Unicredit : A good Q3 2022, 2022 guidance raised...OK but what next?
>Neutral maintained – Target price raised to € 15.3 (vs € 13.4) - The group reported another solid operational performance in Q3 2022, driven by the resilience of NBI (+9% vs consensus, albeit largely linked to trading) and good cost controls (-1% vs consensus) and once again (for the third consecutive quarter excluding Russia) a virtual absence of cost of risk. Moreover, the quarter was marked by a reassuring trend on solvency (‘just’ -30bp q-o-q on the FL CET1 ratio...Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.
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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