Allegati al documento informativo - UniCredit Group
Allegati al documento informativo - UniCredit Group
Allegati al documento informativo - UniCredit Group
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APPENDICE 1 (BACK-UP FINANZIARIO)<br />
I BROKER INDICANO UNA VALUTAZIONE DI €76,6 MLD (€7,4 PER AZIONE (1) ) PER UNICREDIT VS. €<br />
17,1 MLD (€ 6,6 PER AZIONE (1) ) PER CAPITALIA<br />
Prezzo Target <strong>UniCredit</strong> (€)<br />
Raccomandazione<br />
Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Hold Hold Buy Buy Hold Buy<br />
Sell<br />
Upside<br />
20.6% 13.9% 11.2% 11.2% 9.8% 9.8% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 6.8% 7.2% 7.2% 4.5% 3.1% 1.8 0.5% (0.9%) (0.9%) (15.6%)<br />
Mediana: €7,4 (0,9%) (1)<br />
9.0<br />
8.5 8.3 8.3 8.2 8.2 8.1 8.1 8.1 8.1 8.1 8.1 8.0 8.0 8.0 7.8 7.7 7.6 7.5 7.4 7.4 6.3<br />
Media: €7,3 (2,8%) (1)<br />
ML FPK Oddo Euro mo biliare S<strong>al</strong>.<br />
Opp.<br />
Cheuvreux UB S JP M Citigroup Ixis Centrosim Caboto GS Leonardo CS B NP P M S DZ HSB C WestLB Ras Ibersecurities<br />
Prezzo Target Capit<strong>al</strong>ia (€)<br />
Buy Buy Buy<br />
Raccomandazione Buy Buy Buy<br />
Hold Buy Hold Sell<br />
Hold Hold Hold Hold Hold Hold Sell Hold<br />
8.6<br />
7.9<br />
7.6 7.6 7.5 7.5 7.4 7.4<br />
Media: €6,7 (4,5%) (1) 7.2 7.1 7.1 7.0 7.0 6.9 6.8 6.8 6.8 6.7<br />
Upside 23.2% 13.2% 9.3% 8.9% 7.4% 7.4% 6.0% 5.3% 3.2% 1.7% 1.7% 0.3% 0.3% (1.1%) (2.6%) (2.6%) (3.3%) (4.0%)<br />
Mediana: €6,6 (5,8%) (1)<br />
Broker<br />
Withheld<br />
BNPP Centrosim JPM Broker Euro mo biliare B ro ker<br />
Withheld<br />
Withheld<br />
Caboto Cheuvreux HSB C Ixis B roker<br />
Withheld<br />
KBW M L CS FPK Ras Leonardo<br />
Fonte: Reuters e report an<strong>al</strong>isti<br />
(1) V<strong>al</strong>ore attu<strong>al</strong>izzato ad un costo del capit<strong>al</strong> del 10,8% per <strong>UniCredit</strong> e Capit<strong>al</strong>ia<br />
4
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