Unicredit

Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.
  • TickerUCG
  • ISINIT0005239360
  • SectorBanks
  • CountryItaly
Jean Sassus ...
  • Steven Gould

Unicredit : Q2 2020 results confirm our more cautious stance in the short to medium term

>Lacklustre performance on the operating front - UCG’s Q2 2020 results this time were not marked by significant non-recurring items, unlike in Q1 – this resulted in reported earnings that were higher than expected (net profit +21% vs consensus of € 420m).The ‘underlying’ operating performance was fairly mixed as the beat in terms of net profit stems to a greater extent from higher-than-expected trading revenues (+36% vs consensus at € 357m) and lower loan-loss pr...

Jean Sassus ...
  • Steven Gould

Unicredit : Le T2 2020 conforte notre approche plus prudente à CMT

>Une copie sans éclat sur l’opérationnel - UCG a publié un T2 2020, cette fois non marqué par d’importants éléments non-récurrents, comme au T1 – il en ressort une copie faciale supérieure aux attentes sur la bottom line (RN +21% vs consensus à 420 M€).La performance opérationnelle ‘sous-jacente’ ressort assez mitigée car l’upbeat sur le RN provient dans une large mesure de revenus de trading plus élevés qu’attendu (+36% vs cons à 357 M€) et de provisions sur cré...

Esther Castro

UNICREDIT: MENSAJES DE LA CONFERENCE CALL RDOS. 2T’20 (ANÁLISIS BANCO SABADELL)

Los principales mensajes han sido:  Confirma guidance’20-21 en CoR de entre 100 p.b. y 120 p.b. y de entre 70 p.b. y 90 p.b., respectivamente, en línea BS(e). De igual forma confirma la total enajenación de los activos no estratégicos en 2021 y puntualiza que retribuirá de forma gradual todo el exceso de capital >200 p.b./250 p.b. de MDA.. En relación a las partidas no operativas, incrementan los gastos para cargos sistémicos desde los -850 M euros a los -900 M euros. Por el momento sin guidance en impuestos’20 dado el escaso BAI esperado mientras que confirman la horquilla de entre 18%-20% ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Matthieu DRIOL

Short term view - UNICREDIT SPA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.210. The background trend would be questioned should prices rise above €14.346.

Matthieu DRIOL

Analyse court terme - UNICREDIT SPA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,210 €. La tendance de fond serait remise en cause en cas de franchissement de 14,346 €.

Matthieu DRIOL

Analyse court terme - UNICREDIT SPA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,210 €. La tendance de fond serait remise en cause en cas de franchissement de 14,346 €.

Unicredit Spa: 1 director sold

A director at Unicredit Spa sold 15,000 shares at 13.599EUR and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

Jean Sassus ...
  • Steven Gould

Unicredit : Q2 2020 results confirm our more cautious stance in the short to medium term

>Lacklustre performance on the operating front - UCG’s Q2 2020 results this time were not marked by significant non-recurring items, unlike in Q1 – this resulted in reported earnings that were higher than expected (net profit +21% vs consensus of € 420m).The ‘underlying’ operating performance was fairly mixed as the beat in terms of net profit stems to a greater extent from higher-than-expected trading revenues (+36% vs consensus at € 357m) and lower loan-loss pr...

Jean Sassus ...
  • Steven Gould

Unicredit : Le T2 2020 conforte notre approche plus prudente à CMT

>Une copie sans éclat sur l’opérationnel - UCG a publié un T2 2020, cette fois non marqué par d’importants éléments non-récurrents, comme au T1 – il en ressort une copie faciale supérieure aux attentes sur la bottom line (RN +21% vs consensus à 420 M€).La performance opérationnelle ‘sous-jacente’ ressort assez mitigée car l’upbeat sur le RN provient dans une large mesure de revenus de trading plus élevés qu’attendu (+36% vs cons à 357 M€) et de provisions sur cré...

Esther Castro

UNICREDIT: MENSAJES DE LA CONFERENCE CALL RDOS. 2T’20 (ANÁLISIS BANCO SABADELL)

Los principales mensajes han sido:  Confirma guidance’20-21 en CoR de entre 100 p.b. y 120 p.b. y de entre 70 p.b. y 90 p.b., respectivamente, en línea BS(e). De igual forma confirma la total enajenación de los activos no estratégicos en 2021 y puntualiza que retribuirá de forma gradual todo el exceso de capital >200 p.b./250 p.b. de MDA.. En relación a las partidas no operativas, incrementan los gastos para cargos sistémicos desde los -850 M euros a los -900 M euros. Por el momento sin guidance en impuestos’20 dado el escaso BAI esperado mientras que confirman la horquilla de entre 18%-20% ...

Jean Sassus ...
  • Steven Gould

ODDO : Italian banking association statistics (June 2020): the calm before the storm ... Vol II

>Current indicators continue to be misleading - The recent publication of the latest data from the Italian banking association (ABI) confirms the observations made in June on the situation in the Italian banking sector during the initial phase of the health crisis. The already visible signs of deterioration in the macroeconomic climate in Italy prior to the COVID-19 outbreak (marked slowdown in economic growth to around +0.5%) in lending activity and asset quality giv...

Jean Sassus ...
  • Steven Gould

ODDO : Statistiques de l’ABI (juin 2020) : le calme avant la tempête …Vol II

>Les indicateurs actuels restent en trompe l’œil - La publication récente des dernières données de l’Association Bancaire Italienne (ABI) conforte les observations faites en juin sur la situation du secteur bancaire italien durant la phase initiale de la crise sanitaire. Les signes déjà visibles de détérioration du contexte macroéconomique en Italie avant le COVID-19 (ralentissement marqué de la croissance économique autour de +0.5%) sur l’activité de crédit et la qua...

Carine Maciol

Unicredit : We are upgrading our recommendation to Buy vs. Neutral

UniCredit's quarterly earnings release was marked by a further downward revision of revenue targets to reflect the persistently low interest rate environment. The forthcoming 2020-23 strategic plan, due to be presented in December, will share two points with the previous plan: further cost-cutting and balance sheet pruning. Regarding these points, management, which set more ambitious targets than forecast, has shown its worth. Lastly, the distances to regulatory requirements, be ...

Carine Maciol

Unicredit : Nous upgradons notre recommandation de Neutre à Achat

La publication des résultats trimestriels d’Unicredit a été marquée par une nouvelle révision en baisse des objectifs de revenus, afin d’acter une situation de taux bas durable. De fait, le prochain plan stratégique 2020/2023 qui sera présenté en décembre aura comme point commun avec le précédent une poursuite de la réduction des coûts et du nettoyage du bilan. Sur ces deux points, le management, qui a fixé des objectifs plus ambitieux que prévu, a prouvé sa crédibilité. Enfin, l...

Carine Maciol

Unicredit : We are lowering our recommendation to Neutral

While Q3 results were disappointing at first sight, they did have the advantage on reflection of tackling two thorny issues: US sanctions and Turkey. The revision of capital ratio targets is modest and should allow the bank to maintain a comfortable buffer relative to regulatory requirements. The most visible impact of the Italian political crisis today is on the bank’s funding programme. This has been delayed at a time when the bank still needs to issue around € 7bn SNP/Tier 2 i...

Carine Maciol

Unicredit : Nous abaissons notre recommandation à Neutre

Si en première lecture la publication des T3 était décevante, en seconde lecture, cette dernière publication a l’avantage d’épurer deux problématiques, les sanctions US et la Turquie. Les révisions des objectifs de solvabilité sont limitées et permettent de conserver un buffer confortable aux exigences réglementaires. L’impact actuellement le plus visible de la crise politique italienne est sur l’avancée du programme de funding. La banque a pris du retard alors qu’il demeure un b...

Alain LOPEZ ...
  • Christine KAM
  • Gilles de BOURROUSSE
  • Jan PATTEYN
  • Louis GUINTRANGE NONCHEZ

*** Octo - Creditorial - 05 June 2018 ***

Octo - Creditorial - 05 June 2018

Ahmed Ben Salem

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2020

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to 2021....

Ahmed Ben Salem

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2020

Nous tablons sur un S1 2020 historiquement bas, pénalisé par les effets du confinement. Sur la base de nos estimations S1 et du consensus annuel, plusieurs valeurs nous semblent susceptibles de décevoir (Imerys et Vicat). A l’inverse, le consensus annuel nous semble intégrer une marge d’erreur, voire un potentiel de révision à la hausse pour LafargeHolcim, Getlink et Eiffage. Saint-Gobain et Eiffage restent nos valeurs préférées d’autant que le marché et les investisseurs ont déjà tou...

Anthony Dick ...
  • Jean Sassus
  • Michael Foundoukidis
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/18/2020

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Thanks to a better fundamental star rating, UNICREDIT sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to UNICREDIT (IT), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date June 16, 2020, the closing price was EUR 8.42 and its expected value was estimated at EUR 7.47.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Unicredit SPA – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 12/04/2018

In item 3.b, the AGM is called to appoint the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 0.5% of the share capital. Two slates of nominees have been submitted, respectively by the outgoing Board of Directors (sub-item 3.b.1: 15 nominees, including the non-executive Chairman, the CEO and 8 independent nominees as per our guidelines) and a group of institutional investors jointly holding 1.6% (sub-item 3.b.2, including 2 independent nominees). One of the institutional investors that submitted the slate of nominees is Generali Investments, ...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 04/12/2017

In items 1.a.2 and 1.b.2 of the AGM, the General Meeting is called to respectively appoint a standing and an alternate member of the Board of Statutory Auditors, on proposals submitted by shareholders. One of the shareholders that submitted the proposals is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali. Voting advice is provided primarily as a source of information at general meetings. Taking into account the professional background and the independence of bo...

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