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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 23 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 3Q21.

 

 

    

 

Target price, rating, EPS, DPS

Target price & rating(1)

   
Average target price, € 12.71
Contributors with rating, # 21
BUY (Overweight, Outperform, Add, Accumulate) 67%
HOLD (Neutral, Market Perform, Equalweight, In line)  29%
SELL (Reduce, Underperform, Underweight)  5%
UC_BUY-HOLD-SELL_2021

EPS(1), €

  2021E 2022E 2023E
Average EPS, € 1.29 1.41 1.69
Growth n.m. +9%  +20% 
Max  1.63 1.79  2.10
Min 0.54  0.83 1.21
UC_EPS-ENG_2021

DPS(1), €

  2021E 2022E 2023E
Average DPS, € 0.45  0.45 0.54
Growth n.m. +1%  +19% 
Max  0.54 0.54 0.68
Min 0.18 0.33 0.40
UC_DPS-ENG_2021

(1) 23 analysts contributed to consensus 3Q21 (o/w 20 provided target price, 21 provided rating, 19 provided EPS, 20 provided DPS).

 

Consensus Full table

Consensus(1) 3Q21E   2021E   2022E   2023E  
€m Average Median Average Median Average Median Average Median
Total revenues 4,256 4,262 17,497 17,478 17,517 17,476 17,804 17,794
Net interest 2,208 2,211 8,788 8,796 8,914 8,927 9,060 9,058
Net commissions 1,621 1,624 6,619 6,628 6,737 6,744 6,890 6,879
Trading income 329 331 1,678 1,734 1,473 1,440 1,474 1,433
Dividends 113 113 444 451 411 400 397 397
Balance -15 -17 -8 -5 3 -6 1 -6
Operating costs -2,453 -2,451 -9,903 -9,867 -9,905 -9,877 -9,951 -9,937
Staff expenses -1,486 -1,485 -5,970 -5,974 -5,942 -5,972 -5,930 -5,907
Other administrative expenses -798 -804 -3,211 -3,256 -3,226 -3,250 -3,271 -3,286
Recovery of expenses 118 125 508 526 503 522 504 524
Depreciation and amortisation  -287 -288 -1,153 -1,154 -1,170 -1,165 -1,183 -1,172
Gross operating profit 1,803 1,816 7,594 7,601 7,612 7,572 7,853 7,904
Net write-downs on loans -523 -493 -2,304 -2,113 -2,431 -2,347 -2,227 -2,182
Net operating profit 1,280 1,327 5,290 5,629 5,181 5,277 5,626 5,650
Other charges & provisions -223 -239 -1,267 -1,251 -1,133 -1,161 -1,132 -1,161
Integration costs -5 -1 -19 -10 -18 -7 -18 -8
Net profit (loss) from investments 27 30 -390 -180 -223 -1 -34 0
Profit (loss) before tax 1,079 1,091 3,767 4,148 3,954 4,044 4,554 4,478
Income taxes -233 -235 -880 -947 -847 -857 -967 -964
Net profit (loss) of discontinued operations -1 0 1 1 0 0 0 0
Minorities -6 -5 -24 -25 -29 -30 -30 -30
PPA -1 0 -12 -1 -9 0 -9 0
Goodwill impairment 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0
Net profit 838 825 2,851 3,163 3,068 3,147 3,547 3,502
RWA 336,919 335,002 347,691 347,113 364,160 366,044 377,732 376,299
CET1% 15.23% 15.30% 14.54% 14.53% 14.11% 14.11% 13.86% 13.78%
Updated on 13 October 2021.