Waiting for the start of the learning season also in Piazza Affari with Unicredit which will open the dances with the accounts of the 3rd quarter. The board of directors of the second largest Italian bank is scheduled for today with the distribution of the accounts and conference call tomorrow 26 October. In view of the results, the Italian banking group has published analysts’ estimates on its website. The consensus estimates for the led bank Andrea Orcel a net book profit of 1.004 billion including Russia. Net profit after AT1 & Cashes is expected at 949 million. Total revenues for the quarter are estimated at € 4.51 billion.
Indications substantially in line with those of the Bloomberg consensus which indicates revenues of 4.51 billion, net profit of 1.05 billion, interest margin of 2.43 billion euros, net commissions of 1.65 billion euros. In terms of capital ratios, the Common equity Tier 1 ratio is expected to be 15.4%.
Considering thewhole 2022revenues are estimated at 18.67 billion, net profit at 3.54 billion and a dividend per share of 0.66 euros.
Meanwhile, the second tranche of the buyback plan continues. As of 21 October, UniCredit purchased a total of 54,416,918 shares, equal to 2.69% of the share capital for a total value
equal to 584 million euros, or approximately 58% of the total expected buyback (1 billion).
Andrea Lisi of Yes, I rode provides for UniCredit “Another solid quarter with expected revision of guidance”. “We expect another good quarter from an operational point of view, with revenues + 4% on an annual basis mainly thanks to the positive dynamics of the net interest margin (supported by the increase in the commercial spread) and commissions resilient, thanks to a good resilience of transactional and financing fees. The cost to income C / I is expected at a good 52%. Below the operational line, although we expect the ‘underlying’ CoR (cost of risk) to remain extremely low, we assume a CoR in the area of 50 bps with the provision of further overlays “.
Title on the highs since February
The Unicredit stock is presented in the presence of the 3rd quarter account test with prices at the highest levels since the end of February. Since the lows of last May, the stock of the institute in Piazza Gae Aulenti has marked a rally of over + 43%.
Buy on the title dominate
Looking at the consensus, we see how most of the analysts following the stock (72.4%) have a bullish view (Buy) on Unicredit, 24.2% of them say they keep the stock in their portfolio (Hold), while the 3.4% have a bearish view.
The average target price indicated by analysts is € 15.13, with therefore a potential upside of 31.3% compared to current levelsli.