Unicredit : Team 23, ou un pragmatisme bienvenu dans le contexte actuel !
>Opinion Achat réitérée – OC inchangé à 15.8 € - Le nouveau plan stratégique d’Unicredit, à défaut d’être spectaculaire, a le mérite d’être pragmatique, reposant sur des leviers tangibles/self-help et des hypothèses prudentes (réalistes). Cela s’inscrit bien en phase avec notre approche plus globale/sélection sectorielle.A 0.5x la BV 2018 pour un RoE 2021e >7% (vs secteur 0.7x & ROE 21e <8%), la valorisation reste attractive eu égard aux fondamentaux/perspectives...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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