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Unicaja Banco SA (ES:UNI)
BME:UNI
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Unicaja Banco SA
(BME:UNI)
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Rating:76Outperform
Price Target:
€2.50
▼(-1.19% Downside)
Unicaja Banco SA's strong earnings call performance and attractive valuation are the most significant factors driving the score. The positive technical analysis and solid financial performance further support the stock's outlook, despite some cash flow volatility and challenges in net interest income.
Positive Factors
Improved Credit Quality
The improvement in credit quality and solvency metrics indicates strong risk management and financial stability, enhancing long-term resilience.
Growth in Mutual Funds
The substantial growth in mutual funds and market share indicates strong demand and effective product offerings, supporting future revenue streams.
Profitability and Net Income
Improved profitability and net income reflect operational efficiency and effective cost management, contributing to sustainable financial performance.
Negative Factors
Decline in Net Interest Income
The decline in net interest income suggests pressure on core earnings, potentially affecting future profitability if not addressed.
Stagnant Customer Spread
A stagnant customer spread indicates challenges in maintaining profitability margins, impacting long-term revenue growth potential.
Challenges in SME Loan Book
The decline in the SME loan book highlights sector-specific challenges, potentially limiting growth in this key segment if not reversed.
Unicaja Banco SA (UNI) vs. iShares MSCI Spain ETF (EWP)
Market Cap
$6.17B
Dividend Yield6.39%
Average Volume (3M)8.15M
Price to Earnings (P/E)9.9
Beta (1Y)1.02
Revenue Growth-9.39%
EPS Growth45.60%
CountryES
Employees7,502
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.06
Shares Outstanding2,571,434,600
10 Day Avg. Volume5,692,517
30 Day Avg. Volume8,146,864
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.48
Price to Sales (P/S)1.68
P/FCF Ratio-8.03
Enterprise Value/Market Cap1.49
Enterprise Value/Revenue3.04
Enterprise Value/Gross Profit4.51
Enterprise Value/Ebitda9.65
Forecast
1Y Price Target
$2.32Price Target Upside-8.17% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering7
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Unicaja Banco SA Business Overview & Revenue Model
Company DescriptionUnicaja Banco, S.A. provides various banking products and services to individuals and companies in Spain and internationally. It offers accounts, payments, and debit and credit cards; mortgages and personal loans; deposit products, stock exchange, pension plans, investment funds and portfolios, and savings insurance policies; and life, home, car, accident, health, and agricultural insurance, as well as SME and retail damage, and corporate liability insurance products. The company also provides cash management, short term and long-term financing, and investment services, as well as remote and mobile banking services. In addition, it engages in the property development and renewable energies activities; and invests in assets, securities, and financial companies. As of December 31, 2021, it had a network of 1,368 branches in Spain and 1 correspondent office in the United Kingdom. Unicaja Banco, S.A. was founded in 1991 and is headquartered in Málaga, Spain.
How the Company Makes MoneyUnicaja Banco generates revenue through various streams, primarily from interest income, which is derived from the loans it extends to customers. The bank earns interest on personal and business loans, mortgages, and credit lines, which constitute a significant portion of its income. Additionally, it generates fee-based income from services such as account maintenance, transaction fees, and investment services. Unicaja Banco also engages in wealth management and advisory services, which contribute to its earnings. The bank's strong customer base and regional presence allow it to maintain stable revenue, while its partnerships with local businesses and institutions enhance its service offerings and customer reach.
Unicaja Banco SA Earnings Call Summary
Earnings Call Date:Oct 31, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 03, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong performance with significant growth in mutual funds, profitability, and credit quality improvements, alongside strategic achievements in sustainable finance. However, challenges remain in net interest income, customer spreads, and specific loan segments. The overall sentiment is positive due to the outweighing highlights.Q3-2025 Updates
Positive Updates
Strong Growth in Mutual Funds
Business volumes improved by 2% year-on-year, with a significant 24% growth in mutual funds, achieving a 9% market share in net inflows.
Profitability and Net Income Achievement
Gross margin grew by 4%, total provisions fell 19%, and net profit reached EUR 503 million, 11.5% above the first 9 months of 2024, surpassing the strategic plan target.
Improved Credit Quality and Solvency
Net NPAs ratio below 1%, gross NPA ratio decreased by 115 basis points to 3.7%, and CET1 improved by 27 basis points to 16.1%.
Sustainability and Climate Transition Progress
Issued EUR 2.1 billion in green label bonds, saving 81,000 tonnes of CO2 in 2024, with significant decarbonization targets covered in the finance portfolio.
Positive Commercial Trends in Loans
Private sector lending grew 39% year-on-year, with a 47% increase in business and self-employed segments and a 24% growth in mortgages.
Improved Guidance for 2025
Upgraded net interest income guidance to above EUR 1.470 billion and cost of risk guidance to below 30 basis points for the full year.
Negative Updates
Decline in Net Interest Income
Net interest income fell by 3.5% in the first 9 months, with ongoing challenges in repricing loans at lower rates.
Stagnant Customer Spread
Customer spread fell by 8 basis points in the quarter due to the repricing of floating loans, only partially offset by lower deposit costs.
Challenges in SME Loan Book
SME loan book declined by approximately 8-9% year-on-year, although the trend is improving with a smaller decline in recent quarters.
Pressure on Payment and Account Fees
Banking fees, particularly from payments and accounts, remain under pressure with a challenging outlook for growth in 2026.
Company Guidance
During the third quarter of 2025, the company demonstrated strong financial performance with several key metrics highlighted. Business volumes improved by 2% year-on-year, supported by stable loans and deposits, alongside a significant 24% growth in mutual funds, representing a 9% market share in net inflows. Total performing loans remained stable with a 39% increase in new lending. Profitability was marked by a 4% increase in gross margin and a 19% reduction in total provisions, resulting in a net profit of EUR 503 million for the first nine months, an 11.5% increase from the same period in 2024. The return on tangible equity adjusted by excess capital exceeded 12%, while the cost-to-income ratio was maintained at 45%. Credit quality showed positive trends with a net NPA ratio below 1% and a gross NPA ratio of 3.7%, 115 basis points lower than the previous year. Coverage increased to 75.4%, with a cost of risk reduced to 24 basis points, prompting an improvement in 2025 guidance. The CET1 ratio improved by 27 basis points to 16.1%, and the liquidity coverage ratio was close to 300%. The company also reported a 10% year-on-year growth in tangible book value per share, including dividends. Overall, these metrics reflect robust financial health and positive commercial trends for the bank.Unicaja Banco SA Financial Statement Overview
Summary
Unicaja Banco SA shows strong revenue and profit growth with a stable balance sheet. However, cash flow volatility presents potential liquidity challenges.Income Statement
Unicaja Banco SA has demonstrated robust revenue growth over the years, with a significant increase from 2020 to 2024. The net profit margin has improved, reflecting enhanced profitability. However, the absence of EBIT and EBITDA margin data for 2024 limits a comprehensive margin analysis. Overall, the income statement shows a positive growth trajectory with solid profitability enhancements.75
Positive
Balance Sheet
The bank maintains a strong equity base with a healthy equity ratio, indicating financial stability. The debt-to-equity ratio has improved due to the reduction in total debt over time, showcasing effective debt management. Return on equity has been positive, though slightly fluctuating. The balance sheet reflects a stable financial position with effective risk management strategies.70
Positive
Cash Flow
Cash flow from operations has been volatile, with significant fluctuations noted over the years. The free cash flow has shown improvements recently; however, the operating cash flow to net income ratio has been inconsistent. While the bank has managed to maintain positive free cash flow in recent years, the volatility in operational cash flow indicates potential liquidity management challenges.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.02B | 3.28B | 2.97B | 1.94B | 1.37B | 1.18B |
| Gross Profit | 2.03B | 2.13B | 1.98B | 1.74B | 1.25B | 1.03B |
| EBITDA | 950.00M | 903.13M | 461.07M | 473.25M | 1.09B | 149.03M |
| Net Income | 616.00M | 573.33M | 266.70M | 277.58M | 1.11B | 77.83M |
Balance Sheet | ||||||
| Total Assets | 95.56B | 97.37B | 97.15B | 99.00B | 115.55B | 65.54B |
| Cash, Cash Equivalents and Short-Term Investments | 6.49B | 7.50B | 8.04B | 4.66B | 21.30B | 6.67B |
| Total Debt | 4.63B | 4.81B | 5.09B | 4.48B | 3.08B | 751.69M |
| Total Liabilities | 88.56B | 90.63B | 90.51B | 92.54B | 109.22B | 61.54B |
| Stockholders Equity | 6.98B | 6.74B | 6.64B | 6.46B | 6.33B | 4.00B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -406.55M | 2.77B | -17.41B | 13.93B | 1.99B |
| Operating Cash Flow | 0.00 | -355.53M | 2.83B | -17.35B | 13.96B | 2.03B |
| Investing Cash Flow | 0.00 | 234.08M | 375.22M | 343.38M | 195.29M | 103.17M |
| Financing Cash Flow | 0.00 | -416.81M | 168.97M | 367.30M | 476.42M | -22.70M |
Unicaja Banco SA Technical Analysis
Positive
2.53
Price Trends
2.37
Positive
2.30
Positive
2.01
Positive
Market Momentum
0.03
Negative
59.81
Neutral
79.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:UNI, the sentiment is Positive. The current price of 2.53 is above the 20-day moving average (MA) of 2.45, above the 50-day MA of 2.37, and above the 200-day MA of 2.01, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 59.81 is Neutral, neither overbought nor oversold. The STOCH value of 79.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:UNI.
Unicaja Banco SA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | €100.84B | 9.79 | 18.66% | 3.60% | 5.66% | 8.16% | |
76 Outperform | $6.17B | 9.86 | 8.76% | 6.39% | -9.39% | 45.60% | |
76 Outperform | €64.98B | 10.97 | 15.73% | 4.39% | -7.50% | 12.76% | |
75 Outperform | €11.80B | 11.42 | 16.71% | 3.82% | -7.12% | 15.96% | |
73 Outperform | £130.83B | 9.71 | 12.91% | 1.97% | -16.49% | 14.32% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
ES:UNI
Unicaja Banco SA
2.53
1.40
123.50%
ES:SAB
Banco de Sabadell
3.14
1.45
85.46%
ES:SAN
Banco Santander
9.24
4.97
116.41%
ES:BKT
Bankinter
13.56
6.36
88.44%
ES:BBVA
Banco Bilbao Vizcaya Argentaria
18.57
9.99
116.60%
ES:CABK
CAIXABANK
9.62
4.71
96.00%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.