Unipol
Roadshow feedback
Unipol GF (BUY, TP EUR4.5, from EUR4.4) Find below the main takeaways from yesterday’s roadshow: MV customers: The insurer has a target of 500,000 new […]
Updating our NAV calculation
Unipol GF (BUY, TP EUR4.4, from EUR3.6) Unipol GF has increased its stake in UnipolSai from 64.1% to 66.051%, according to the company website. This […]
Strong earnings, weaker yield, combined ratio improves
Unipol GF (BUY, TP EUR3.6) Unipol GF reported net profit of EUR261m, down 22% YOY and 12% higher than our estimate of EUR233m. While UnipolSai […]
Solid results, weaker mix
Unipol GF (BUY, TP EUR3.6) Unipol GF reported net profit of EUR160m in H1 2016, 3% better than our estimate and consensus of EUR155m. While UnipolSai reported […]
Luxembourg roadshow feedback
Unipol GF (BUY, TP EUR3.6 from EUR3.3) Key takeaways from our roadshow this week with IR management in Luxembourg included the reiteration of Unipol’s 2016-18 strategic plan, which […]
Unipol GF (BUY, TP EUR4.72)
2016-18 strategic plan conservative, Q1 2016 results beat estimates Results: Unipol GF reported Eur92m net profit pre minorities for Q116 vs our estimate of Eur80m +15% […]
New strategic plan preview
Unipol GF (BUY, TP 4.72, from EUR3.65) 2016-18 strategic plan and Q1 2016 out tomorrow We increase our NAV fair value for Unipol GF to […]
Target price cut, EPS unchanged
Unipol GF (BUY, TP, EUR3.65, from EUR4.59) Target price cut on NAV; EPS unchanged (full report) Adjusted Q4 2015 net profit net of minorities reached […]
Unipol GF (BUY, TP EUR4.59, from EUR6.1)
Target price reduced on NAV update (Full report) We cut our dividend per share estimate by 14% for both 2015E (from EUR0.22 to EUR0.19) and […]