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Consensus

Please note that the table below and the downloadable document are a summary of publicly available opinions, estimates and forecasts made by analysts representing 20 brokers 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 as at 1Q21.

 

 

    

 

Target price, rating, EPS, DPS

Target price & rating(1)

   
Average target price, € 9.98
Contributors with rating, # 20
BUY (Overweight, Outperform, Add, Accumulate) 30%
HOLD (Neutral, Market Perform, Equalweight, In line)  60%
SELL (Reduce, Underperform, Underweight)  10%
buy-hold-sell

EPS(1), €

  2021E 2022E 2023E
Average EPS, € 0.96 1.35 1.68
Growth n.m. +41%  +25% 
Max  1.18 1.76  2.14
Min 0.29  0.97 1.26
EPS-ENG

DPS(1), €

  2021E 2022E 2023E
Average DPS, € 0.37  0.44 0.61
Growth n.m. +19%  +37% 
Max  0.46 0.71 0.95
Min 0.15 0.06 0.43
DPS-ENG

(1) 20 analysts contributed to consensus 1Q21 (o/w 19 provided target price, 20 provided rating, 17 provided EPS, 18 provided DPS).

 

Consensus Full table

Consensus(1) 1Q21E   2021E   2022E   2023E  
€m Average Median Average Median Average Median Average Median
Total revenues 4,294 4,283 17,191 17,143 17,471 17,435 17,713 17,719
Net interest 2,166 2,167 9,051 9,020 9,183 9,170 9,284 9,298
Net commissions 1,554 1,554 6,252 6,274 6,428 6,444 6,586 6,604
Trading income 380 364 1,415 1,440 1,427 1,421 1,427 1,415
Dividends 99 100 411 403 395 396 381 390
Balance 96 100 69 84 20 20 10 20
Operating costs -2,457 -2,455 -9,838 -9,850 -9,829 -9,840 -9,884 -9,886
Staff expenses -1,499 -1,500 -5,985 -5,987 -5,960 -5,946 -5,957 -5,979
Other administrative expenses -796 -804 -3,172 -3,231 -3,175 -3,194 -3,210 -3,210
Recovery of expenses 132 125 534 519 535 508 536 508
Depreciation and amortisation  -287 -282 -1,183 -1,151 -1,200 -1,165 -1,215 -1,170
Gross operating profit 1,837 1,825 7,357 7,263 7,623 7,591 7,805 7,792
Net write-downs on loans -629 -625 -3,347 -3,241 -2,679 -2,671 -2,307 -2,327
Net operating profit 1,209 1,212 4,190 4,100 5,104 4,926 5,651 5,571
Other charges & provisions -539 -533 -1,084 -1,060 -1,066 -1,061 -1,061 -1,055
Integration costs -8 -2 -24 -10 -24 -9 -23 -9
Net profit (loss) from investments -147 -150 -286 -150 -290 0 -40 0
Profit (loss) before tax 515 525 2,685 2,816 3,634 3,723 4,835 4,240
Income taxes -112 -106 -556 -553 -727 -750 -884 -897
Net profit (loss) of discontinued operations -2 0 0 0 0 0 0 0
Minorities -5 -5 -25 -22 -30 -27 -31 -30
PPA -4 -1 -31 -43 -29 -40 -28 -35
Goodwill impairment 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0
Net profit 396 413 2,101 2,191 2,896 2,912 3,491 3,414
RWA 327,908 325,726 354,598 355,620 369,808 368,913 380,033 381,506
CET1% 15.20% 15.21% 13.89% 13.87% 13.50% 13.47% 13.40% 13.40%
Updated on 26 April 2021.