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.
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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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.