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UniCredit

BIT:UCG
Snowflake Description

Adequate balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
UCG
BIT
€23B
Market Cap
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Last updated 2019/05/23 20:40
Company description

UniCredit S.p.A. operates as a commercial bank. The last earnings update was 14 days ago. More info.

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  • UniCredit has significant price volatility in the past 3 months.
UCG Share Price and Events
7 Day Returns
-6.4%
BIT:UCG
-5.7%
IT Banks
-1.3%
IT Market
1 Year Returns
-36.8%
BIT:UCG
-30%
IT Banks
-9.3%
IT Market
UCG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
UniCredit (UCG) -6.4% -17.9% -9.1% -36.8% -66.4% -84%
IT Banks -5.7% -17.1% -4.9% -30% -41.1% -65.3%
IT Market -1.3% -5.2% 0.7% -9.3% 1.1% -37.3%
1 Year Return vs Industry and Market
  • UCG underperformed the Banks industry which returned -30% over the past year.
  • UCG underperformed the Market in Italy which returned -9.3% over the past year.
Price Volatility
UCG
Industry
5yr Volatility vs Market

UCG Value

 Is UniCredit undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of UniCredit to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for UniCredit.

BIT:UCG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 19 analysts.
= Stable Book Value * Return on Equity
= €26.65 * 7.7% 		€2.06
Book Value of Equity per Share Weighted future Book Value estimates from 14 analysts. €26.65
Discount Rate (Cost of Equity) See below 21%
Perpetual Growth Rate 10-Year IT Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BIT:UCG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.589 (1 + (1- 24%) (425.11%)) 		2
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (2 * 9.02%) 		20.97%

Discounted Cash Flow Calculation for BIT:UCG using Excess Returns Model Model

The calculations below outline how an intrinsic value for UniCredit is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BIT:UCG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.7% – 20.97%) * €26.65) 		€-3.53
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-3.53 / (20.97% - 2.93%) 		€-19.58
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €26.65 + €-19.58 		€7.07
BIT:UCG Discount to Share Price
Calculation Result
Value per share (EUR) From above. €7.07
Current discount Discount to share price of €10.13
= -1 x (€10.13 - €7.07) / €7.07 		-43.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of UniCredit is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for UniCredit's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are UniCredit's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:UCG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €1.71
BIT:UCG Share Price ** BIT (2019-05-23) in EUR €10.13
Italy Banks Industry PE Ratio Median Figure of 13 Publicly-Listed Banks Companies 8.41x
Italy Market PE Ratio Median Figure of 242 Publicly-Listed Companies 15.33x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of UniCredit.

BIT:UCG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:UCG Share Price ÷ EPS (both in EUR)

= 10.13 ÷ 1.71

 5.94x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • UniCredit is good value based on earnings compared to the IT Banks industry average.
  • UniCredit is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does UniCredit's expected growth come at a high price?
Raw Data
BIT:UCG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts		 1.7%per year
Italy Banks Industry PEG Ratio Median Figure of 11 Publicly-Listed Banks Companies 1.12x
Italy Market PEG Ratio Median Figure of 160 Publicly-Listed Companies 1.4x

*Line of best fit is calculated by linear regression .

BIT:UCG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.94x ÷ 1.7%

 3.41x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • UniCredit is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on UniCredit's assets?
Raw Data
BIT:UCG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €25.04
BIT:UCG Share Price * BIT (2019-05-23) in EUR €10.13
Italy Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.36x
Italy Market PB Ratio Median Figure of 322 Publicly-Listed Companies 1.46x
BIT:UCG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:UCG Share Price ÷ Book Value per Share (both in EUR)

= 10.13 ÷ 25.04

 0.4x

* Primary Listing of UniCredit.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • UniCredit is overvalued based on assets compared to the IT Banks industry average.
X
Value checks
We assess UniCredit's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
    5. UniCredit has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

UCG Future Performance

 How is UniCredit expected to perform in the next 1 to 3 years based on estimates from 21 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is UniCredit expected to grow at an attractive rate?
  • UniCredit's earnings growth is positive but not above the low risk savings rate of 2.9%.
Growth vs Market Checks
  • UniCredit's earnings growth is positive but not above the Italy market average.
  • UniCredit's revenue growth is positive but not above the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:UCG Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:UCG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts 1.7%
BIT:UCG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts 2.3%
Italy Banks Industry Earnings Growth Rate Market Cap Weighted Average 6.8%
Italy Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Italy Market Earnings Growth Rate Market Cap Weighted Average 9.3%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BIT:UCG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:UCG Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 20,951 5,405 1
2022-12-31 20,611 5,136 1
2021-12-31 20,343 4,697 18
2020-12-31 19,943 4,465 20
2019-12-31 19,587 4,701 20
BIT:UCG Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 16,867 4,059
2018-12-31 16,614 -30,960 3,786
2018-09-30 16,324 2,394
2018-06-30 16,922 -51,345 3,058
2018-03-31 16,627 3,127
2017-12-31 16,410 2,143 2,759
2017-09-30 6,091 -11,235
2017-06-30 5,902 17,891 -11,672
2017-03-31 6,370 -11,811
2016-12-31 5,857 -19,094 -12,548
2016-09-30 13,421 -11,859 -206
2016-06-30 13,802 -32,329 -17

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • UniCredit's earnings are expected to grow by 1.7% yearly, however this is not considered high growth (20% yearly).
  • UniCredit's revenue is expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BIT:UCG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below

All data from UniCredit Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:UCG Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.42 2.42 2.42 1.00
2022-12-31 2.30 2.30 2.30 1.00
2021-12-31 2.06 2.37 1.75 13.00
2020-12-31 1.95 2.15 1.64 17.00
2019-12-31 2.13 2.64 1.87 17.00
BIT:UCG Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31
2018-12-31 1.71
2018-09-30
2018-06-30 1.38
2018-03-31
2017-12-31 1.42
2017-09-30
2017-06-30 -10.23
2017-03-31
2016-12-31 -20.87
2016-09-30 -0.35
2016-06-30 -0.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • UniCredit is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess UniCredit's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Italy market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Italy market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
UniCredit has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

UCG Past Performance

  How has UniCredit performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare UniCredit's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • UniCredit has delivered over 20% year on year earnings growth in the past 5 years.
  • UniCredit's 1-year earnings growth is less than its 5-year average (29.8% vs 31.9%)
  • UniCredit's earnings growth has exceeded the IT Banks industry average in the past year (29.8% vs -7.8%).
Earnings and Revenue History
UniCredit's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from UniCredit Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:UCG Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 16,866.61 4,058.74 11,343.42
2018-12-31 16,613.61 3,785.74 11,455.42
2018-09-30 16,324.19 2,394.35 11,499.04
2018-06-30 16,922.19 3,058.35 11,714.04
2018-03-31 16,627.19 3,127.35 11,896.04
2017-12-31 16,410.19 2,759.35 12,068.04
2017-09-30 6,090.61 -11,235.10 12,787.68
2017-06-30 5,901.61 -11,672.10 12,939.68
2017-03-31 6,369.61 -11,811.10 13,097.68
2016-12-31 5,856.61 -12,548.10 13,186.68
2016-09-30 13,420.93 -206.36 11,781.57
2016-06-30 13,802.17 -17.30 12,007.58
2016-03-31 13,710.24 -345.55 12,294.17
2015-12-31 14,577.24 216.45 12,749.17
2015-09-30 17,666.31 1,865.92 13,687.76
2015-06-30 18,277.06 2,174.87 13,938.76
2015-03-31 17,709.82 1,957.49 13,733.86
2014-12-31 17,758.82 2,096.49 13,729.86
2014-09-30 9,554.84 -12,403.19 13,188.24
2014-06-30 8,871.84 -12,963.19 13,192.24
2014-03-31 9,283.02 -13,025.56 13,611.54
2013-12-31 9,103.02 -13,309.56 13,731.54
2013-09-30 12,394.27 525.35 13,795.06
2013-06-30 12,763.27 665.35 14,015.06
2013-03-31 12,648.27 453.35 14,213.06
2012-12-31 13,744.27 946.35 14,431.06
2012-09-30 19,349.30 1,470.30 14,253.19
2012-06-30 18,102.30 -9,505.70 14,459.19

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • UniCredit has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • UniCredit used its assets more efficiently than the IT Banks industry average last year based on Return on Assets.
  • Unable to establish if UniCredit improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess UniCredit's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
UniCredit has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

UCG Health

 How is UniCredit's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of UniCredit's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from UniCredit Company Filings, last reported 1 month ago.

BIT:UCG Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 58,835.00 95,723.00 107,642.00
2018-12-31 56,767.78 228,647.57 183,877.61
2018-09-30 55,178.00 93,737.00 112,839.00
2018-06-30 56,298.44 228,662.38 192,100.36
2018-03-31 57,891.00 99,250.00 135,956.00
2017-12-31 60,224.70 245,031.05 205,328.58
2017-09-30 58,577.00 113,242.00 136,140.00
2017-06-30 55,983.31 252,804.19 194,254.40
2017-03-31 57,035.00 117,305.00 124,683.00
2016-12-31 43,188.30 284,478.73 164,316.11
2016-09-30 55,142.10 301,591.31 178,163.92
2016-06-30 53,296.87 321,549.87 191,097.01
2016-03-31 53,944.00 141,661.00 115,861.00
2015-12-31 53,485.52 305,524.70 173,100.36
2015-09-30 53,566.00 216,997.00 111,733.00
2015-06-30 53,466.48 336,778.26 187,080.73
2015-03-31 55,042.00 257,796.00 135,708.00
2014-12-31 52,835.55 329,893.44 176,549.13
2014-09-30 54,832.00 172,284.00 116,343.00
2014-06-30 52,171.74 333,566.40 172,637.68
2014-03-31 50,851.00 239,854.00 104,453.00
2013-12-31 50,055.69 322,153.65 157,759.19
2013-09-30 65,266.00 251,213.00 110,425.00
2013-06-30 65,152.51 348,909.97 171,170.55
2013-03-31 66,568.00 275,026.00 123,774.00
2012-12-31 65,247.65 368,158.52 185,319.14
2012-09-30 66,165.00 314,277.00 159,543.00
2012-06-30 64,476.05 404,262.85 221,146.71
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • UniCredit has an acceptable proportion of non-loan assets held.
  • UniCredit's liabilities are made up of primarily low risk sources of funding.
  • Loans at UniCredit are broadly funded by customer deposits.
  • UniCredit's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • UniCredit has a low allowance for bad loans.
  • UniCredit has a high level of bad loans (greater than 2%).
Show me more healthy companies in the Banks industry
X
Financial health checks
We assess UniCredit's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. UniCredit has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

UCG Dividends

 What is UniCredit's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.67%
Current annual income from UniCredit dividends. Estimated to be 7.35% next year.
If you bought €2,000 of UniCredit shares you are expected to receive €53 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • UniCredit's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.12%).
  • UniCredit's dividend is below the markets top 25% of dividend payers in Italy (4.53%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BIT:UCG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
Italy Banks Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 6.4%
Italy Market Average Dividend Yield Market Cap Weighted Average of 186 Stocks 4.3%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.1%
Italy Bottom 25% Dividend Yield 25th Percentile 2.1%
Italy Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BIT:UCG Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.07 1.00
2022-12-31 0.99 1.00
2021-12-31 0.88 20.00
2020-12-31 0.75 23.00
2019-12-31 0.59 22.00
BIT:UCG Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-19 0.270 2.321
2019-02-07 0.270 2.378
2018-03-21 0.320 2.455
2018-02-08 0.320 1.854
2017-11-09 0.000 0.000
2017-08-10 0.000 0.000
2017-08-03 0.000 0.000
2017-05-11 0.000 0.000
2017-03-29 0.000 0.000
2017-02-09 0.000 0.000
2017-02-03 0.000 0.000
2016-02-12 1.200 4.824
2015-04-20 1.200 2.197
2015-02-11 1.200 1.975
2014-04-17 1.000 1.707
2014-03-12 1.000 1.546
2013-03-15 0.900 1.970
2012-11-14 0.000 0.000
2012-11-13 0.000 0.000
2012-08-10 0.000 0.000
2012-08-03 0.000 0.000
2012-05-15 0.000 0.000
2012-05-10 0.000 0.000
2012-04-19 0.000 0.000
2012-03-27 0.000 0.000
2012-01-04 3.000 7.956
2011-04-04 3.000 2.989
2011-03-23 3.000 1.664
2010-03-17 3.000 1.618
2009-11-13 0.000 0.000
2009-11-11 0.000 0.000
2009-08-31 0.000 0.000
2009-08-04 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • UniCredit has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • UniCredit has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of UniCredit's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess UniCredit's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can UniCredit afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. UniCredit has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

UCG Management

 What is the CEO of UniCredit's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jean Mustier
AGE 57
TENURE AS CEO 2.8 years
CEO Bio

Mr. Jean-Pierre Mustier has been a Partner at Tikehau Capital since January 1, 2015. At Tikehau Capital, Mr. Mustier's primary focus is on its international expansion, while also contributing to the various existing businesses and involves firm's private debt and private equity activities, as well as equity participation investment activities. He is Chief Executive Officer of UniCredit S.p.A. since 2019. He was Chief Executive Officer of UniCredit S.p.A. since July 12, 2016 until 2019. He served as the Head of Corporate & Investment Banking and Deputy General Manager at UniCredit S.p.A. from March 14, 2011 to January 1, 2015 and also served as its General Manager. He serves as a Director of Institute of International Finance, Inc. He served as the Chairman and Chief Executive Officer at SG Gestion. Mr. Mustier also served as the Head/Chief Executive Officer of Global Investment Management & Services (GIMS) Division and Chief Executive Officer of Société Générale Asset Management at Societe Generale Group since September 2008 and also served as its Unit Chief Executive Officer since 2003 and Head of Global Investment Management and Custody. He served as the Chief Executive Officer of SG Corporate & Investment Banking from 2003 to May 2008. He served as Head of Société Générale’s Debt Finance Division from 2001 to 2002. From 1999 to 2000, he served as Deputy Director of Equities. He also served as the Head of Fixed Income, Foreign Exchange, Commodities and Derivatives and as Director of SG Securities Asia, from 1996 to 1998. He started and developed his career in Société Générale, where he worked from 1987 to 2009. His career with Société Générale was totally focused on Corporate & Investment Banking and gained extensive expertise in the business, having held numerous positions in various markets and financing activities in Europe, Asia and the US. He served as Global Head of Equity Derivatives and Co-Head of Société Générale’s Equities division, from 1993 to 1996 and as Head of Options for Japon, from 1991 to 1992. He served as the Chairman of Societe Generale Gestion (Also known as Societe Generale Asset Management/Société Générale Asset Management). He served as the Chairman and Director of Société Générale Asset Management. He served as Vice Chairman and Director of Newedge Group S.A. Mr. Mustier has been a Director of UniCredit S.p.A. since June 30, 2016. He served as a Director of Alitalia - Compagnia Aerea Italiana S.p.A. since December 2, 2016. He served as a Member of the Supervisory Board of UniCredit Bank Austria AG from April 20, 2011 to May 16, 2013. He served as a Director at HLD Associés. He served as a Director of LCH Group Holdings Limited until August 6, 2009 and Boursorama SA from May 3, 2004 to August 6, 2009. He served as a Member of advisory board of EnBW Energie Baden-Württemberg AG from September 1, 2006 to March 31, 2008. Mr. Mustier graduated from the French École Polytechnique and École des Mines de Paris.

CEO Compensation
  • Insufficient data for Jean to compare compensation growth.
  • Insufficient data for Jean to establish whether their remuneration is reasonable compared to companies of similar size in Italy.
Management Team Tenure

Average tenure and age of the UniCredit management team in years:

2.7
Average Tenure
54.5
Average Age
  • The tenure for the UniCredit management team is about average.
Management Team

Jean Mustier

TITLE
Group CEO & Director
AGE
57
TENURE
2.8 yrs

Mirko Davide Bianchi

TITLE
CO- CFO & Senior EVP
AGE
56
TENURE
0.3 yrs

Stefano Porro

TITLE
Co-Chief Financial Officer
AGE
43
TENURE
0.3 yrs

Ranieri De Marchis

TITLE
Co-Chief Operating Officer
AGE
57
TENURE
2.7 yrs

Carlo Vivaldi

TITLE
Co-Chief Operating Officer
AGE
53
TENURE
0.3 yrs

Jörg Pietzner

TITLE
Head of Group Investor Relations

Carlo Appetiti

TITLE
Chief Compliance Officer
AGE
52
TENURE
4.4 yrs

Gianpaolo Alessandro

TITLE
Senior EVP
TENURE
3.3 yrs

Maximilian Hohenberg

TITLE
Head of Group Identity & Communications
AGE
48
TENURE
1 yrs

Paolo Cornetta

TITLE
Senior EVP & Head of Group Human Capital
AGE
57
TENURE
8.4 yrs
Board of Directors Tenure

Average tenure and age of the UniCredit board of directors in years:

1.2
Average Tenure
56.5
Average Age
  • The average tenure for the UniCredit board of directors is less than 3 years, this suggests a new board.
Board of Directors

Fabrizio Saccomanni

TITLE
Chairman
AGE
76
TENURE
1.1 yrs

Jean Mustier

TITLE
Group CEO & Director
AGE
57
TENURE
2.9 yrs

Cesare Bisoni

TITLE
Deputy Chairman
COMPENSATION
€125K
AGE
74
TENURE
1.1 yrs

Michael Diederich

TITLE
CEO of Commercial Banking Germany
AGE
53
TENURE
1.3 yrs

Alexander Wolfgring

TITLE
Director
COMPENSATION
€258K
AGE
56
TENURE
6 yrs

Lamberto Andreotti

TITLE
Director
AGE
67
TENURE
1.1 yrs

Stefano Micossi

TITLE
Director
AGE
72
TENURE
1.1 yrs

Marco Giuseppe Rigotti

TITLE
Chairman of Board of Statutory Auditors
AGE
51
TENURE
0.1 yrs

Elena Emilia Zambon

TITLE
Director
COMPENSATION
€89K
AGE
54
TENURE
4 yrs

Mohamed Hamad Hamed Al Mehairi

TITLE
Director
COMPENSATION
€20K
AGE
43
TENURE
3.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess UniCredit's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. UniCredit has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

UCG News

Simply Wall St News

Does UniCredit S.p.A. (BIT:UCG) Have A Place In Your Portfolio?

Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Does UniCredit tick all the boxes of a great dividend stock? … View our latest analysis for UniCredit

Simply Wall St - –

Should UniCredit SpA (BIT:UCG) Be Your Next Stock Pick?

UniCredit SpA (BIT:UCG) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … is a company that has been able to sustain great financial health, trading at an attractive share price.

Simply Wall St - –

How Did UniCredit SpA's (BIT:UCG) 5.94% ROE Fare Against The Industry?

and want to learn about Return on Equity using a real-life example. … UniCredit SpA (BIT:UCG) delivered an ROE of 5.94% over the past 12 months, which is relatively in-line with its industry average of 7.71% during the same period. … But what is more interesting is whether UCG can sustain or improve on this level of return.

Simply Wall St - –

Is UniCredit SpA (BIT:UCG) A Great Dividend Stock?

Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … UniCredit SpA (BIT:UCG) has returned to shareholders over the past 10 years, an average dividend yield of 1.00% annually. … Let's dig deeper into whether UniCredit should have a place in your portfolio.

Simply Wall St - –

When Should You Buy UniCredit SpA (BIT:UCG)?

This high level of volatility gives investors the opportunity to enter into the stock, and potentially buy at an artificially low price? … A question to answer is whether UniCredit's current trading price of €14.36 reflective of the actual value of the? … Let’s take a look at UniCredit’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St - –

Should You Be Concerned About UniCredit SpA’s (BIT:UCG) Risk Exposure?

As a large, commercial bank with a €30.20b market capitalisation, UniCredit SpA (BIT:UCG) takes on risky loans by nature of its operations and incurs credit risk. … Large commercial banks like Bank of America, Wells Fargo Bank and JP Morgan Chase had lending portfolios that were exposed to the turbulent credit market during the 2008 recession which led to billion dollar losses in shareholder equity. … Since the level of risky assets held by the bank impacts its cash flow, it will also determine the attractiveness of it as a stock investment.

Simply Wall St - –

What Should We Expect From UniCredit Sp.A.'s (BIT:UCG) Earnings In The Years Ahead?

Investors may find it useful to understand how market analysts perceive UniCredit's earnings growth trajectory over the next couple of years and whether the future looks brighter. … This growth seems to continue into the following year with rates reaching double digit 68.62% compared to today’s earnings, and finally hitting €5.18B by 2021. … BIT:UCG Future Profit May 7th 18 Although it’s informative understanding the rate of growth each year relative to today’s figure, it may be more insightful evaluating the rate at which the earnings are growing on average every year.

Simply Wall St - –

What Makes UniCredit Sp.A. (BIT:UCG) A Hard Investment?

A bank’s leverage may be thought of as the level of assets it owns compared to its own shareholders’ equity. … This is a reasonable ratio and suggests that slightly over half of the bank’s total assets are tied up in the form of illiquid loans, striking an appropriate balance between liquidity and interest income. … Compared to the appropriate industry loan to deposit level of 90%, UniCredit’s ratio of over 91.80% is higher which puts the bank in a risky position as it borders negative liquidity disparity between loan and deposit levels.

Simply Wall St - –

Is UniCredit Sp.A. (BIT:UCG) Expensive For A Reason? A Look At The Intrinsic Value

BIT:UCG Intrinsic Value Apr 10th 18 Calculating UCG's Value The main belief for this model is, the value of the company is how much money it can generate from its current level of equity capital, in excess of the cost of that capital. … The returns above the cost of equity is known as excess returns: Excess Return Per Share = (Stable Return On Equity – Cost Of Equity) (Book Value Of Equity Per Share) = (7.31% – 12.43%) * €27.24 = €-1.39 We use this value to calculate the terminal value of the company, which is how much we expect the company to continue to earn every year, forever. … This is a common component of discounted cash flow models: Terminal Value Per Share = Excess Return Per Share / (Cost of Equity – Expected Growth Rate) = €-1.39 / (12.43% – 1.99%) = €-13.35 These factors are combined to calculate the true value of UCG's stock: Value Per Share = Book Value of Equity Per Share + Terminal Value Per Share = €27.24 + €-13.35 = €13.89 Given UCG's current share price of €17.3, UCG is priced higher than its intrinsic value.

Simply Wall St - –

At €16.988, Is UniCredit Sp.A. (BIT:UCG) A Buy?

(BIT:UCG) saw significant share price volatility over the past couple of months on the BIT, rising to the highs of €18.08 and falling to the lows of €15.71. … A question to answer is whether UniCredit's current trading price of €16.99 reflective of the actual value of the large-cap? … If you like the stock, you may want to keep an eye out for a potential price decline in the future.

Simply Wall St - –

UCG Company Info

Description

UniCredit S.p.A. operates as a commercial bank. The company operates through Commercial Banking Italy, Commercial Banking Germany, Commercial Banking Austria, Corporate & Investment Banking, Central and Eastern Europe, and Fineco segments. It offers retail, corporate, and private banking services; credit, trading, and investment services; leasing and factoring services; transactional, investment, and credit products and services; insurance solutions; and structured financing, and hedging and treasury solutions. The company also provides equity and debt capital market, corporate finance and advisory, syndication, and leverage buy-out services; and project and commodity, real estate, structured trade and export, and acquisition finance services, as well as wealth management services. In addition, it is involved in the structuring of products, such as FX, rates, equities, and credit products; and provision of cash management, e-banking, supply chain finance, global securities, and mobile banking services, as well as trade finance products. The company operates in Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Russia, Serbia, Slovakia, Slovenia, and Turkey, as well as other 18 countries internationally. The company was formerly known as Unicredito Italiano S.p.A. UniCredit S.p.A. was founded in 1870 and is headquartered in Milan, Italy.

Details
Name: UniCredit S.p.A.
UCG
Exchange: BIT
Founded: 1870
€22,517,150,171
2,223,696,442
Website: http://www.unicreditgroup.eu
Address: UniCredit S.p.A.
Tower A,
Piazza Gae Aulenti, 3,
Milan,
Milan, 20154,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT UCG Ordinary Shares Borsa Italiana IT EUR 17. Nov 1980
OTCPK UNCF.F Ordinary Shares Pink Sheets LLC US USD 17. Nov 1980
DB CRIN Ordinary Shares Deutsche Boerse AG DE EUR 17. Nov 1980
LSE 0RLS Ordinary Shares London Stock Exchange GB EUR 17. Nov 1980
SWX UCG Ordinary Shares SIX Swiss Exchange CH CHF 17. Nov 1980
WBAG UCG Ordinary Shares Wiener Boerse AG AT EUR 17. Nov 1980
BMV UCG N Ordinary Shares Bolsa Mexicana de Valores MX MXN 17. Nov 1980
WSE UCG Ordinary Shares Warsaw Stock Exchange PL PLN 17. Nov 1980
BATS-CHIXE CRIND Ordinary Shares BATS 'Chi-X Europe' GB EUR 17. Nov 1980
BDL 052762405 9.375%-FRN SUB PERP EUR50000 'REGS' Bourse de Luxembourg LU EUR 19. Jul 2010
OTCPK UNCR.Y UNSPONSORD ADR Pink Sheets LLC US USD 19. Oct 2017
DB CRIP UNSPONSORD ADR Deutsche Boerse AG DE EUR 19. Oct 2017
LSE 0RLS NPV London Stock Exchange GB EUR 23. Jan 2017
SWX UCG NPV SIX Swiss Exchange CH CHF 23. Jan 2017
BMV UCG N NPV Bolsa Mexicana de Valores MX MXN 23. Jan 2017
WSE UCG NPV Warsaw Stock Exchange PL PLN 23. Jan 2017
Number of employees
Current staff
Staff numbers
86,232
UniCredit employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 20:40
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/23
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Related Companies

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