Sign in

    Andrea Filtri

    Research Analyst at Mediobanca

    Andrea Filtri is Co-Head of Equity Research and Senior Equity Analyst at Mediobanca, specializing in Pan-European banks and financial institutions with in-depth coverage of major names such as UniCredit, Intesa Sanpaolo, and Société Générale. Recognized for his precise investment recommendations and detailed sector insights, he has achieved a high success rate with documented strong returns as ranked by research platforms like TipRanks. Filtri began his career at Accenture in 1996 before moving to various investment banks; he joined Mediobanca in 2011 and advanced to his current leadership role. Holding key industry credentials including CFA designation and professional securities qualifications, Filtri has received accolades for his research quality and industry impact.

    Andrea Filtri's questions to Banco Santander (SAN) leadership

    Andrea Filtri's questions to Banco Santander (SAN) leadership • Q2 2025

    Question

    Andrea Filtri asked if the benefits of the 'One Transformation' program are nearly complete given the proximity to targets, and what the next stage entails. He also questioned why the Consumer segment is a drag on group RoTE and when an improvement can be expected.

    Answer

    CEO Héctor Grisi Checa asserted that current results are just the 'tip of the iceberg' for One Transformation, with significant future savings expected from decommissioning legacy systems. CFO José García Cantera explained the Consumer segment's performance is mixed: Openbank and US Auto are doing well, but Consumer Europe is weak due to lower volumes. He anticipates a normalization of returns as new, higher-profitability loans replace the older book.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to Banco Santander (SAN) leadership • Q1 2025

    Question

    Andrea Filtri questioned the rationale for selling only a 49% stake in the Polish bank, the progress of the digital transformation, the outlook for Brazil's cost of risk, and the reason for high provisions in the U.K.

    Answer

    Executive Hector Blas Grisi Checa declined to comment on the specifics of the Poland transaction. He described the digital transformation as being in a 'transition phase' that is successfully driving customer growth, noting a gain of 9 million customers in a year. He stated that actions to de-risk the portfolio in Brazil should lead to an improving cost of risk over time.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to Banco Santander (SAN) leadership • Q1 2024

    Question

    Andrea Filtri of Mediobanca pressed for more specific 2024 targets, asking for an absolute net profit figure implied by the 16% RoTE guidance and a nominal euro target for group costs. He also inquired if the bank would consider internalizing its insurance business.

    Answer

    CEO Héctor Grisi reiterated confidence in the 16% RoTE target for 2024 and the 15-17% range for 2025. He stated that while the insurance business has huge upside, long-term JV agreements, particularly in Latin America and Europe, prevent internalization. CFO José García Cantera later added that costs are expected to grow around 2-2.5% in 2024, with a long-term ambition to keep them flat or down.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to Banco Santander (SAN) leadership • Q3 2023

    Question

    Asked for Brazil's interest rate sensitivity, the structural tax rates for Brazil and the U.S., whether organic capital buildup should accelerate, and the risks and opportunities of the digital euro.

    Answer

    Brazil's interest rate sensitivity is €150 million for a 100 bps drop. The group's structural tax rate is around 30%. Organic capital buildup is expected to accelerate with higher profitability and asset rotation. On the digital euro, they don't expect a release before 2026 and are monitoring developments, seeing it as a long negotiation process.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to CaixaBank/ADR (CAIXY) leadership

    Andrea Filtri's questions to CaixaBank/ADR (CAIXY) leadership • Q1 2025

    Question

    Andrea Filtri of Mediobanca asked about the target level for the ALCO portfolio, the timeline for using overlay provisions, the ability to minimize the bank levy, the guided tax rate, and management's wish list for regulatory simplification.

    Answer

    Javier Pano Riera (executive) explained that the bank is now more keen on using fixed-income securities for hedging due to attractive sovereign spreads, aiming to maintain its NII sensitivity target. He stated the base case is for overlay provisions to be used this year, but it depends on the environment. He also confirmed the effective tax rate of around 34% this quarter could be a reasonable run rate. Gonzalo Gortázar Rotaeche (executive) provided a detailed wish list for regulatory simplification, including slowing the pace of new rules and rationalizing sustainability disclosures.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to CaixaBank/ADR (CAIXY) leadership • Q2 2024

    Question

    Andrea Filtri from Mediobanca asked for CaixaBank's view on the ECB's work to standardize overlay provisions and whether the ECB is increasing scrutiny on areas like leveraged loans.

    Answer

    CEO Gonzalo Gortázar responded that while the ECB's mission is to continually assess risks, CaixaBank is very well-positioned with a top-tier NPL coverage ratio and a low NPL ratio among peers. He also highlighted that the bank has a very small leveraged lending book, making it not particularly exposed to increased scrutiny in that specific area.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to CaixaBank/ADR (CAIXY) leadership • Q2 2024

    Question

    Andrea Filtri from Mediobanca asked about CaixaBank's expectations for the ECB's work on standardizing overlay provisions and whether the ECB's focus on areas like leveraged loans indicates a broader push to tighten regulations.

    Answer

    CEO Gonzalo Gortázar acknowledged that identifying and managing risk is the ECB's mission but stated CaixaBank is very well-prepared for any scrutiny, citing its top-tier NPL coverage ratio and low NPL ratio among Spanish peers. He added that the bank has a very small book in leveraged lending, so it is not particularly impacted by discussions in that area, reflecting its prudent approach to risk.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to CaixaBank/ADR (CAIXY) leadership • Q1 2024

    Question

    Andrea Filtri asked about any requirement for the Spanish government to divest its stake, whether share buybacks are less appealing with the stock price above tangible book value, and if the ECB has a hostile view towards higher dividend payouts.

    Answer

    CFO Javier Pano noted the government's divestment deadline can be easily postponed. He argued that with a 16% ROTE, the bank's valuation is still attractive for buybacks based on its earnings multiple, making tangible book value a less relevant metric. He added that he has seen no negative indications from the ECB regarding higher payouts or special dividends.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to CaixaBank/ADR (CAIXY) leadership • Q4 2023

    Question

    Asked for clarification on whether deposit costs are expected to fall with rate cuts in 2024, and questioned the strategy of using capital for buybacks instead of retaining it for potentially more accretive M&A or future growth.

    Answer

    The average cost of deposits is not expected to fall in 2024 versus Q4 2023. On capital strategy, organic growth is the top priority, but there is no M&A focus currently. With ample capital generation and the stock trading below tangible book value (pro-forma for dividend), buybacks are considered a highly valuable way to return capital to shareholders.

    Ask Fintool Equity Research AI

    Andrea Filtri's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership

    Andrea Filtri's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q4 2024

    Question

    Andrea Filtri from Mediobanca requested detailed assumptions behind the 2025 guidance, including interest rates and ALCO contribution for Spain NII, key metrics for Turkey, and Argentina's net profit contribution.

    Answer

    Executive Maria Gomez Bravo provided key assumptions: for Spain, terminal rates at 2% by June; for Turkey, year-end inflation around 26.5% and interest rates at 31%. Executive Onur Genç added that Argentina's 2025 profit contribution is expected to be marginal, similar to the EUR 182 million in 2024. He also detailed Turkey's EUR 3.4 billion CPI linker portfolio, which hedges its net monetary position.

    Ask Fintool Equity Research AI