Unicredit : T4 2021 : importants one-offs vs tendances underlying solides
>Opinion Neutre maintenue – OC porté à 15.0 € (vs 14.0 €) - La performance opérationnelle au T4 2021 est solide, grâce surtout à la baisse du CdR mais aussi à un momentum plus favorable sur le PNB (notamment les commissions) – nous relevons nos anticipations de RN sur 2022/2024e de ~1% en moyenne (+2% sur les BPA modulo la réduction du nombre d’actions sur la période / rachat d’actions). Notre opinion Neutre est maintenue avec un OC porté mécaniquement à 15.0 € (vs 14...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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