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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 2Q21.

 

 

    

 

Target price, rating, EPS, DPS

Target price & rating(1)

   
Average target price, € 11.44
Contributors with rating, # 21
BUY (Overweight, Outperform, Add, Accumulate) 52%
HOLD (Neutral, Market Perform, Equalweight, In line)  33%
SELL (Reduce, Underperform, Underweight)  14%
buy-hold-sell

EPS(1), €

  2021E 2022E 2023E
Average EPS, € 1.04 1.27 1.60
Growth n.m. +22%  +26% 
Max  1.38 1.68  2.06
Min 0.38  0.48 0.74
EPS-ENG

DPS(1), €

  2021E 2022E 2023E
Average DPS, € 0.39  0.43 0.56
Growth n.m. +12%  +28% 
Max  0.48 0.52 0.69
Min 0.32 0.32 0.50
DPS-ENG

(1) 23 analysts contributed to consensus 2Q21 (o/w 20 provided target price, 21 provided rating, 18 provided EPS, 16 provided DPS).

 

Consensus Full table

Consensus(1) 2Q21E   2021E   2022E   2023E  
€m Average Median Average Median Average Median Average Median
Total revenues 4,251 4,258 17,332 17,343 17,492 17,473 17,761 17,748
Net interest 2,186 2,187 8,836 8,857 9,000 9,043 9,148 9,184
Net commissions 1,618 1,626 6,446 6,455 6,596 6,552 6,731 6,663
Trading income 352 350 1,617 1,621 1,477 1,456 1,470 1,442
Dividends 93 100 419 416 405 400 390 395
Balance 2 0 22 37 14 2 19 4
Operating costs -2,470 -2,471 -9,872 -9,856 -9,879 -9,857 -9,931 -9,918
Staff expenses -1,491 -1,491 -5,984 -5,990 -5,964 -5,983 -5,946 -5,902
Other administrative expenses -797 -804 -3,137 -3,221 -3,150 -3,223 -3,196 -3,256
Recovery of expenses 119 126 483 519 481 515 480 515
Depreciation and amortisation  -286 -287 -1,175 -1,149 -1,194 -1,161 -1,207 -1,172
Gross operating profit 1,781 1,792 7,460 7,477 7,613 7,573 7,831 7,767
Net write-downs on loans -647 -632 -3,106 -2,876 -2,762 -2,577 -2,437 -2,231
Net operating profit 1,135 1,118 4,354 4,610 4,851 5,032 5,394 5,543
Other charges & provisions -197 -189 -1,160 -1,164 -1,101 -1,130 -1,100 -1,140
Integration costs -7 0 -14 -3 -14 -3 -14 0
Net profit (loss) from investments -10 -4 -427 -198 -224 0 -5 0
Profit (loss) before tax 930 919 2,983 3,152 3,731 3,896 4,450 4,497
Income taxes -185 -186 -665 -691 -769 -801 -909 -912
Net profit (loss) of discontinued operations -1 0 -21 0 -10 0 -10 0
Minorities -7 -7 -24 -25 -27 -28 -26 -30
PPA -3 0 -16 -4 -16 -4 -16 -4
Goodwill impairment 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0
Net profit 736 720 2,296 2,517 2,930 3,085 3,509 3,536
RWA 328,451 324,563 347,121 346,249 363,369 362,928 376,228 374,463
CET1% 15.54% 15.66% 14.44% 14.43% 14.02% 14.09% 13.82% 13.71%
Updated on 14 July 2021.