Unicredit : Robust fundamentals confirmed in Q4 2023 vs strained valuation
>Neutral rating maintained – target price increased to € 36 (vs € 34) - UniCredit produced another positive surprise in Q4 2023 with net income of € 1.9bn before AT1/CASHES (i.e. +59% vs consensus). The beat was driven by good momentum in revenue (including in NII), confirmation of good cost control and a cost of risk that was much more contained than expected. The group moreover confirmed its comfortable level of solvency with a CET1 FL ratio of 15.9% at end-2023, th...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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