Research, Charts & Company Announcements
Research Tree offers UNICREDIT SPA research coverage from 1 professional analysts, and we have 5 reports on our platform.
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Providers covering UNICREDIT SPA
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.
Ongoing but slow recovery process
25 Feb 16
Although reported quarterly numbers were distorted by non-recurring items, underlying data showed resilient activity level trends that are expected to be confirmed this year. The group’s restructuring remains on track and extra cost savings have been secured in Austria. NPLs' disposals have been pivotal to stabilise asset quality. The acceleration in the Italian recovery coupled with the likely government’s complementary incentive measures to increase investors’ appetite are expected to kick-start the asset quality normalisation move this year. The sharp improvement in the capital position has enabled management to resume a partial cash dividend payment.
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Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.