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
Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

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

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

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

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

...

Jean Sassus ...
  • Steven Gould

ODDO : Bank of Italy statistics – April 2020: COVID-19 impact (lending/NPL) still not that visible … for now!

>Lending activity – don’t look too closely at the short-term trend - According to the data to end-April published by the Bank of Italy, lending (adjusted for securitisation) in the private sector saw growth of 1.4% y-o-y, in line with the pace of the previous month and a significant uptick on the rate at end-February (+0.3% y-o-y). This marks a break from the slower trend seen prior to the health crisis (-2pp of growth y-o-y) with the deterioration in the macroeconomi...

Jean Sassus ...
  • Steven Gould

ODDO : Statistiques BdI - avril 2020 : l’impact COVID (crédit/NPL) reste encore peu visible … pour l’instant !

>Activité de crédit – évolution CT en trompe-l’œil - Selon les données à fin avril publiées par la Banque d’Italie, les crédits (ajustés de la titrisation) au secteur privé ont augmenté de 1.4% yoy soit un rythme identique à celui du mois précédent et une accélération notable par rapport à février (+0.3% yoy). Cela vient infirmer le ralentissement observé avant la crise sanitaire (-2 pp de croissance yoy) en phase avec la détérioration du contexte macroéconomique en I...

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 ...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Jean Sassus ...
  • Steven Gould

ODDO : Bank of Italy statistics – April 2020: COVID-19 impact (lending/NPL) still not that visible … for now!

>Lending activity – don’t look too closely at the short-term trend - According to the data to end-April published by the Bank of Italy, lending (adjusted for securitisation) in the private sector saw growth of 1.4% y-o-y, in line with the pace of the previous month and a significant uptick on the rate at end-February (+0.3% y-o-y). This marks a break from the slower trend seen prior to the health crisis (-2pp of growth y-o-y) with the deterioration in the macroeconomi...

Jean Sassus ...
  • Steven Gould

ODDO : Statistiques BdI - avril 2020 : l’impact COVID (crédit/NPL) reste encore peu visible … pour l’instant !

>Activité de crédit – évolution CT en trompe-l’œil - Selon les données à fin avril publiées par la Banque d’Italie, les crédits (ajustés de la titrisation) au secteur privé ont augmenté de 1.4% yoy soit un rythme identique à celui du mois précédent et une accélération notable par rapport à février (+0.3% yoy). Cela vient infirmer le ralentissement observé avant la crise sanitaire (-2 pp de croissance yoy) en phase avec la détérioration du contexte macroéconomique en I...

Jean Sassus ...
  • Steven Gould

ODDO : Italian Banking Association data: the calm before the storm...

>Current indicators are misleading - The recent publication of the latest data from the Italian Banking Association, provide some interesting indications 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 context in Italy prior to the COVID-19 outbreak (marked slowdown in economic growth of around +0.5%) on lending activity and the quality of assets gives a g...

Jean Sassus ...
  • Steven Gould

ODDO : Statistiques de l’ABI : le calme a avant la tempête …

>Les indicateurs actuels sont en trompe l’œil - La publication récente des dernières données de l’Association Bancaire Italienne (ABI) apporte des éléments d’appréciation intéressants 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 ...

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

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

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

...

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

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

...

Fatma Agnès Hamdani ...
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/29/2020

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Fatma Agnès Hamdani ...
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/05/2020

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Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2020

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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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