Unicredit : Potentiel de rerating encore significatif et surtout davantage crédible !
>Opinion relevée à Surperformance (vs Neutre) – OC porté à 26.0 € (vs 21.0 €) - Unicredit affiche de nouveau une performance solide au T1 2023 (avec un RN à 2.1 Md€ soit +65% vs cons) mais cette fois sans l’aide de one-offs. L’upbeat est drivé à la fois par une bonne dynamique de la topline (+12% vs cons dont +8% sur les NII & +17% sur les commissions), la confirmation d’une bonne maîtrise des coûts (-3% vs cons) et de nouveau un coût du risque particulièrement modéré...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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