Unicaja Banco : Q2 2023 provides more validation of group’s operational recovery
>Outperform recommendation maintained. Target price lifted to € 1.40 (vs € 1.35) - We remain positive on the stock (Outperform) after Q2 2023 results that show the continuation of positive momentum on Unicaja Banco's underlying operational performance (top line, costs, cost of risk) and a reassuring message on solvency/liquidity and the guidance for 2023. We have edged-up our forecasts for net profit by 1% on average for the 2023-2025 period, notably with a more posit...Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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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