Sep 05th 2012 - Edison Investment Research today published a report on outlook entitled "Carpe Diem". In summary, the report says:
Gruppo Banca IFIS (IFIS) is seizing the opportunities presented by the crisis in Italy. Its core business is SME trade receivable financing (market growth 23% in 2011), which we expect to continue to show material growth as bank financing becomes increasingly restricted. In addition, IFIS has bought two counter-cyclical businesses: one in non-performing loans and the other in insolvency-related tax-rebate receivable financing. Near-term earnings will be supported by the spread on a portfolio of primarily short-dated Italian government bonds financed in the repos market.
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