Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UNICREDIT SPA. We currently have 8 research reports from 1 professional analysts.
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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.
Distressed valuation on accumulated uncertainties
08 Jul 16
The market turmoil and the likely deterioration of the macro-economic scenario have led us to downgrade our earnings projections and valuations. At this stage, we believe most of the impact will be felt at the top-line level while we do not consider that the economic slowdown will dramatically derail asset quality trends. A protest vote to the upcoming referendum could change our view. The bailout of troubled domestic banks will be a supportive announcement. However, the uncertainty surrounding the future action plan of the new management to tackle the structural profitability and equity issues and the outcome of the referendum could continue to weigh on the stock’s relative performance.
Capital raising spiral
02 Jun 16
The group is looking for a new chief executive following the forced resignation of Federico Ghizzoni. The stock’s sharp P/E discount confirms that investors have lost patience and that the group has now entered the exclusive club of institutions expected to raise equity sooner or later, an option the former CEO was firmly opposed to.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)