Analysts like the 2021 accounts published last week by Unicredit. The results were so convincing that they triggered a series of updates on the accounts and an avalanche of buy on the title.
Unicredit, the latest opinions of analysts
Starting from SocGen, which sets the target price at € 16. Analogous the judgment arrived from Equity, which substantially reiterated its 2022-2024 estimates.
While always buy but with higher target prices have arrived Intesa Sanpaolo (€ 16.90) and HSBC (17 euros). However, they are the analysts of Goldman Sachs to have the highest target price (€ 21.75), followed by Bnp Paribas (21 euros), Mediobanca (ouperform, 19 euros).
This morning the stock moves around 14 euros (+2), around 16% below the average of the target prices set by the average of the brokers covering the stock. Since the beginning of the year, the shares of the Italian bank have recorded an increase of 1.6% against the current with respect to the red of the Ftse Mib (-3 %%)
Always buy with a target price of 15.70 euros was set by Citi, which expects a profit of more than 4 billion euros in 2024, in light of a higher return on capital / buyback. On the other hand, the estimates for 2022-2023 remain unchanged: forecasts are for an eps at the end of 2022 of 1.66 euros per share from the 1.63 previously estimated, it is seen at 2.07 euros per share in 2023 (from 2, 04 euros per share) and 2.78 euros per share in 2024 (from 2.68 euros per share), the year in which Unicredit should record a net profit of over 4 billion (4.107 billion) from the 3.057 billion expected for this year ( 3.458 billion in 2023).
Target price also revised upwards by JP Morgan, which raised from € 17 to € 18 (overweight rating) and Intermonte from € 16.5 to € 18.5 (buy).
The 2021 accounts
UniCredit has met or exceeded all 2021 guidance. The underlying net profit reached 3.9 billion euros, up by 2.6 billion over the previous year, exceeding the target of over 3.7 billion, with an underlying RoTE of 7.5%. The accounting net profit it was positive for 1.5 billion euros in 2021 (negative for 2.8 billion euros in 2021) and negative for 1.4 billion euros in the fourth quarter of the year (positive for 1.2 billion euros a year ago) .
THE total revenue reached € 4.4 billion in the fourth quarter of 2021, an increase of 4.7% year on year, and € 18 billion for the full year, up 4.8% compared to the previous year (the target er of 17.5 billion). The RoTE stood at 7.3%, while the earnings per share at 1.58 euros.
There ordinary distribution proposal for 3.75 billion euros, consisting of cash dividends for approximately 1.17 billion euros and share buybacks for approximately 2.58 billion euros, will be presented to the shareholders’ meeting on 8 April. The cash dividend is subject to the approval of the shareholders ‘meeting, while the repurchase of treasury shares must be approved by the supervisory bodies and the shareholders’ meeting.