UNIQA confirmed at HOLD, TP EUR 9.8 - Preparing for the future, eventful year ahead
We see the recent acquisition as having strategic long-term potential for UNIQA due the increase of scale in CEE (especially the highly competitive Polish market) and exposure to more dynamic insurance markets that could support growth in the medium to long term. Nevertheless, due to the strong valuation gain post acquisition announcement we currently only see limited upside to the current share price. The company will have an eventful FY 20, undergoing a restructuring (merging UNIQA Oesterreich Versicherungen and UNIQA International), integration of the AXA business and the publication of a new strategy at the capital market day in autumn, which will likely impact performance over the forecast horizon. We confirm our HOLD recommendation with an increased TP of EUR 9.8 per share.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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