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

Jean Sassus ...
  • Steven Gould

ODDO : The rerating no longer depends only on the ECB

>Positive decisions but in line with expectations - The ECB's decisions are broadly in line with expectations as regards the banking sector:Lower deposit rates, consistent with forecasts, with a tiering system to limit the impact of the switch from -0.40% to -0.50% but not much more.Improvement in the terms of the TLTRO, with an extension from 2 to 3 years.But the drop in rates could lead investors to fear further pressure on margins.The sector has...

Jean Sassus ...
  • Steven Gould

ODDO : Le rerating ne peut plus reposer uniquement sur la BCE

>Décisions positives mais conformes aux attentes - Les décisions de la BCE sont proches des attentes concernant le secteur bancaire :Baisse des taux de dépôt conforme aux anticipations avec mise en place d’un système de « tiering » limitant l’impact du passage de -0.40% à -0.50% mais pas nettement plus.Amélioration des conditions du TLTRO avec notamment une extension de 2 à 3 ans.En revanche, la baisse des taux peut faire craindre aux investisseurs une ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/12/2019

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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 : The rerating no longer depends only on the ECB

>Positive decisions but in line with expectations - The ECB's decisions are broadly in line with expectations as regards the banking sector:Lower deposit rates, consistent with forecasts, with a tiering system to limit the impact of the switch from -0.40% to -0.50% but not much more.Improvement in the terms of the TLTRO, with an extension from 2 to 3 years.But the drop in rates could lead investors to fear further pressure on margins.The sector has...

Jean Sassus ...
  • Steven Gould

ODDO : Le rerating ne peut plus reposer uniquement sur la BCE

>Décisions positives mais conformes aux attentes - Les décisions de la BCE sont proches des attentes concernant le secteur bancaire :Baisse des taux de dépôt conforme aux anticipations avec mise en place d’un système de « tiering » limitant l’impact du passage de -0.40% à -0.50% mais pas nettement plus.Amélioration des conditions du TLTRO avec notamment une extension de 2 à 3 ans.En revanche, la baisse des taux peut faire craindre aux investisseurs une ...

Jean Sassus ...
  • Steven Gould

ODDO : Bank of Italy statistics for July 2019: waiting for the ECB …

>Banking activity under pressure, in response to macroeconomic downturn - According to the end-July data published by the Bank of Italy, private-sector loans (adjusted for securitisation) rose +0.8% y-o-y. This confirms the slowdown seen since September (-2.0pp of growth y-o-y), though it does not suggest an actual collapse following the deterioration in the macroeconomic environment in Italy since H2 2018 (average +0.9% YTD).Italian household lending: further s...

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...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/12/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/09/2019

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Christophe-Raphaël Ganet ...
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/29/2019

...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/08/2019

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Alexandre Iatrides ...
  • Benoit Valleaux
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

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

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Ibrahim Firdaus

Unicredit Group

Ibrahim Firdaus

Unicredit Group

Ibrahim Firdaus

Unicredit Group

Ibrahim Firdaus

Unicredit Group

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.

Carine Maciol

Unicredit : Nous upgradons notre recommandation de Neutre à Achat

La publication des résultats trimestriels d’Unicredit a été marquée par une nouvelle révision en baisse des objectifs de revenus, afin d’acter une situation de taux bas durable. De fait, le prochain plan stratégique 2020/2023 qui sera présenté en décembre aura comme point commun avec le précédent une poursuite de la réduction des coûts et du nettoyage du bilan. Sur ces deux points, le management, qui a fixé des objectifs plus ambitieux que prévu, a prouvé sa crédibilité. Enfin, l...

Carine Maciol

Unicredit : We are upgrading our recommendation to Buy vs. Neutral

UniCredit's quarterly earnings release was marked by a further downward revision of revenue targets to reflect the persistently low interest rate environment. The forthcoming 2020-23 strategic plan, due to be presented in December, will share two points with the previous plan: further cost-cutting and balance sheet pruning. Regarding these points, management, which set more ambitious targets than forecast, has shown its worth. Lastly, the distances to regulatory requirements, be ...

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...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

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 €.

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