Unicaja Banco SA (ES:UNI)
BME:UNI
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Unicaja Banco SA
(BME:UNI)
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Rating:62Neutral
Price Target:
€3.00
▲(14.94% Upside)
Action:DowngradedDate:03/01/26
The score is driven primarily by improved profitability and a constructive earnings outlook, supported by an attractive valuation (moderate P/E and high dividend). These positives are tempered by elevated balance-sheet leverage, unstable cash-flow generation, and only neutral-to-soft technical momentum.
Positive Factors
Capital Position (CET1)
A 16% CET1 ratio with +90bps in 2025 provides a durable capital buffer to absorb credit shocks, support organic lending growth, and meet regulatory constraints. Strong capital reduces reliance on external issuance and sustains long-term strategic optionality for the bank.
Negative Factors
High Shareholder Payout Reduces Retained Capital
A structurally higher payout policy materially reduces internal capital retention, limiting organic CET1 accumulation. Over time this constrains balance-sheet flexibility to absorb RWA growth, fund lending expansion, or execute opportunistic M&A without external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital Position (CET1)
A 16% CET1 ratio with +90bps in 2025 provides a durable capital buffer to absorb credit shocks, support organic lending growth, and meet regulatory constraints. Strong capital reduces reliance on external issuance and sustains long-term strategic optionality for the bank.
Read all positive factors
Unicaja Banco SA (UNI) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€6.72B
Dividend Yield5.8%
Average Volume (3M)8.15M
Price to Earnings (P/E)13.7
Beta (1Y)1.06
Revenue Growth-9.39%
EPS Growth45.60%
CountryES
Employees7,502
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.05
Shares Outstanding2,571,434,600
10 Day Avg. Volume5,692,517
30 Day Avg. Volume8,146,864
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)1.01
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
€2.65Price Target Upside1.71% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering8
EPS Forecast (FY)0.25
Revenue Forecast (FY)€2.13B
Unicaja Banco SA Business Overview & Revenue Model
Company Description
Unicaja 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,...
How the Company Makes Money
Unicaja 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...
Unicaja Banco SA Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial story: net profit, dividends, capital ratios, asset-gathering (mutual funds/AUM), credit-quality improvements and early strategic-plan traction are clear positives. The main negatives are intense competition (notably mortgages and deposits), higher operating and restructuring costs, cautious near-term margin/guidance, and a materially higher shareholder payout that reduces retained capital and may limit balance-sheet optionality. Overall, the positives (strong earnings beat, improved asset quality, CET1 gain, and strategic momentum) materially outweigh the negatives.Positive Updates
Net Profit Growth and Outperformance vs Guidance
Net profit for 2025 was EUR 632 million, up 10% year-on-year and 26% above the initial guidance target of EUR 500 million.
Negative Updates
Mortgage Segment Flat and Intense Competition
Mortgage book was essentially flat for the year (mortgages -0.2%); management cites very tight pricing and intense competition limiting growth and margins in mortgages.
Read all updates
Q4-2025 Updates
Positive
Negative
Net Profit Growth and Outperformance vs Guidance
Net profit for 2025 was EUR 632 million, up 10% year-on-year and 26% above the initial guidance target of EUR 500 million.
Read all positive updates
Company Guidance
Management's 2026 guidance calls for net interest income roughly in line with 2025 (2025 NII €1,495m; plan now targets >€1.5bn pa), fees to grow at a low single‑digit rate, operating costs to rise ~5% with cost‑to‑income to remain below 50% (efficiency 45.5% in 2025), business volumes to grow ~3%, cost of risk to stay below 30 bps (2025 annual cost of risk 26 bps; quarterly 27 bps), and net income to exceed 2025’s €632m. The bank expects to maintain a strong solvency and liquidity position (CET1 >14% versus 16% at year‑end 2025, +90 bps generated in 2025; LCR ≈300%), while asset quality should remain healthy (NPL ratio 2.1%, net NPAs 0.8%, NPL coverage 77%). Shareholder remuneration is being increased structurally to a 70% ordinary payout for 2025 and management expects additional remuneration (~25% of 2026–27 profits) so accumulated payouts over the plan exceed 85%.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
2.61
Price Trends
2.65
Negative
2.65
Negative
2.44
Positive
Market Momentum
-0.03
Negative
55.28
Neutral
67.79
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 2.61 is above the 20-day moving average (MA) of 2.52, below the 50-day MA of 2.65, and above the 200-day MA of 2.44, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 55.28 is Neutral, neither overbought nor oversold. The STOCH value of 67.79 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | €73.58B | 12.30 | 15.47% | 4.05% | -7.50% | 12.76% | |
68 Neutral | €107.46B | 11.93 | 18.53% | 3.39% | 5.66% | 8.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | €15.71B | 42.77 | 12.39% | 7.43% | -6.77% | -39.63% | |
64 Neutral | €12.43B | 11.67 | 16.71% | 3.64% | -7.12% | 15.96% | |
62 Neutral | €6.72B | 13.74 | 9.08% | 5.80% | -9.39% | 45.60% | |
60 Neutral | €146.55B | 10.62 | 13.89% | 1.82% | -16.49% | 14.32% |
* Financial Sector Average
ES:UNI
Unicaja Banco SA
2.61
0.96
58.23%
ES:SAB
Banco de Sabadell
3.13
0.59
23.01%
ES:SAN
Banco Santander
9.99
3.79
61.08%
ES:BKT
Bankinter
13.83
3.96
40.12%
ES:BBVA
Banco Bilbao Vizcaya Argentaria
18.87
6.71
55.23%
ES:CABK
CAIXABANK
10.49
3.54
51.02%
Unicaja Banco SA Corporate Events
Unicaja Banco Slightly Expands Balance Sheet and Shifts Toward Interest-Earning Assets in 2025
Feb 27, 2026
Unicaja Banco, S.A. has reported its individual balance sheet for the second half of 2025, showing total assets of €99.13 billion, up from €97.99 billion a year earlier. The bank’s asset structure reflects a slight reduction in c...
Unicaja Banco Details Governance, Board Structure and Shareholder Framework in 2025 Report
Feb 27, 2026
Unicaja Banco SA has published its 2025 Annual Corporate Governance Report, detailing its ownership structure, including share capital, significant shareholders, treasury shares and estimated free float, as well as existing restrictions on share t...
Unicaja Banco Details 2025–2026 Directors’ Pay Framework and Governance
Feb 27, 2026
Unicaja Banco has released its Annual Directors’ Remuneration Report outlining the remuneration policy that will apply in 2026 and detailing how it will be implemented for directors, including the chief executive, in the 2025 financial year....
Unicaja Banco Calls 2026 AGM to Approve 2025 Results and Board Changes
Feb 27, 2026
Unicaja Banco has convened its 2026 Ordinary General Shareholders’ Meeting for 9 April 2026 in Malaga, with remote attendance, proxy and voting options enabled under Spanish corporate law. Shareholders will be asked to approve the 2025 indiv...
Unicaja Banco Delivers Record 2025 Earnings and Lifts Shareholder Payout as Asset Quality Improves
Feb 5, 2026
Unicaja Banco reported record 2025 net profit of €632 million, up 10.3% year-on-year, driven by robust net interest income of €1.5 billion, a 2.8% rise in fee income from strong sales of investment funds and insurance, and lower provis...
Unicaja Banco Publishes Full-Year 2025 Financial Report
Feb 5, 2026
Unicaja Banco SA has published its financial report for the period from January to December 2025, dated 3 February 2026, outlining its performance, balance sheet evolution, funding structure, loan book quality, and key operating and strategic deve...
Unicaja Banco Posts Record 2025 Profit and Lifts Payout as It Upgrades Guidance
Feb 4, 2026
Unicaja Banco reported record 2025 net profit of €632 million, up 10.3% year on year, driven by solid net interest income, higher fee and commission income from investment funds and insurance, and lower provisions, while maintaining a stable...
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.