Report
Benoit Valleaux ...
  • Steven Gould

Unicredit : Crédibilité du retour à l’actionnaire indéniablement améliorée post T4 mais valorisation de plus en plus tendue

>Opinion Neutre maintenue – OC porté à 18.5 € (vs 16.3 €) - Le T4 2022 ressort de nouveau très solide, drivée par un bon PNB (+12% vs cons dont +10% sur les NII et bien qu’également liée au trading), une bonne maîtrise des coûts (-3% vs cons) et de nouveau un coût du risque modéré. Le trimestre est par ailleurs marqué par une évolution rassurante de la solvabilité (ratio CET1 FL à 14.9% après distribution de capital) notamment drivée par l’optimisation des RWA (-14 Md...
Underlying
UniCredit S.p.A.

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Benoit Valleaux

Steven Gould

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