanding the impact of global banking regulations on bank capital.
Isacco Brambilla
Industrials / Small Caps
+ 39 02 8829 067
Prior to joining Mediobanca in 2017, Isacco had been covering Italian Consumer and Pharma companies at Intermonte. Isacco is a graduate in Finance from the Bocconi University.
Jordan Bartlam
Banks
+44 203 0369 692
Jordan covers the Irish banks and supports the Research Team, with a focus on Benelux, Swiss, UK and French banks. Jordan joined Mediobanca in September 2020, following completion of a MSc in Finance at the London School of Economics.
Marco Vitale
Industrials / Small caps
+39 02 8829 444
Marco Vitale joined Mediobanca in 2018, where he had been covering Italian Mid&Small caps. Marco is a graduate in finance from Bocconi University.
Matthew Clark
Banks
+44 203 0369 564
Matthew currently covers French banks. Prior to joining Mediobanca in 2018, Matthew has variously covered German, Swiss, Austrian, CEE, Nordic, French and Benelux banks at FPK, KBW, Nomura and MainFirst. He is a CFA® charterholder.
Nicolo Pessina
Infrastructure
+39 02 8829 796
Prior to joining Mediobanca Securities in 2012, Nicolo had been covering European Consumer Goods, Food & Beverage and Retail for a number of years, first on the sell-side at Banca Leonardo (today Kepler Cheuvreux) and then on the buy-side at Mediobanca. Nicolo holds an MBA from INSEAD and is a graduate in Finance from Bocconi University.
Noemi Peruch
Banks
+44 203 0369 645
Noemi currently covers Southern European banks (including Italian, Portuguese, Spanish and Greek banks) She joined Mediobanca in 2014. Noemi received a Master of Science in Finance from Bocconi University in 2015.
Riccardo Rovere
Banks
+39 02 8829 604
Prior to joining Mediobanca in 2007, Riccardo had been covering European Banks including Italian, Germans and Investment Banks for 7 years at Citigroup Global Markets. Riccardo is a graduate in Economics from the Cattolica University in Milan.
Simonetta Chiriotti
Diversified Financials/Specialty Finance/Real Estate
+39 02 8829 933
Prior to joining Mediobanca in 1998, Simonetta had been covering Italian insurance, media and consumers for number of years at Paribas and Société Générale. Simonetta is a graduate in Finance from the Bocconi University.

Thomas Bateman
Insurance
+44 203 0369 536
Thomas Bateman is an equity research analyst focused on covering both UK and European insurers. Thomas has over 10 years of experience looking at the insurance sector – most recently he covered European insurers as a sell-side equity analyst at Berenberg but has also gained experience working as a credit analyst, as well as working in industry at a reinsurer and as a management consultant. He holds a BSc degree in Mathematics and Economics from the University of Reading and is also a CFA charterholder.
Vinit Malhotra, CFA
Insurance
+44 203 0369 585
Vinit Malhotra currently covers European multiline insurers and reinsurers (e.g. Allianz and Munich Re). Prior to joining Mediobanca in 2015, Vinit covered European insurers also at Goldman Sachs and at J.P. Morgan. He has more than 15 years of experience covering European insurers. Vinit received a degree in Mechanical Engineering from The Army Institute of Technology in India and an MBA from Institute of Management Technology in India. Vinit is also a CFA charterholder.
Angelo Vietri
+39 02 8829 989
Angelo Vietri is an Equity Sales with >20 years of experience. He joined Mediobanca in 2003. Previously he worked at Epta SIM and Milla SIM.

Bernardo Scandellari
+44 203 0369 695
Bernardo joined Mediobanca in 2020, straight after university. Prior to joining the Equity Sales desk in London, he spent one year in the Corporate Broking team in Milan. Bernardo owns a BA with Honours in History and Politics from the University of Warwick in the UK.
Bertrand Tissier
+33 1 568 869 04
Prior to joining Mediobanca in 2020, Bertrand worked mainly for Cheuvreux, UBS, Bryan Garnier as a Paneuropean equity sales for 15 years. Before that, Bertrand began his career at Credit Lyonnais Asset Management where he was part of the European equity team.
Carlo Pirri
+44 203 0369 531
Prior to joining Mediobanca in 2008, Carlo worked for Lehman Brothers as a Paneuropean equity sales for 3 years. Before that he was head of banks analysts at Intermonte Securities
Christopher Seidenfaden
+39 02 8829 8395
Christopher joined Mediobanca in 2007, and in 2011 he was rated n.1 Extel Italian Small & Mid Caps Sales. Previous experience include Italian Equities Sales for 3 years at UniCredit Banca Mobiliare, and prior to that, 3 years at Schroder Salomon Smith Barney, where he was rated as top Italian country analyst in the Extel Survey 2002 and also as Specialist sales in the European banks team (ranked n.2 in Europe). Before that, he worked for 4 years at Robert Fleming as Italian specialist sales, and briefly on the European banking research team as Italian banking analyst. Before joining the City, Christopher worked for Standard & Poor's, and various Italian publications, including Milano Finanza, Il Mondo, Espansione, Il Giornale Della Banca.
David Hegarty
+1 212 991 4748
Prior to Joining Mediobanca in 2020, Dave Hegarty was a salestrader at Investec Securities. Previously he spent 16 years at Jefferies and Kepler Cheuvreux as a cash equity trader focusing on European ADRs. He has a BBA from Loyola Maryland and lives in New York.
Elyes Zouari
+39 02 8829 954
Prior to joining Mediobanca in 2018, Elyes was an Equity Derivatives Sales covering Institutional clients at Société Générale CIB for 2 years. Elyes began his career at BNP Paribas in 2014, joining the Structuring and Pricing task force. Graduate of a MSc in Finance from Grenoble Graduate School of Business, Elyes Zouari also holds a Bachelor in Physics (Strasbourg University) and a MSc in Management (Grenoble Ecole de Management).
Eugenio Vergnano
+44 203 0369 505
Prior to joining Mediobanca in 2016, Eugenio had a brief experience in an asset management firm called Prime Acquisitions, managing a portfolio of commercial real estate assets in Milan. Eugenio holds a master's degree in finance from Bocconi University, Milan.
Federico Bellantoni, CFA
+39 02 8829 674
Federico comes from Credit Suisse as an institutional equity sales focused on Italian and Pan European stocks, covering long-only, L/S, HFs, and prop. desk clients. He started his career with an internship in the buy-side and moved then to the sell-side at Intermonte where he used to be a sales trader of equities and plain vanilla options. Federico holds a master’s degree in Finance from Bocconi University, and he is a CFA charterholder
Francesco Solazzo
+39 02 8829 697
Francesco is co-head of Fixed Income Solutions and Head of Investment Products teams. Prior to joining Mediobanca in 2007, Francesco spent two years at Barclays as Investment Director in the Italian private equity arm. Prior to Barclays he worked at KPMG Corporate Finance in their Financial Institutions Group with focus on CEEMEA financial services. Francesco is a Chartered Accountant and holds a Master's Degree in Economics from Bocconi University in Milan, Italy. He speaks French, English and basic German.
Giuseppe Puglisi
+39 02 8829 998
Prior to joining Mediobanca in July 2019, Giuseppe Puglisi had been working for over 19 years in Intermonte, of which 15 years as analyst covering Italian capital goods, industrial and tech stocks, and 4 years as salesman covering UK & US HF's, some activists and prop desks.
Massimiliano Pula
+1 646 839 4911
10+ years experience as Italian Equity Sales to US/Canada investors at Mediobanca USA in NY 5+ years experience as Italian Equities Sales to UK investors at Mediobanca Milan 10+ years experience as Equity Analyst: Italian specialist for Credit Lyonnais, Italian utilities and EU media at Dresdner Kleinwort London
Matteo Agrati
+33 1 568 841 54
Prior to joining Mediobanca in 2010, Matteo Agrati had been covering European Clients at HVB. Matteo has a BSc and a M.Sc in Finance at Bocconi University.
Michael Finney
+44 203 0369 635
Michael joined Mediobanca in early 2022 from High Ground Investment Management, a London-based hedge fund he co-founded in 2019. Previously, he’d been at RBC London for 10 years as head of mid-cap equity sales and corporate access and before that an equity analyst and a generalist salesman at Societe Generale, DLJ and Kleinwort Benson. With an honours degree in Economics, Michael also served as a Captain in the British Army for four years.
Nicolo Bottaro
+39 02 8829 429
Nicolò Bottaro joined Mediobanca in 2010 before completing his studies in Management at Bocconi University in Milan in the same year. In Mediobanca he had the opportunity to enrich his financial competences in different departments of the bank. Currently he is VicePresident (VP) - Private Sales/Corporate Broking in the Markets Division of Mediobanca, covering Italian Mid-Small Caps
Pierluigi Gastone
+1 212 991 4745
CEO of Mediobanca Securities USA from 2006 where he leads the office with outstanding results, profitable in 1st year from the set-up, more than 10 roadshows per year on recurrent basis and successful IPOs placements including Prysmian, Salvatore Ferragamo, Yoox, Diasorin, Tod's, Brunello Cuccinelli, EGP. Prior to joining Mediobanca, Pierluigi was European Sales Manager at Chevreux NA and UBS. Pierluigi holds a MA of Columbia School of International Affairs (Joint degree with Columbia Business School) and a BA in Political science of Columbia College.
Salvatore Guardino
+39 02 8829 826
Salvatore Guardino has more than 30 years experience in market advise, trading and corporate actions. Salvatore has been in charge of Mediobanca brokerage House for Corporate and Captive Clients and previously Head of Prop. Equity Desk
Sarka Adams
+1 646 731 2299
Sarka Adams has been selling Pan-European Equities to US investors for over 20 years and spent the bulk of her career at Lehman Brothers in London, New York and San Francisco. After their bankruptcy she was hired by Barclays Capital to build out their European Equities business from scratch and became Managing Director after its successful completion. In 2020, Sarka was hired by Bob Diamond’s owned UK SMID Broker Panmure Gordon to build-out their US presence. Sarka was educated in Switzerland and speaks 5 languages fluently.
Stefano Lolli
+39 02 8829 3917
Prior to joining Mediobanca in 2020, Stefano spent eleven years at Deutsche Bank where he was responsible for Equity Derivatives Sales for Southern Europe. Prior to Deutsche Bank he worked at Dresdner Kleinwort for 10 years where he worked in the Institutional sales group. Stefano holds an Economics degree at the University of Modena in Italy.

Thibault Guérin
+33 1 568 860 76
Thibault is an Equity Sales within the Paris office. He graduated from École Centrale d'Électronique as a Quantitative Finance Engineer and then specialized in Financial Markets by graduating with highest honors at ESCP. He joined Mediobanca in 2022.
Alessandro Montinari
+39 02 8829 048
Prior to joining the Equity and Hybrid Solutions Trading team in May 2019, Alessandro Montinari had been working as a quantitative analyst covering Equity, FX and Alternatives models for 5 years. Alessandro Montinari is a graduate in Mathematical Engineering from 2013.
Alessandro Moro
+44 203 0369 538
Alessandro Moro heads Fixed Income Sulutions Trading at Mediobanca. Prior to join Mediobanca in 2008, Alessandro had been working as a structurer and trader at Morgan Stanley, SPG London from 2004. He graduated in Physics from Scuola Normale Superiore and has a Master degree in Mathematical Analysis and Proability from University of Paris-Est Marne la Vallee
Ambra De Chiara
+39 02 8829 669
Joining Mediobanca in 2013, straight after graduation from Università Cattolica in Milan, Ambra De Chiara had been covering different positions within the bank, from Operations to Corporate Broking; she is now part of Salestrading team under Markets Division, with a focus on projects and new developments.
Andrea Saraullo
+39 02 8829 760
Andrea Saraullo started working at Mediobanca in 2011, where he first joined the Equity Derivatives Flow desk. After five years he moved to the Equity and Hybrid Solutions trading desk, where he is currently managing the Exotic Derivatives book both on indexes and single stocks. Andrea is a CFA charterholder.
Ciro Fonzo
+39 02 8829 759
Graduated in financial markets in 2004, prior to joining Mediobanca in 2010, Ciro Fonzo held the position of portfolio manager and structurer in an Italian bank. He is currently part of Salestrading team in the Markets Division with a focus on trading platform development projects.
Denis Mascetti
+39 02 8829 744
Prior to joining Mediobanca in 2008, Denis Mascetti has been working as a junior trader at Deutsche Bank. After a bachelor in Management Engineering at Politecnico di Milano, Denis graduated in Finance from Bocconi University.
Giovanni Orlando
+39 02 8829 433
Prior to joining Mediobanca in 2010, Giovanni Orlando was a member of fund linked investment products team at Abaxbank. Giovanni Orlando is a graduate in Finance from the 2003.
Julian Bradley
+44 203 0369 605
Prior to joining Mediobanca in 2017, Julian Bradley was a generalist Sales trader at Mirabaud Securities for 12 years. Prior to that he worked as a proprietary trader/Market maker at BNP Paribas for 11 Years.
Lorenzo Penati
+44 203 0369 512
Lorenzo Penati joined Mediobanca London in 2013 on the Credit Trading desk. He holds a BSc in Economics and Finance and a MSc in Finance from Bocconi University.

Luca Cianetti
+39 02 8829 967
Luca Cianetti joined the Equity Derivatives Trading Team in Mediobanca in 2017. After completing a bachelor's degree in Mathematics from Università degli Studi di Perugia, Luca graduated in Finance from Bocconi University.
Marco Cannata
+39 02 8829 569
Prior to joining Mediobanca in 2009, Marco Cannata was an Equity Derivatives Trader in Deutsche Bank: in his last position, he was responsible for the Italian market covering index and single stock derivatives. In his current position in Mediobanca, he is responsible for single stock volatility and delta one trading. Marco Cannata graduated from University Bocconi (2003).
Mathieu Darnis
+33 1 568 869 01
Prior to joining Mediobanca in 2022, Mathieu Darnis worked 12 years at CIC Market Solutions: 4 years as Head of Trading and 8 years as Equity Sales Trader. Prior to that he worked as an Equity Trader at GFI Securities for 4 Years.
Roberto Riboldi
+39 02 8829 639
Prior to joining Mediobanca in 2001, Roberto Riboldi had been working for 3 years in the Financial Markets Division of Equita Sim and Sim Sella Capital Markets. He is a graduate in Economics & Corporate Law from the 1997.
Roberto Romeo
+39 02 8829 597
Prior to joining Mediobanca in 2008, Roberto Romeo had been head of Trading X-markets Italy for 4 years at Deutsche Bank, after 7 years of Equity Derivatives Trading at Unicredit and Citigroup. Roberto is graduated in Business Economics from Università Cattolica in 1997.
Vito Pinto
+39 02 8829 542
Prior to joining Mediobanca in 2012, Vito Antonio Pinto had been covering Italian listed derivatives at Societe Generale. After working for Corporate Broking team for four years, he is now responsible for ETFs trading and all index models used to estimate equity indices compositions. Vito Antonio Pinto took a bachelor degree in Finance and took two Master degrees in Finance (Bocconi University) and Political, Economic and Social Sciences (Università degli Studi di Milano)
Who we are
We are a business built on people. Since our foundation, we have maintained a client-centric approach, meeting our clients’ needs and building trust through everything we do.
Established in 1946, we have always strived to offer our clients highly specialized, innovative services in financial advice, consumer credit and asset management. Renowned for specialization, professionalism and discretion in our client relationships, we have earned an unrivalled reputation in Italy and a growing European recognition.
Since our foundation, we have blended tradition and innovation in all three of the Group’s areas of operation, each of which contribute equally to our performance as a business: investment banking, private banking, and wealth management.
Our roots lie in investment banking, over time becoming the leader in Italy and a renowned European operator. We are now the preferred partner for businesses seeking to expand, grow internationally and raise financing. Over the last 10 years, we have developed a strong international presence, especially in Europe.
Our Department
The Equity Research team:
- Consists of 29 analysts, based in Milan and London, supporting over 200 companies throughout Europe in the Industrial and FIG sectors. The team is distinguished by its broad knowledge of the sectors and significant track record
- Is strongly specialized in the sectors and areas analysed: the Equity Research area is ranked first in Italy and is a benchmark in Europe for research on Banks, Insurance and operators in the Utility & Infrastructure sectors. The analysts are among the top 10 in their reference sector
- Is a qualified intermediary among institutional investors, companies and institutions, and is very active, organizing roadshows, dedicated events for investors and companies, and specific marketing activities
- Is renowned for its Mediobanca CEO Conference, the number l corporate event in Italy. Based on the success which this event enjoys each year, a mid-cap conference has also been started up, to attract investors to this key segment for the market and the Italian economy
- Is specialized in various sectors at Pan-European level: Banks, Insurance, Luxury, plus Utilities & Infrastructure in southern Europe, with across the board analysis of sectors combining a bottom up and top down selection process
- Structures multiple dedicated products on a daily basis. Ongoing dialogue with colleagues on the sales and trading teams allows new trading ideas to be generated
- Has unparalleled expertise IPOs, advisory, corporate broking and bespoke contracts
Sales
- Mediobanca has a high-profile team of sales and traders with many years of experience in major international firms: the Mediobanca Research team has been voted the best Equity House in Italy by leading agency sectors, such as Extel and Institutional Investor.
- International footprint, with sales and traders based in London, Milan, Paris and New York, covering institutional investors across geographies. The teams distribute research and ensure best execution on European and US equities.
- The equity sales team organises more than 100 company roadshows per annum with top management of leading European listed companies in Europe and North America.
- The team is fully integrated with our corporate broking team, which offers both corporate broking and specialist contracts providing liquidity on Italian small caps.
Sectors
Coverage of over 200 companies:
- Financials
- Utilities & Oil
- Telecoms, Media Technology
- Industrials & Cyclicals
- Luxury and Consumer Goods
- Small Caps
Companies
Mediobanca Research covers over 200 companies throughout Europe in the industrial and FIG sectors. Every year we publish:
- More than 400 Company Reports
- More than 300 Daily Banks/Insurance/Italian/Specialty Finance Navigator Reports
- About 90 Sector Reports
- Market guides


Please Contact Us
Milan
Piazzetta Enrico Cuccia, 1
20121 Milan, Italy
Tel. +39 02 8829 1
London
4th floor, 62 Buckingham Gate
SW1E 6AJ London, United Kingdom
Tel. +44 203 0369 500
New York
1450 Broadway
10018 New York, USA
Tel. +1 212 9914745
Paris
23 Avenue D’Iéna
75116 Paris, France
Tel. +33 1 568 868 68
Statistics on ratings (1Q 2024)
Proportion of all recommendations that are "Outperform", "Neutral", "Underperform", and "Not rated":
Chinese Walls and other disclaimers
Research Note Authors
Rating system – Methodology
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