Unicaja Banco : Q4 2021 results likely to bolster the strategic plan guidance
>Outperform rating maintained – Target price lowered to € 1.3 (vs € 1.4) - We reiterate our positive stance on the share (Outperform) following the publication of the Q4 2021 results but lower our estimates for net income by an average of 6% for the period 2022-2024e (thereby notably correcting our excessive optimism on the top-line outlook). Despite the share’s rally over the last 12 months (+ 67% vs sector +44%), it continues to show a relatively attractive valuati...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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