Unicredit : Q4 2021: significant one-offs vs solid underlying trends
>Neutral rating maintained – target price raised to € 15.0 (vs € 14.0) - The Q4 2021 operating performance was solid, thanks mainly to the fall in the cost of risk and also more favourable momentum in NBI (notably fees) – we increase our 2022-2024e net income estimates by an average of ~1% (+2% for EPS due to the reduction in the number of shares in the period / share buybacks). We maintain our Neutral rating, with a target price that automatically increases to € 15....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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