Doris, Finprog is buying up BTPs. The value of Banca Mediolanum soars
“The BTP represents an interesting vehicle for investments, even if it does not cover inflation,” said Massimo Doris, head of the listed company Banca Mediolanum, a few weeks ago. This is what was reported by Affari&Finanza. «If the BTP – continued Doris – offers around 4%, there are bond instruments that have much higher yields. Starting to invest in corporate bonds that offer 6% or 7% is more difficult or risky. These opportunities are obtained through funds or with the advice of a professional. However, we are happy that the bond sector has returned to being a very interesting and attractive asset class.”
It wasn't long ago that the CEO of Banca Mediolanum shared his opinion on the attractiveness of Italian government bonds for savers. However, we discover that the same fascination with BTPs and other public bonds also struck the banker from Basiglio, son of the late Ennio (who passed away in November 2021). Finprog Italia, the company controlled by Massimo Doris and his sister Annalisa Sara, has in fact carried out a notable purchase of national government bonds in the past months, as reported in the financial statements closed at the end of June. The company, which holds 23.1% of the voting rights of Banca Mediolanum, owns a treasure within Finprog, with a net worth of over 1.3 billion and assets of 1.4 billion.
The stake in Massimo Doris' bank is worth around 888 million, with a value of 4.5 euros per share, highlighting a potential capital gain of approximately 1 billion compared to current prices. The stock trades around 9.5 euros, recording an increase of 8% in the last year, 18% in the three-year period and 64% in the five-year period. The balance sheet closed in June saw profit decrease from 125.2 to 87 million, due to the coupon collected linked to the stake in the bank, which fell from 199 to 74.5 million year on year. To this figure was added 3.4 million from the Mediobanca dividend, represented by 0.53%, of which the Doris are shareholders through the Mediolanum Group, with another 3.43%. Non-fixed financial assets increased from zero to 26.6 million year over year. «It refers – explains the explanatory note – to government bonds issued by the Italian Republic which by their nature are not intended to remain permanently in the company's assets as they have maturities not exceeding 12 months». Furthermore, «in the current financial year – we read in the management report signed by the sole director, Maurizio Carfagna – following the new macroeconomic context characterized by the adoption by the ECB of a restrictive monetary policy, steps were taken to make investments in government government bonds and issued by primary companies for a total value of 42.9 million”.
This indicates that corporate bonds worth over 16 million were also purchased, as a use of a small part of the liquidityà, which remains consistent at almost 240 million. Out of a total of almost 1.2 billion in fixed assets, in addition to the share in Banca Mediolanum and some associated companies (four agricultural companies), almost 220 million are invested in listed and unlisted securities, club deals and private equity funds. The BTP also caught the interest of Doris' widow. The balance sheet of his company T-Invest, with a net worth of 146 million and a profit of 28.4 million, highlighted the purchase of Italian government bonds for almost 16 million among the non-fixed assets. A few days ago, Lina Tombolato exercised the withdrawal on 5,950 ordinary shares of Finprog Italia, for a value of 24.2 million, paid with the assignment of a villa in Cortina d'Ampezzo.
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