Unicaja Banco SA (ES:UNI)
BME:UNI
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Unicaja Banco SA
(BME:UNI)
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Rating:64Neutral
Price Target:
€3.50
▲(21.95% Upside)
Action:Reiterated
Date:05/05/26
The score is driven mainly by improved profitability and a constructive earnings outlook (including stronger asset quality and capital/liquidity), supported by an attractive dividend and reasonable P/E. These positives are tempered by elevated balance-sheet leverage and volatile cash flow, while technicals are neutral-to-mildly supportive rather than strongly bullish.
Positive Factors
Improving profitability and margins
Sustained improvement in net income and margins shows the core banking franchise is generating stronger earnings power. This enhances ability to fund dividends, retain capital and invest in growth initiatives, supporting long‑term ROE and resilience versus peers.
Negative Factors
Marked increase in leverage
A sharp rise in debt materially increases balance‑sheet sensitivity to funding costs and credit stress. Higher leverage constrains flexibility for organic growth or shocks, raises refinancing risk, and can magnify earnings volatility if margins compress.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability and margins
Sustained improvement in net income and margins shows the core banking franchise is generating stronger earnings power. This enhances ability to fund dividends, retain capital and invest in growth initiatives, supporting long‑term ROE and resilience versus peers.
Read all positive factors
Unicaja Banco SA (UNI) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€7.95B
Dividend Yield5.8%
Average Volume (3M)8.15M
Price to Earnings (P/E)12.5
Beta (1Y)1.19
Revenue Growth-9.48%
EPS Growth2.57%
CountryES
Employees7,502
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.24
Shares Outstanding2,571,434,600
10 Day Avg. Volume5,692,517
30 Day Avg. Volume8,146,864
Financial Highlights & Ratios
PEG Ratio1.27
Price to Book (P/B)1.09
Price to Sales (P/S)2.77
P/FCF Ratio42.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€2.81Price Target Upside-2.15% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)0.25
Revenue Forecast (FY)€2.15B
Unicaja Banco SA Business Overview & Revenue Model
Company Description
Unicaja Banco, S.A. is a prominent financial institution delivering a broad spectrum of banking products and services to individuals and corporate clients across Spain and internationally. Its extensive offerings include current accounts, payment ...
How the Company Makes Money
Unicaja Banco makes money mainly by operating a traditional banking model funded by customer deposits. Its core earnings typically come from (1) net interest income: the spread between interest earned on loans and other interest-bearing assets (su...
Unicaja Banco SA Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call conveyed broadly positive momentum: commercial growth, strong mutual fund and digital sales, improving asset quality, robust capital/liquidity metrics, and modest YoY profit growth. Management acknowledged cost pressures (wage inflation, hiring, customer acquisition costs), short‑term NII drag due to day‑count/volume effects and repo balances, and higher uncertainty from geopolitical risks, but reaffirmed guidance and signaled cautious optimism supported by conservative provisioning and plans to increase shareholder remuneration.Positive Updates
Accelerating Business Volumes and Customer Funds
Business volumes accelerated to over 3% year‑on‑year. Total customer funds rose 3.9% YoY (on‑balance sheet +1.6%, +2.4% ex‑public sector) and off‑balance sheet funds increased 10.6% YoY.
Negative Updates
Rising Operating Costs and Wage Pressure
Total costs increased mid‑single‑digit YoY (reported ~4.5–5% YoY; +1% QoQ) driven by personnel expenses (salary increases and new hires) and initiatives to support the business plan, contributing to a higher cost‑to‑income ratio of 46% (up vs. prior).
Read all updates
Q1-2026 Updates
Positive
Negative
Accelerating Business Volumes and Customer Funds
Business volumes accelerated to over 3% year‑on‑year. Total customer funds rose 3.9% YoY (on‑balance sheet +1.6%, +2.4% ex‑public sector) and off‑balance sheet funds increased 10.6% YoY.
Read all positive updates
Company Guidance
Management confirmed 2026 guidance that net interest income will exceed 2025 levels, net fees will grow at a low-single-digit pace, total costs will increase mid-single-digits, and cost of risk is expected to finish below 30 bps (Q1 was 20 bps); they reiterated a business‑volumes target of ~3% growth and expect 2026 net income to surpass 2025’s EUR 632m while raising shareholder remuneration up to 95% of net income. Capital and liquidity targets were maintained with CET1 at ~16%, MREL near 27% (MDA buffer >680 bps), NSFR 159%, LCR 292% and loan‑to‑deposit ~69%, and tangible book value per share plus dividends up 9% YoY. For context Q1 metrics cited included net income EUR 161m, revenues EUR 520m (+1% YoY), NII +1.3% YoY, cost‑to‑income 46%, NPL 2% with coverage 80%, net NPA 0.7%, and provisions EUR 43m (‑19% YoY).Unicaja Banco SA Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
56
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.02B | 2.58B | 3.28B | 2.97B | 1.94B | 1.37B |
| Gross Profit | 2.03B | 2.12B | 2.13B | 1.98B | 1.74B | 1.25B |
| EBITDA | 950.00M | 994.00M | 903.13M | 461.07M | 473.25M | 1.09B |
| Net Income | 616.00M | 632.00M | 573.33M | 266.70M | 277.58M | 1.11B |
Balance Sheet | ||||||
| Total Assets | 95.56B | 98.43B | 97.37B | 97.15B | 99.00B | 115.55B |
| Cash, Cash Equivalents and Short-Term Investments | 6.49B | 12.85B | 7.50B | 8.04B | 4.66B | 21.30B |
| Total Debt | 4.63B | 13.14B | 4.81B | 5.09B | 4.48B | 3.08B |
| Total Liabilities | 88.56B | 91.34B | 90.63B | 90.51B | 92.54B | 109.22B |
| Stockholders Equity | 6.98B | 6.53B | 6.74B | 6.64B | 6.46B | 6.33B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 167.19M | -406.55M | 2.77B | -17.41B | 13.93B |
| Operating Cash Flow | 0.00 | 224.20M | -355.53M | 2.83B | -17.35B | 13.96B |
| Investing Cash Flow | 0.00 | -2.54B | 234.08M | 375.22M | 343.38M | 195.29M |
| Financing Cash Flow | 0.00 | 578.12M | -416.81M | 168.97M | 367.30M | 476.42M |
Unicaja Banco SA Technical Analysis
Positive
2.87
Price Trends
2.84
Positive
2.70
Positive
2.58
Positive
Market Momentum
0.09
Negative
65.20
Neutral
54.95
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 2.87 is below the 20-day moving average (MA) of 2.97, above the 50-day MA of 2.84, and above the 200-day MA of 2.58, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 65.20 is Neutral, neither overbought nor oversold. The STOCH value of 54.95 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | €120.65B | 11.61 | 18.94% | 3.39% | -16.71% | 4.95% | |
71 Outperform | €173.59B | 10.85 | 15.73% | 1.82% | -21.02% | 26.47% | |
70 Outperform | €85.79B | 14.31 | 15.83% | 4.05% | -10.19% | -2.06% | |
69 Neutral | €775.85M | 16.75 | 24.57% | 2.80% | 9.90% | 36.29% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | €7.95B | 12.51 | 9.05% | 5.80% | -9.48% | 2.57% | |
64 Neutral | €13.12B | 11.97 | 17.37% | 3.64% | -9.30% | 8.63% |
* Financial Sector Average
ES:UNI
Unicaja Banco SA
3.09
1.19
62.74%
ES:SAN
Banco Santander
11.83
4.94
71.80%
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14.60
3.91
36.59%
ES:BBVA
Banco Bilbao Vizcaya Argentaria
21.47
8.94
71.34%
ES:CABK
CAIXABANK
12.31
5.25
74.44%
ES:R4
Renta 4 Banco, S.A.
19.10
3.56
22.91%
Unicaja Banco SA Corporate Events
Unicaja Banco Repurchases Majority of Green Senior Notes, Retains Option to Redeem Remainder
Jun 25, 2026
Unicaja Banco has concluded a tender offer for its €500 million fixed-to-reset green senior non-preferred notes due November 2027, agreeing to repurchase €443.2 million in nominal value at a price of 101.85% of face value, plus accrued...
Unicaja Banco launches green note buyback tied to new debt issue
Jun 18, 2026
Unicaja Banco has launched a cash repurchase offer for all holders of its €500 million fixed-to-reset green senior non-preferred notes maturing in November 2027, offering 101.85% of principal plus accrued interest for notes tendered during t...
Fitch Assigns New Deposit Ratings to Unicaja Banco Under Revised Methodology
May 13, 2026
Unicaja Banco has received updated deposit ratings from Fitch Ratings following the agency’s application of its new bank methodology, with long-term deposits assigned an A- rating and short-term deposits rated F2. The confirmation of these s...
Unicaja Banco to Raise €500 Million via AT1 Contingent Convertible Issue
May 8, 2026
Unicaja Banco SA has set the financial terms for a €500 million issue of euro-denominated contingent convertible preferred securities aimed at professional clients and eligible counterparties. The perpetual instruments, which may be redeemed...
Unicaja Banco Launches Tender Offer and New AT1 Issue to Rebalance Capital
May 7, 2026
Unicaja Banco has launched a cash tender offer inviting holders of its €500 million perpetual non-cumulative Additional Tier 1 preferred securities to sell their instruments at 100.8% of nominal value plus accrued distributions, with the off...
Unicaja lifts profit and pledges 95% payout as funds, lending and asset quality improve
May 6, 2026
Unicaja Banco SA reported a first-quarter 2026 net profit of 161 million euros, up 1.4% year-on-year, supported by higher net interest income, a 3.1% rise in fees and commissions, and lower loan-loss provisions. The bank approved a more generous c...
Unicaja Banco Sets April 23 Date for Supplementary Dividend Payment
Apr 17, 2026
Unicaja Banco SA has confirmed it will pay a supplementary dividend to shareholders on 23 April 2026, following approval at its Ordinary General Shareholders’ Meeting held on 9 April 2026. The move underlines the bank’s capacity to ret...
Unicaja Banco Shareholders Approve 2025 Accounts, Governance and Profit Allocation
Apr 10, 2026
Unicaja Banco has held its Ordinary General Shareholders’ Meeting for 2026 in Málaga, where shareholders approved all resolutions proposed by the board, including the annual accounts and management reports for the bank and its consolida...
Unicaja Banco Reports Eighth-Quarter Activity Under Liquidity Contract
Apr 8, 2026
Unicaja Banco has reported the activity of the eighth quarter of its liquidity contract, detailing share buyback and sale operations executed between 1 January and 31 March 2026. Over the period, the intermediary purchased 22,076,600 shares and so...
Unicaja Banco Sets Date for Q1 2026 Results Presentation
Apr 8, 2026
Unicaja Banco has scheduled the presentation of its first-quarter 2026 results for 5 May 2026 at 11:00 a.m. CET, which will be accessible via a live broadcast on its corporate website and remain available on a delayed basis for at least one month....
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.