Good bank, less undervalued than UniCredit but still undervalued. It is my biggest bank position in my portfolio.
For me it is very interesting that a big portion of Intesa's earnings come from commissions, which make them less "high interest" dependent than other banks, and less affected by the Italian bank tax, that targets specially the extra eranings coming from higher interests .
Nice dividends, nice earnings, nice growth, good perspective... In general European banking sector is interesting with this interest environment.
