UNICREDIT
Not joining in the rally today
Mon, 18 Aug 2014 16:30
Not joining in the rally today
- For us it is one of the best stories out there in financials and definitely in Italy
- Get periphery exposure but in a liquid name
- Good numbers on 5 Aug beating expectations and due upgrades. We think around 10%
- Capital is good and improving. Added 90bps Q-Q. NPLs moving the right way. Loan losses in non core halved YoY
- Trades on 0.7 BV
- Underperformed ISP by 17% this year and trades cheaper on various multiples
- Happy buying it outright here or against ISP