UNCRY - UniCredit: 2024 Guidance Looks Bullish After Outstanding Results

2024-02-06 23:02:16 ET

Summary

• UniCredit shares have significantly outperformed European financials since I opened on the bank last year, fueled by a comfortable earnings beat in Q4.
• 2024 guidance was just as bullish as Q4 results, with management targeting flat net income year-on-year.
• Supported by a potential 19% shareholder yield, these shares continue to look attractive below tangible book value, with the market still unappreciative of the bank's mid-cycle earnings power.

Italian bank UniCredit ( OTCPK:UNCRY )( OTCPK:UNCFF ) has continued on its upward march since I opened on the name with a Buy rating in October, with the ADSs delivering a circa 27% total return in that time amid significant outperformance against wider European financials....

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