Unicaja Banco : Q2 2024 confirms prospect of RoTE improvement (already largely priced in)
>Neutral rating maintained – target price raised to € 1.40 (vs € 1.25) - We maintain our Neutral rating on the stock but have raised our target price to € 1.40 (vs € 1.25). The bank’s Q2/H1 2024 figures broadly confirm its solid underlying operating momentum (top line, costs, CoR) despite the unsurprising slowup in NII, as well as its solid balance sheet – we have upgraded our net income expectations (+10% on average for 2024-26e) to factor in the prospect of a lastin...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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