UniCredit SpA
UNCFF: PINX (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$55.28 | Nxgl | Wqwlptyv |
UniCredit 3Q 2017 Boosted by Substantial Decline in Provisions
No moat Unicredit reported a seemingly very strong 86% increase in adjusted net profits for the third quarter of 2017, compared with the third quarter of 2016. We do however highlight that the increase resulted entirely from a 39% decline in loan loss provisions, with preprovision profits flat for the quarter. We will increase our earnings estimates for the full year, which could lift our current fair value estimate by around 5%.