Oddo BHF - UniCredit S.p.A. (UCG) Unicredit : T3 2024 solide, confirmation du retour à l’actionnaire et optionnalité CBK

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Oddo BHF

Benoit Valleaux ...

Steven Gould

Unicredit : T3 2024 solide, confirmation du retour à l’actionnaire et optionnalité CBK

>Opinion Neutre réitérée – OC porté à 44.0 € (vs 42.0 €) - Unicredit confirme au T3 et sur 9M 2024 l’évolution favorable de sa performance opérationnelle, validant ainsi une perspective de retour à l’actionnaire significatif. Nous intégrons ce solide momentum avec une révision en hausse de 3% en moyenne de nos estimations de RN sur 2024-26e (drivée par un biais plus favorable à la fois sur les NII, les coûts et le CdR). Nous réitérons toutefois notre opinion Neut...

08/11/2024 1 FR

Underlying

UniCredit S.p.A.

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.

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IT0005239360 Italy

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Benoit Valleaux

Steven Gould

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>Q3 broadly in line and 2024 guidance confirmed – enough to reassure - Daimler Truck reported yesterday before trading earnings that came broadly in line with forecasts (see our First Take). Adjusted EBIT is still down y-o-y but stable sequentially and this is also the case for the Mercedes-Benz margin despite continued volume contraction in Europe, which is reassuring after the disappointing Q2 performance. Following this release, the group confirmed its 2024 guidan...

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>Feedback from conference call: 2024 guidance maintained at lower end of range Visibility still poor on timing of government programmes (Ségur, HFA) - CompuGroup published yesterday morning Q3 2024 results reflecting a steep decline in profitability, but in line with consensus expectations. (link first take ici). However, the share price ended the session with up 7% gain. This publication was probably reassuring, given that the latest reports was full of bad news, al...

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Unicredit : T3 2024 solide, confirmation du retour à l’actionnaire et optionnalité CBK

Unicredit : Robust Q3 2024 results, confirmation of shareholder returns and CBK optionality

Credit Morning 11/06/2024

Daimler Truck : An in-line release, enough to sustain momentum

Brembo : Q3 results below expectations and 2024 guidance cut again

CompuGroup Medical SE : Limited visibility, many challenges to tackle, even though read-across from NXU might give the stock some more momentum in the short term

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