Unicaja Banco : T3 2021 : 1ère publication pro forma LBK et de qualité correcte
>Opinion Surperformance maintenue – OC inchangé à 1.25 € - Nous réitérons notre opinion Surperformance sur Unicaja Banco 2.0 (PF fusion avec LBK) avec un OC inchangé 1.25 €, ne voyant pas d’élément susceptible d’altérer notre approche positive sur le deal M&A (pertinence, retombées positives sur la rentabilité…). Le titre se traite ‘seulement’ à 0.2x sa BV 2020 (PF combiné) pour un RoE 2022e supérieur à 5% (vs secteur ~0.7x BV & RoE 2022e ~8%), soit une valorisation ...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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