UNIQA confirmed at BUY, TP EUR 8.0 - Investment case intact despite uncertainty
We see the general investment case for UNIQA (undemanding valuation, increased underlying profitability) as still intactCompany has shown massive earnings improvement in FY 21, which should be a good base for earnings also going forward (in a stable environment)
Moderate Russia and Ukraine exposure (7% EBT) together with financial market turmoil poses risks
We model a FY 22e 10% EBT decline on the back of higher inflation, less investment income and lack of Russia/Ukraine profit contribution
We reflect the current environment and risk of impairments in our valuation, which drives the decrease in target price
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.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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