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Unicaja Banco SA
(BME:UNI)
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Rating:69Neutral
Price Target:
€3.50
▲(4.48% Upside)
Action:Reiterated
Date:08/03/26
The score is supported by a favorable earnings-call outlook (improving asset quality, strong capital/liquidity, and increased payout) and a constructive price trend above major moving averages, plus appealing income/valuation (high dividend yield with a moderate P/E). The main constraint is fundamental risk from higher leverage and volatile cash-flow generation.
Positive Factors
Strong capital & liquidity
A CET1 ratio of 15.8% and LCR above 300% provide a durable buffer against credit and market stress, supporting ongoing lending, regulatory compliance and market access. This strength underpins capacity for organic capital generation, MREL issuance and continued shareholder returns over months.
Negative Factors
Leverage spike
A sharp rise in total debt increases leverage (debt/equity ~1.42), reducing balance-sheet flexibility and heightening sensitivity to funding costs and market stress. Higher leverage constrains strategic optionality and amplifies earnings volatility from rate or credit shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong capital & liquidity
A CET1 ratio of 15.8% and LCR above 300% provide a durable buffer against credit and market stress, supporting ongoing lending, regulatory compliance and market access. This strength underpins capacity for organic capital generation, MREL issuance and continued shareholder returns over months.
Read all positive factors
Unicaja Banco SA (UNI) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€9.28B
Dividend Yield7.91%
Average Volume (3M)8.15M
Price to Earnings (P/E)14.1
Beta (1Y)1.14
Revenue Growth-6.69%
EPS Growth5.62%
CountryES
Employees7,397
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.26
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
€3.07Price Target Upside-8.32% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering7
EPS Forecast (FY)0.26
Revenue Forecast (FY)€2.16B
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 acting as a financial intermediary and by charging fees for banking services. Its core earnings typically come from: (1) Net interest income: the spread between interest earned on assets (primarily loans and cre...
Unicaja Banco SA Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial update: revenue and loan production are accelerating, credit quality is improving materially (lower NPLs and higher coverage), capital and liquidity positions are strong (CET1 15.8%, LCR >300%), and shareholder returns were materially increased (95% payout policy, attractive ~9% yield). Short-term headwinds include mid-single-digit cost growth from strategic investments, constrained transactional fee income due to loyalty programs, deposit mix seasonality (time deposits -5%), some accounting/drags from DTAs and occasional volatility in other income. Management retained prudent guidance (NII low-to-mid single digits, fees low single digits, costs mid-single digits, cost of risk 20–25 bps, net profit mid-single digit growth) and emphasized continued execution of the strategic plan and technology investments.Positive Updates
Improved Business Volumes
Total business volumes rose 3.5% YoY (June 2026) with total customer funds up 3.5% YoY; demand deposits up ~4% YoY while off-balance sheet funds grew 12.7% YoY.
Negative Updates
Rising Operating Costs from Strategic Investments
Operating costs increased ~5% (mid-single-digit), reflecting investment in hires and technology; while considered necessary for the strategic plan, costs pressure near-term efficiency despite the 46% ratio.
Read all updates
Q2-2026 Updates
Positive
Negative
Improved Business Volumes
Total business volumes rose 3.5% YoY (June 2026) with total customer funds up 3.5% YoY; demand deposits up ~4% YoY while off-balance sheet funds grew 12.7% YoY.
Read all positive updates
Company Guidance
Management updated 2026 guidance: net interest income is now expected to rise low‑ to mid‑single digits, fees low single‑digit, operating costs mid‑single‑digit, cost of risk narrowed to 20–25 bps (Q2 cost of risk 18 bps; Q2 loan provisions €23m vs €32m a year ago), business volumes ~3% growth (loans +3.7% y/y; total customer funds +3.5%; off‑balance sheet funds +12.7%; mutual funds +18.2% to >€18bn; AUM +13%), and net profit to grow mid‑single digits (H1 net income €361m, +7% y/y; Q2 net income €201m, +25% q/q). Key capital and quality metrics: CET1 15.8%, reported ROTE 10% (adjusted ROTE 12%; DTA‑adjusted >16%), efficiency ratio 46%, NPL ratio 1.8% with coverage 83%, NPAs net 0.5% with >80% coverage, MREL 27% (subordinated 24.4%) and LCR >300%. Shareholder returns: 2026 payout set at 95% of net income via three cash payments (first interim €217m / €8.44 per share in Sept), implying an attractive yield of ~9%.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 | 2.59B | 2.58B | 3.28B | 2.97B | 1.94B | 1.37B |
| Gross Profit | 1.95B | 2.12B | 2.13B | 1.98B | 1.74B | 1.25B |
| EBITDA | 893.00M | 994.00M | 903.13M | 461.07M | 473.25M | 1.09B |
| Net Income | 657.00M | 632.00M | 573.33M | 266.70M | 277.58M | 1.11B |
Balance Sheet | ||||||
| Total Assets | 99.16B | 98.43B | 97.37B | 97.15B | 99.00B | 115.55B |
| Cash, Cash Equivalents and Short-Term Investments | 4.17B | 12.85B | 7.50B | 8.04B | 4.66B | 21.30B |
| Total Debt | 9.13B | 13.14B | 4.81B | 5.09B | 4.48B | 3.08B |
| Total Liabilities | 92.38B | 91.34B | 90.63B | 90.51B | 92.54B | 109.22B |
| Stockholders Equity | 6.76B | 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
3.35
Price Trends
3.26
Positive
2.99
Positive
2.78
Positive
Market Momentum
0.11
Negative
69.24
Neutral
84.10
Negative
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 3.35 is below the 20-day moving average (MA) of 3.43, above the 50-day MA of 3.26, and above the 200-day MA of 2.78, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 69.24 is Neutral, neither overbought nor oversold. The STOCH value of 84.10 is Negative, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | €138.28B | 12.87 | 19.31% | 3.53% | -8.98% | 6.81% | |
75 Outperform | €90.39B | 14.74 | 16.09% | 3.76% | -6.84% | 3.21% | |
72 Outperform | €796.16M | 14.85 | 26.13% | 3.66% | 13.97% | 49.25% | |
70 Outperform | €15.05B | 13.19 | 17.70% | 3.84% | -4.58% | 12.95% | |
69 Neutral | €9.28B | 14.12 | 9.44% | 8.48% | -6.69% | 5.62% | |
69 Neutral | €186.18B | 11.43 | 15.48% | 1.96% | 8.23% | 24.66% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
ES:UNI
Unicaja Banco SA
3.59
1.31
57.18%
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Unicaja Banco SA Corporate Events
Unicaja Banco Sets Detailed Rules for General Shareholders’ Meeting Governance
Jul 31, 2026
Unicaja Banco S.A. is a Spanish banking group active in retail and commercial financial services, with a broad shareholder base and a focus on sound corporate governance. Its operations are structured to align with regulatory requirements and best...
Unicaja Banco details ninth-quarter activity under share liquidity contract
Jul 3, 2026
Unicaja Banco has reported detailed figures for the ninth quarter of its liquidity contract, outlining share purchase and sale activity executed by its financial intermediary between 1 April and 30 June 2026. Over the quarter, the bank bought 19,8...
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...
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.