Unicredit : Un investment case dorénavant trop fragilisé…
>Opinion abaissée à Neutre (vs Achat) – OC ramené à 10.2 € (vs 11.1 €) - Nous dégradons le titre UCG à Neutre (vs Achat) avec un OC ramené à 10.2 € (vs 11.1 €). Le warning émis hier par le groupe sur le coût du risque vient un peu plus (trop) fragiliser notre investment case jusqu’ici positif et axé sur des leviers tangibles/activables d’amélioration de l’opérationnel (baisse des coûts & nettoyage bilanciel/baisse du CdR) et sur une optique crédible d’amélioration du ...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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