Unicaja Banco : Q3 2021: first publication pro forma for LBK and of decent quality
>Outperform rating maintained – target price unchanged at € 1.25 - We reiterate our Outperform rating on Unicaja Banco 2.0 (pro forma for the merger with LBK) with an unchanged target price of € 1.25, not seeing any factors likely to alter our positive approach to the M&A deal (makes sense, positive impact on profitability, etc.). The share is trading at just 0.2x its BV 2020 (PF combined) for a 2022e RoE of over 5% (vs sector ~0.7x BV and RoE 2022e ~8%), i.e. an att...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.