UNICREDIT: TEAM’20-23 (ANÃLISIS BANCO SABADELL)
Tras Team’20-23 actualizamos P.O. hasta los 17,2 euros/acc. (+10% vs antes; +39% de potencial). COMPRARNo hay excusas para que UCG cierre el descuento de c. -30% con el que cotiza vs sector con un P/TE’20 de 0,5x para una RoTE’20 de c. 8,5% vs 0,7x y 9,5% sector. La bajada del P2 1,75% (2% antes) deberÃa traducirse en una menor percepción de riesgo. Además el nuevo Plan (con objetivos modestos y por ende alcanzables) se concentra en la retribución al accionista (unos 8.000 M euros, 2.000 M euros mediante buy-backs; c. 30% de su capitalización). Su polÃtica de pay-out estarÃa garantizada en un escenario de negativización del Euribor, todo ello, en un contexto de mantener el MDA buffer entre +200 p.b. y +250 p.b.
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.
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