Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UNICREDIT SPA. We currently have 10 research reports from 1 professional analysts.
Frequency of research reports
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Quarterly results and balance sheet on track according to management
10 Feb 17
The quarterly loss was in line with the preliminary estimate disclosed at the end of January. Operating trends were still under pressure but are on track according to management. The latter also detailed the technical reasons behind the sharper than expected depletion of the capital position prior to the rights issue.
Stronger 2016 loss does not derail planned equity trajectory
31 Jan 17
Ahead of the launching of its rights issue (due on 6 February according to some press reports) and the release of its full-year results (on 9 February), the group stated that it expects to record a loss of c.€11.8bn, boosted by €1bn of unexpected additional negative one-off items. The CET1 ratio would temporarily fall to around 8% before being fully restored following the capital raising (expected to be completed before 10 March on the basis of the current timetable). Importantly, management reiterated its +12.5% CT1 guidance for 2019.
Missed rendez-vous ?
13 Dec 16
The group has disclosed its 2017-19 business plan. Although we strongly promoted the stock prior to the referendum and ahead of the disclosure of the business plan, we must admit that we were expecting management to have kept under the hat some positive surprises and to propose a more aggressive plan. At the end of the day, the plan is fully in line with expectations, focused on responding to the market’s concerns over asset quality through accelerated NPL disposals at the expense of shareholders instead of fully addressing the profitability issue as evidenced by a “credible” but un-inspiring +9% 2019 ROTE objective.
05 Dec 16
Although expected, the No vote result of the Italian referendum attracted more votes than expected and is likely to lead to a freezing of economic reforms until the 2018 elections. This creates uncertainty regarding the recapitalisation of BMPS and by association smaller troubled banks. It also raises doubts about UCG’s own ability to perform its long-awaited capital increase which is expected to be announced next week. On the positive side, the Austrian vote is a positive to UCG which has a strong exposure to the country. The group has also confirmed this morning that it has entered into exclusive negotiations with Amundi concerning the sale of Pioneer.
First step on the road to salvation
13 Jul 16
The group has successively announced a 10% stake reduction in FinecoBank and Pekao. The move was welcomed by the market as, with a 20bp boost to the group’s solvency ratio, it reduces the dilution risk. However, this expected move is just a first step on the long road to salvation.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.