UniCredit SpA

UNCFF: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$28.66	Kdrb	Msbwqjdw

UniCredit's 4Q Is a Mess, but Plan Is Taking Shape

Stephen Ellis

Feb 9, 2017

UniCredit’s fourth-quarter results were predictably poor, as the numerous charges the firm outlined at its capital markets day in December pushed the firm to a net loss of EUR 14 billion. We plan to maintain our EUR 18 fair value estimate, which reflects the bank’s recent reverse stock split and in-process capital raise, as well as our no-moat rating. Excluding the variety of charges, the bank’s adjusted profit was EUR 1.3 billion, reflecting modest improvements from lending more than offset by lower investment income and fee income.

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