Unicredit : Raising our recommendation to Neutral (vs. Reduce) on reassuring newsflow
UniCredit's 2022 earnings were reassuring for equity investors who saw in them the bank's delivery on its promise last year to provide significant shareholder returns. By returning more than € 5.25bn, UniCredit went over and beyond. - But the results were also reassuring for bond investors. UniCredit struck it doubly lucky by redistributing only part of its annual organic capital generation, without dipping into its existing capital, while even managing to strengthen it to meet hi...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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