UNIQA : A niche player in a growing CEE market with some residual upside potential
UNIQA continues to execute well on its 2025-2028 strategic targets, with improving non-life profitability and expanding life and health business segments. Positive trends should drive an EPS CAGR of 8.3%, on a par with Triglav Group, and above the AT&CEE average of 6.8% and we believe UNIQA is likely to upgrade its mid-term targets. The stock offers an attractive dividend yield of 6% and despite the 65% YTD return, our valuation analysis still indicates above 10% upside from current levels. We confirm our Outperform rating and increase our target price to € 14.5 from € 12.3. We also discuss UNIQA’s optionality on STRABAG.UNIQA Versicherungen is a provider of insurance products and related services. Co.operates in three business segments: property and casualty insurance, life insurance and health insurance. Co. provides property and casualty insurance; personal insurance, including health, accident and life insurance. Co. is also a direct marketer of accident, life and health insurance products, including online sales. Co.develops solutions for unit-linked products for the whole group.Co. provides its products and services through sales channels, including brokers and general agencies, banks and direct sales.
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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