Unicaja Banco : Robust balance sheet and underlying operating performances in Q1 2023
>Outperform rating reiterated – Target price lowered to € 1.35 (vs € 1.45) - We remain positive on the share (Outperform) following the Q1 2023 earnings release with the underlying operating performance remaining positive (top line, costs, CoR) and a reassuring message on solvency/liquidity. We lower our net income estimates by an average of 6% for 2023-2025e, despite the confirmed 2023 guidance, particularly on the cost growth sequence, in order to factor in more dur...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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