UniCredit SpA

UNCFF: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$41.33	Jst	Frnddnh

UniCredit Makes Progress on Transformation Plan After Capital Raise

Alex Morozov , Niklas Kammer

Aug 7, 2017

After the rights issue in the first quarter of 2017, UniCredit is moving ahead with its "Transform 2019" strategic plan. The fully loaded common equity Tier 1 ratio grew 2.5% year over year, supported by the disposals of Bank Pekao and Pioneer, while the asset quality further improved thanks to derisking efforts. Nonperforming exposures declined 30% versus last year and 4% compared with the prior quarter. We plan to maintain our fair value estimate of EUR 18, along with our no-moat rating.

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