Unicredit : Team 23, welcome pragmatism in the current context!
>Buy recommendation reiterated - target price unchanged at € 15.8 - Unicredit’s new strategic plan whilst not spectacular is at least pragmatic, based on tangible growth drivers, self-help and cautious (realistic) targets. This is well in line with our broader sector selection.At 0.5x 2018 BV for a 2021e RoE of >7% (vs 0.7x and 2021e RoE of <8% for the sector), the valuation remains attractive due to fundamentals and outlook. We are sticking with our Buy recommen...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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