UniCredit S.p.A.

WSE:UCG Stock Report

Market Cap: zł278.7b

UniCredit Valuation

Is UCG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of UCG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
zł258.34
Fair Value
30.0% undervalued intrinsic discount
18
Number of Analysts

Below Fair Value: UCG (PLN180.8) is trading below our estimate of fair value (PLN258.34)

Significantly Below Fair Value: UCG is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for UCG?

Key metric: As UCG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for UCG. This is calculated by dividing UCG's market cap by their current earnings.
What is UCG's PE Ratio?
PE Ratio6.3x
Earnings€10.39b
Market Cap€65.95b

Price to Earnings Ratio vs Peers

How does UCG's PE Ratio compare to its peers?

The above table shows the PE ratio for UCG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.7x
PKO Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
10.8x8.6%zł77.7b
SPL Santander Bank Polska
9.5x5.8%zł49.4b
PEO Bank Polska Kasa Opieki
6.4x-5.1%zł39.3b
ING ING Bank Slaski
8.3x0.9%zł35.3b
UCG UniCredit
6.3x-4.8%zł66.0b

Price-To-Earnings vs Peers: UCG is good value based on its Price-To-Earnings Ratio (6.3x) compared to the peer average (8.7x).

Price to Earnings Ratio vs Industry

How does UCG's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
UCG 6.3xIndustry Avg. 8.2xNo. of Companies50PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: UCG is good value based on its Price-To-Earnings Ratio (6.3x) compared to the European Banks industry average (8.2x).

Price to Earnings Ratio vs Fair Ratio

What is UCG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

UCG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.3x
Fair PE Ratio9x

Price-To-Earnings vs Fair Ratio: UCG is good value based on its Price-To-Earnings Ratio (6.3x) compared to the estimated Fair Price-To-Earnings Ratio (9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst UCG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł180.80
zł196.75
+8.8%
9.0%zł228.23zł147.93n/a18
Jan ’26zł164.50
zł199.26
+21.1%
9.9%zł242.88zł149.14n/a18
Dec ’25zł155.32
zł201.42
+29.7%
9.9%zł245.30zł150.62n/a18
Nov ’25zł177.34
zł197.81
+11.5%
9.7%zł234.76zł152.16n/a18
Oct ’25zł164.50
zł195.75
+19.0%
9.5%zł231.62zł150.12n/a20
Sep ’25zł159.34
zł195.09
+22.4%
9.8%zł231.24zł141.31n/a21
Aug ’25zł159.00
zł192.38
+21.0%
10.6%zł231.86zł141.69n/a21
Jul ’25zł149.38
zł184.36
+23.4%
10.0%zł223.55zł141.87n/a21
Jun ’25zł155.46
zł181.63
+16.8%
10.4%zł222.47zł141.18n/a21
May ’25zł149.66
zł172.72
+15.4%
10.7%zł205.36zł138.70n/a21
Apr ’25zł150.60
zł160.14
+6.3%
11.1%zł202.49zł132.27n/a21
Mar ’25zł135.10
zł157.51
+16.6%
10.7%zł202.82zł132.48n/a22
Feb ’25zł115.56
zł143.53
+24.2%
10.3%zł174.32zł118.40n/a21
Jan ’25zł106.50
zł142.43
+33.7%
10.8%zł171.92zł116.77zł164.5021
Dec ’24zł109.84
zł144.14
+31.2%
11.0%zł176.37zł118.01zł155.3221
Nov ’24zł104.00
zł145.74
+40.1%
11.0%zł180.76zł120.95zł177.3420
Oct ’24zł106.48
zł139.05
+30.6%
10.1%zł170.46zł107.80zł164.5020
Sep ’24zł99.80
zł133.62
+33.9%
10.8%zł165.25zł104.51zł159.3422
Aug ’24zł100.10
zł125.93
+25.8%
16.5%zł164.54zł54.25zł159.0023
Jul ’24zł95.19
zł114.64
+20.4%
15.5%zł146.48zł54.15zł149.3823
Jun ’24zł82.66
zł114.22
+38.2%
16.1%zł142.87zł55.34zł155.4623
May ’24zł81.86
zł103.60
+26.6%
14.1%zł121.46zł55.92zł149.6623
Apr ’24zł80.85
zł102.67
+27.0%
14.3%zł126.37zł57.10zł150.6023
Mar ’24zł91.00
zł104.48
+14.8%
10.8%zł126.14zł76.69zł135.1022
Feb ’24zł82.32
zł97.71
+18.7%
15.1%zł118.75zł57.38zł115.5622
Jan ’24zł62.06
zł78.00
+25.7%
16.1%zł107.30zł57.16zł106.5023
Analyst Price Target
Consensus Narrative from 18 Analysts
zł198.27
Fair Value
8.8% undervalued intrinsic discount
18
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/22 06:52
End of Day Share Price 2025/01/22 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

UniCredit S.p.A. is covered by 52 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Marta Sánchez RomeroAhorro Corporación
Luigi TramontanaBanca Akros S.p.A. (ESN)
Javier Esteban LarioBanco de Sabadell. S.A.