UniCredit SpA

UNCFF: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$73.52	Llbf	Tclfgcvkc

Italian Banks: No Moats, UniCredit Mispriced Relative to Intesa

Johann Scholtz

Jan 24, 2018

We complete the relaunch of our Italian banking sector coverage with fair value estimates of EUR 19 for UniCredit and EUR 11 for Mediobanca. This implies price/fair value ratios of 0.95 for UniCredit and 0.9 for Mediobanca compared with 1.4 for Intesa.

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