Unicredit : UCG vs Italian banking sector M&A: what is rumoured… and what we can say!
>Neutral rating maintained – TP increased to € 9.6 (vs € 9.1) - Our approach on UCG remains broadly cautious at this stage. However, we increase our earnings estimates by an average of 1% for 20212-2023e, mainly to factor in a lower1ethan1eexpected cost of risk while the prospects for an improvement in operating leverage remain challenging in our view (notably for the revenue component while leeway on costs is becoming limited).The recent change of CEO coincides wi...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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