Unicredit : Adequate solvency position to withstand shocks - Buy recommendation reiterated
UniCredit has entered this crisis with a truly solid balance sheet thanks to the restructuring undertaken in recent years. And although it is not spectacular, the Team 23 plan, launched in December 2019, should at least be credited for being based on pragmatic, tangible/self-help levers and (realistic) conservative assumptions. - However, the identified operational drivers (downward trajectory of the CoR and cost reduction) are now impaired/inadequate because of the COVID-19 crisis...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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