Unicredit

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.
  • TickerUCG
  • ISINIT0005239360
  • SectorBanks
  • CountryItaly

Analysts

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2019

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2019

...

Jean Sassus ...
  • Steven Gould

ODDO : Bank of Italy statistics – January 2019: occhio!

>Banking activity: first clear slowdown… - According to the data for the end of January 2019 reported by the Bank of Italy, lending to the private sector (adjusted for securitisation) rose 1.0% y-o-y. This represents the first real break in the trend vs previous months (+1.9% y-o-y at end1eDecember 2018 and +2.9% y-o-y at end-April 2018 before the formation of the coalition government), with a sharp slowdown, which makes sense given the recession in Italy in the s...

Jean Sassus ...
  • Steven Gould

ODDO : Statistiques BdI – janvier 2019: occhio !

>Activité bancaire: 1er net fléchissement… - Selon les données à fin janvier 2019 publiées par la Banque d’Italie, les crédits (ajustés de la titrisation) au secteur privé ont augmenté de 1.0% yoy. Cela vient marquer la 1e véritable rupture avec la tendance des mois précédents (+1.9% yoy à fin décembre 2018 & +2.9% yoy à fin avril 2018 avant le gouvernement de coalition), avec un net ralentissement observé, in fine logique compte tenu de la récession en Italie au...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Alain LOPEZ ...
  • Christine KAM
  • Gilles de BOURROUSSE
  • Jan PATTEYN
  • Louis GUINTRANGE NONCHEZ

*** Octo - Creditorial - 05 June 2018 ***

Octo - Creditorial - 05 June 2018

Alain LOPEZ ...
  • Christine KAM
  • Gilles de BOURROUSSE
  • Jan PATTEYN
  • Louis GUINTRANGE NONCHEZ

*** Octo - Creditorial - 05 juin 2018 ***

Octo - Creditorial - 05 juin 2018

Carine Maciol

Unicredit : A credible plan that is on track

Monday 6 March 2017 - - - - Equity data - Reco: Buy - Target: € 16 - Equity Analyst : Jean Sassus - [email protected] - +33-1 44 51 83 08 - ESG Analyst : xxx - Corporate governance: High risk (4) - / - / - - - - - UniCredit has been successful in raising € 13bn of capital. This is clearly the most visible part of its strategic plan announced in December 2016. - This transaction helped to shore up its capital ratios which were hit at the end of 2016 by exceptional provisions and restructuring charges. These provisions increased the NPL coverage ratio by 5 pts to 55.6%. At the same time, ...

Carine Maciol

Unicredit : Un plan stratégique crédible et bien engagé

Unicredit a réussi avec brio à lever 13 mds EUR de capital. C’est certainement la partie la plus visible de son plan stratégique annoncé en décembre dernier. - Cette opération vient restaurer une solvabilité impactée fin 2016 par des charges de restructurations et de provisionnements exceptionnelles. Ces dernières ont permis de renforcer la couverture des actifs douteux de 5 points, à 55.6%. Alors qu’en parallèle, Unicredit a signé un accord pour déconsolider rapidement quelques 17.7 mds EUR de prêts douteux : de 77.8 mds EUR à fin 2015, le stock est passé à 56.3 mds EUR à fin 2016 (pro forma...

Jean Sassus ...
  • Steven Gould

ODDO : Bank of Italy statistics – January 2019: occhio!

>Banking activity: first clear slowdown… - According to the data for the end of January 2019 reported by the Bank of Italy, lending to the private sector (adjusted for securitisation) rose 1.0% y-o-y. This represents the first real break in the trend vs previous months (+1.9% y-o-y at end1eDecember 2018 and +2.9% y-o-y at end-April 2018 before the formation of the coalition government), with a sharp slowdown, which makes sense given the recession in Italy in the s...

Jean Sassus ...
  • Steven Gould

ODDO : Statistiques BdI – janvier 2019: occhio !

>Activité bancaire: 1er net fléchissement… - Selon les données à fin janvier 2019 publiées par la Banque d’Italie, les crédits (ajustés de la titrisation) au secteur privé ont augmenté de 1.0% yoy. Cela vient marquer la 1e véritable rupture avec la tendance des mois précédents (+1.9% yoy à fin décembre 2018 & +2.9% yoy à fin avril 2018 avant le gouvernement de coalition), avec un net ralentissement observé, in fine logique compte tenu de la récession en Italie au...

Jean Sassus ...
  • Steven Gould

ODDO : The ECB helps those who help themselves - or does it?

>Normalisation of rates: the banks will have to wait… for longer - The ECB is now ruling out a normalisation of deposit rates by end-2019. What is more, Mr Draghi seems to be making this conditional on the inflation target. This might spark fears of a prolonged status quo since the ECB forecasts inflation of 1.5-1.6% in 2020-2021. Mr Draghi did not mention any measures intended to mitigate the impact of the negative rates on the sector. The cost for the entire sector ...

Jean Sassus ...
  • Steven Gould

ODDO : Aide-toi, la BCE t’aidera… ou pas

>Normalisation des taux : les banques attendront… encore - La BCE exclut dorénavant une normalisation des taux de dépôts d’ici fin 2019. De plus Mr Draghi semble la conditionner à l’objectif d’inflation. Cela peut faire craindre un statu quo prolongé puisque la BCE table sur une inflation de 1.5% à 1.6% en 2020-2021. Mr Draghi n’a pas évoqué de mesures destinées à mitiger l’impact des taux négatifs pour le secteur. Le coût pour l’ensemble du secteur serait d’environ 7...

Johann Scholtz

Morningstar | UniCredit Reports 2018 Results; Italy and Turkey Resilient...for Now

No-moat UniCredit reported net profits of EUR 3.9 billion for 2018. In the results call, management struck a confident tone and pinned down a EUR 4.7 billion net profit target for 2019, slightly ahead of our EUR 4.5 billion estimate. UniCredit is exposed to two countries where the macroeconomic outlook deteriorated significantly. There is limited immediate evidence of this weakening in the 2018 results. If one scratches below the surface, however, some cracks do start to appear, especially if one isolates UniCredit's performance in the final quarter of 2017 in these two geographies. While we d...

1 director bought

A director at Unicredit Spa bought 45,000 shares at 11.033EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boa...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2019

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2019

...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2019

Un examen objectif des moteurs de progression des indices (anticipations de croissance macroéconomique, dynamique des BPA, évolution des conditions monétaires et coût du capital) nous amène à penser que la dynamique observée depuis le début de l’année ne peut se maintenir à court terme. Bref, le marché (Stoxx 600) est en avance sur ses temps de passage et devrait entrer dans une bande de fluctuation que nous estimons comprise entre 355 et 384 points. En conséquence, l’attitude la plus...

Alexandre Iatrides ...
  • Alfred Glaser
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Jeremy Garnier
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould
  • Valentin Pernet

ODDO BHF Small & MIDCAP MORNING NEWS - 02/13/2019

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Thanks to a better fundamental star rating, UNICREDIT sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to UNICREDIT (IT), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date February 15, 2019, the closing price was EUR 11.22 and its expected value was estimated at EUR 10.51.

Ibrahim Firdaus

Unicredit Group

Ibrahim Firdaus

Unicredit Group

Ibrahim Firdaus

Unicredit Group

Ibrahim Firdaus

Unicredit Group

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Carine Maciol

Unicredit : We are lowering our recommendation to Neutral

While Q3 results were disappointing at first sight, they did have the advantage on reflection of tackling two thorny issues: US sanctions and Turkey. The revision of capital ratio targets is modest and should allow the bank to maintain a comfortable buffer relative to regulatory requirements. The most visible impact of the Italian political crisis today is on the bank’s funding programme. This has been delayed at a time when the bank still needs to issue around € 7bn SNP/Tier 2 i...

Carine Maciol

Unicredit : Nous abaissons notre recommandation à Neutre

Si en première lecture la publication des T3 était décevante, en seconde lecture, cette dernière publication a l’avantage d’épurer deux problématiques, les sanctions US et la Turquie. Les révisions des objectifs de solvabilité sont limitées et permettent de conserver un buffer confortable aux exigences réglementaires. L’impact actuellement le plus visible de la crise politique italienne est sur l’avancée du programme de funding. La banque a pris du retard alors qu’il demeure un b...

Unicredit SPA – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 12/04/2018

In item 3.b, the AGM is called to appoint the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 0.5% of the share capital. Two slates of nominees have been submitted, respectively by the outgoing Board of Directors (sub-item 3.b.1: 15 nominees, including the non-executive Chairman, the CEO and 8 independent nominees as per our guidelines) and a group of institutional investors jointly holding 1.6% (sub-item 3.b.2, including 2 independent nominees). One of the institutional investors that submitted the slate of nominees is Generali Investments, ...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 04/12/2017

In items 1.a.2 and 1.b.2 of the AGM, the General Meeting is called to respectively appoint a standing and an alternate member of the Board of Statutory Auditors, on proposals submitted by shareholders. One of the shareholders that submitted the proposals is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali. Voting advice is provided primarily as a source of information at general meetings. Taking into account the professional background and the independence of bo...

Matthieu DRIOL

Short term view - UNICREDIT SPA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.210. The background trend would be questioned should prices rise above €14.346.

Matthieu DRIOL

Analyse court terme - UNICREDIT SPA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,210 €. La tendance de fond serait remise en cause en cas de franchissement de 14,346 €.

Matthieu DRIOL

Analyse court terme - UNICREDIT SPA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,210 €. La tendance de fond serait remise en cause en cas de franchissement de 14,346 €.

Matthieu DRIOL

Short term view - UNICREDIT SPA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.210. The background trend would be questioned should prices rise above €14.346.

Valérie GASTALDY

Medium term view - UNICREDIT SPA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €8.354, then €6.138. Passing €14.400 would question the continuation of the fall.

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