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Consensus

Sell-side analysts with active coverage of UniCredit at the research firms listed in the first page of the attachment were asked to submit their latest UniCredit estimates for this consensus collection. Research firms that have recently discontinued UniCredit coverage (some of which may have contributed to prior consensus collection) are not shown on this list. Sell-side analysts who maintain a detailed earnings forecast model are asked to participate in the consensus collection.

 

Please note that the table below and the downloadable document are a summary of publicly available opinions, estimates and forecasts made by analysts representing 16 brokers covering UniCredit. The document contains a summary of median and average consensus estimates for UniCredit, collected by UniCredit Investor Relations directly from sell-side analysts covering UniCredit.

The opinions, estimates and forecasts are theirs alone and do not represent the opinions, estimates or forecasts of UniCredit or its management, nor should they be considered as a recommendation to enter into any transaction involving UniCredit securities.

By including this information on its website, UniCredit does not endorse or concur with any of these opinions, estimates or forecasts and disclaims any liability for the completeness, timeliness, accuracy or selection of such information.

 

 

Consensus updated after 1Q25 results.

 

 

Target price, rating, EPS, DPS

Target price & rating

 

   
Average target price, € 60.35
Contributors with rating, # 14
BUY (Overweight, Outperform, Add, Accumulate) 64%
HOLD (Neutral, Market Perform, Equalweight, In line)  36%
SELL (Reduce, Underperform, Underweight)  0%

Stated EPS (1), €

  2025E 2026E 2027E
Average Stated EPS, € 6.41 6.82 7.49
Growth y/y n.m. +6% +10%
Median Stated EPS, € 6.36 6.86 7.50
Growth y/y n.m. +8% +9%
Max  6.72 7.37 8.23
Min 6.06 6.25 6.88

EPS(2), €

  2025E 2026E 2027E
Average EPS, € 6.34 6.80 7.47
Growth y/y n.m. +7% +10%
Median EPS, € 6.33 6.80 7.47
Growth y/y n.m. +7% +10%
Max  6.60 7.37 8.23
Min 6.06 6.25 6.88

DPS(3), €

  2025E 2026E 2027E
Average DPS, € 3.20 3.47 3.84
Growth n.m. +9% +11%
Median DPS, € 3.22 3.46 3.86
Growth n.m. +8% +11%
Max  3.41 3.73 4.32
Min 2.79 3.20 3.52

(1) Stated EPS is calculated by taking the estimates on Stated Net Profit over average outstanding ordinary shares submitted by the individual analysts that participate to the Consensus compiling process.

(2) EPS is calculated by taking the estimates on Net Profit over average outstanding ordinary shares submitted by the individual analysts that participate to the Consensus compiling process.

(3) DPS is calculated by taking the absolute cash dividends over EoP number of ordinary shares estimates submitted by the individual analysts that participate to the Consensus compiling process.

 

Group

Consensus full table 

 

Consensus(4) 2025E   2026E   2027E  
€m Average Median Average Median Average Median
Total revenues 24,406 24,408 24,665 24,603 25,319 25,131
Net interest 13,525 13,526 13,442 13,446 13,733 13,710
Net commissions and insurance result 8,723 8,719 9,142 9,091 9,491 9,494
Trading income 1,567 1,586 1,466 1,482 1,469 1,434
Dividends 519 494 535 508 546 521
Balance 72 64 79 68 79 69
Operating costs -9,530 -9,550 -9,640 -9,662 -9,778 -9,767
Staff expenses -5,919 -5,901 -5,988 -5,957 -6,078 -6,043
Other administrative expenses -2,654 -2,672 -2,689 -2,694 -2,727 -2,730
Recovery of expenses 127 106 129 108 129 109
Depreciation and amortisation  -1,070 -1,069 -1,079 -1,085 -1,090 -1,096
Gross operating profit 14,876 14,883 15,025 14,960 15,540 15,447
Net write-downs on loans -726 -733 -911 -889 -1,008 -1,031
Net operating profit 14,150 14,179 14,114 14,114 14,532 14,498
Other charges & provisions -548 -497 -503 -484 -498 -484
 o/w Systemic Charges -321 -336 -278 -300 -298 -299
  o/w DGS -72 -83 -79 -85 -80 -85
  o/w Bank levies -221 -223 -189 -214 -186 -218
  o/w SRF -16 -13 -16 -12 -16 -12
Integration costs -227 -200 -91 -60 -79 -50
Net profit (loss) from investments -29 -19 -25 -20 -25 -20
Profit (loss) before tax 13,341 13,380 13,496 13,454 13,930 13,839
Income taxes -3,664 -3,773 -3,788 -3,795 -3,907 -3,929
Net profit (loss) of discontinued operations 0 0 0 0 0 0
Minorities -50 -49 -48 -50 -50 -49
PPA -4 0 -5 0 -5 0
Goodwill impairment 0 0 0 0 0 0
Other 0 0 0 0 0 0
Stated Net profit 9,628 9,630 9,660 9,663 9,974 9,949
Net Profit 9,517 9,545 9,636 9,627 9,957 9,933
AT1 Coupon (post tax basis) -216 -212 -217 -212 -216 -210
Cashes Coupon (post tax basis) -199 -200 -193 -192 -194 -193
Net Profit after AT1 and Cashes 9,089 9,066 9,220 9,251 9,543 9,478
             
RWA, EoP 293,348 293,086 300,828 300,540 308,197 308,500
CET1% 15.6% 15.6% 15.4% 15.3% 15.2% 15.0%

(4) Please note that the number of contributors may vary line by line and by reference period. Hence some quarter-end figures may not match the year-end ones. NB: The consensus figures represent the line-by-line median of the estimates provided by the analysts, therefore are not additive.

 

"Stated net profit" means accounting net profit.
"Net profit" means Stated net profit adjusted for impacts from DTAs tax loss carry forward resulting from sustainability test. The result is used for cash dividend accrual / total distribution.
"Net profit after AT1 and Cashes" means Net profit as defined above adjusted for impacts from AT1 and Cashes coupons. The result is used for RoTE and RoAC calculation.

 

Updated on 14 April 2025.