tupungato Italian banking giant Intesa Sanpaolo (OTCPK:ISNPY)(OTCPK:IITSF)("ISP" hereafter) continues to generate record financial results amid a supportive macro backdrop. These shares had re-rated to around 1x tangible book value when I last covered them back in January, but I didn't think that was an especially taxing valuation given the bank was comfortably clearing a double-digit return on tangible equity. ISP has continued to outperform European financials (EUFN) since then, returning roughly 28%  ...