Banca Sistema SpA (MIL:BST) Scaled Net Operating Assets: 0.09 (As of Mar. 2026)


MIL:BST Banca Sistema SpA MIL:BST
66 GF Score
Price €1.63
GF Value €1.84
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Banca Sistema SpA Scaled Net Operating Assets?

Banca Sistema SpA MIL:BST -0.73% 66 Scaled Net Operating Assets is 0.09 as of Mar. 2026. GuruFocus rates MIL:BST with a GF Score™ of 66/100 and a GF Value™ of €1.84 (Modestly Undervalued). The stock has 2 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Banca Sistema SpA's operating assets for the quarter that ended in Mar. 2026 was €4,566.2 Mil. Banca Sistema SpA's operating liabilities for the quarter that ended in Mar. 2026 was €4,159.4 Mil. Banca Sistema SpA's Total Assets for the quarter that ended in Dec. 2025 was €4,338.4 Mil. Therefore, Banca Sistema SpA's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.09.

MIL:BST
66GF Score
Banca Sistema SpA MIL:BST
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Banca Sistema SpA Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Banca Sistema SpA's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(4231.39-3720.76)/4702.898
=0.11

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=4338.414 - 107.024
=4231.39

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=3986.076 - 265.316 - 0
=3720.76

Banca Sistema SpA's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(4566.178-4159.408)/4338.414
=0.09

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=4687.389 - 121.211
=4566.178

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=4341.688 - 182.28 - 0
=4159.408

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.09 mean?
Banca Sistema SpA (MIL:BST) has a Scaled Net Operating Assets of 0.09 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Banca Sistema SpA and its competitors.
Is Banca Sistema SpA's Scaled Net Operating Assets too high?
Banca Sistema SpA's current Scaled Net Operating Assets is 0.09. Overall, Banca Sistema SpA has a GF Score™ of 66/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Banca Sistema SpA's Scaled Net Operating Assets compare to PNC and USB?
Banca Sistema SpA's Scaled Net Operating Assets of 0.09 can be compared against companies in the Banks industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Banks company?
A good Scaled Net Operating Assets depends on the Banks industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Banca Sistema SpA and its competitors. Banca Sistema SpA's current Scaled Net Operating Assets is 0.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banca Sistema SpA stock overvalued right now?
Based on GuruFocus' analysis, Banca Sistema SpA (MIL:BST) is currently considered Modestly Undervalued. The stock's GF Value™ is €1.84, compared to a current price of €1.63 — trading 11.5% below its estimated fair value. The current Scaled Net Operating Assets is 0.09. Banca Sistema SpA's overall GF Score™ is 66/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Banca Sistema SpA (MIL:BST), the current Scaled Net Operating Assets is 0.09 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Banca Sistema SpA (MIL:BST) Overvalued in 2026?

Based on GuruFocus' analysis, Banca Sistema SpA stock appears to be undervalued. The current stock price of €1.63 is trading 11.5% below its estimated GF Value™ of €1.84. GuruFocus considers Banca Sistema SpA to be Modestly Undervalued.

Key valuation signals for MIL:BST:

  • Scaled Net Operating Assets: 0.09
  • GF Value™: €1.84 vs. price of €1.63 (11.5% below fair value)
  • GF Score™: 66/100 with 2 warning signs

No single metric tells the full story. See the MIL:BST stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Banca Sistema SpA Business Description

Other Exchanges 0R9H:UKB2S:Germany
Address Largo Augusto 1/A, At the corner of Via Verziere 13, Milan, ITA, 20122
Banca Sistema SpA provides factoring and banking services. It specializes in the acquisition, management, and financing of receivables. The firm's products and services comprise current accounts, time deposits, funding for SMEs, non-recourse factoring, credit management, and payment services. Segment reporting of the company includes the following divisions: Factoring Division includes business related to the origination of trade and tax receivables with and without recourse, and the management. Retail Division, which includes the business related to the purchase of salary- and pension-backed loans. Collateralized Lending Division includes the business related to collateral-backed loans. Corporate Division includes activities related to the management of the Group's financial resources.
66GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€1.63
Price
€1.84
GF Value