Decent Underlying Growth in UniCredit's 3Q, but Revised Revenue and Capital Guidance Disappointing
UniCredit reported net operating profits of EUR 1.5 billion for the third quarter, ahead of the EUR 1.2 billion reported during the comparative period last year as well as the EUR 1.4 billion consensus pencilled in for the quarter. However, the market will not take kindly to the reduced guidance for capital and revenue for fiscal 2019 as well as the somewhat surprising impairment of UniCredit’s 40% stake in Turkish bank Yapi Kredi. We maintain our fair value estimate of EUR 14 as well as our no-...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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