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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:71Outperform
Price Target:
€2.50
▲(6.38% Upside)
Unicaja Banco SA's stock is supported by strong financial performance and attractive valuation metrics, particularly its high dividend yield. Technical indicators suggest moderate bullish momentum, though caution is advised due to nearing overbought conditions. The absence of earnings call and corporate events data limits further insights.
Unicaja Banco SA (UNI) vs. iShares MSCI Spain ETF (EWP)
Market Cap
$6.05B
Dividend Yield6.93%
Average Volume (3M)8.15M
Price to Earnings (P/E)9.5
Beta (1Y)1.01
Revenue Growth-5.30%
EPS Growth55.66%
CountryES
Employees7,502
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.07
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)1.53
P/FCF Ratio-8.03
Enterprise Value/Market Cap1.52
Enterprise Value/Revenue3.74
Enterprise Value/Gross Profit4.60
Enterprise Value/Ebitda17.60
Forecast
1Y Price Target
$2.20Price Target Upside-6.40% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering6
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:Jul 29, 2025
(Q3-2024)
| % Change Since: |
Next Earnings Date:Oct 31, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong performance in profitability, asset quality, and capital metrics, alongside successful sustainability initiatives. However, challenges such as declines in performing loans, fee income, and the impact of regulatory levies were acknowledged. Despite these challenges, the overall sentiment leans towards a positive outlook with strategic improvements anticipated.Q3-2024 Updates
Positive Updates
Strong Profitability Growth
Net income increased by 58% year-on-year, reaching EUR 451 million for the first nine months of 2024, driven by an 18% growth in the banking margin and a 22% improvement in pre-provision profit.
Asset Quality Improvement
NPL balances fell by 22% year-on-year, with the NPL ratio decreasing to 2.8% and NPAs coverage ratio increasing to 70% from 66% last year.
Capital and Liquidity Strength
CET1 ratio reached 15.4%, and the tangible book value per share grew by 7% in the first nine months of 2024. Liquidity metrics remain strong with an LCR ratio above 300% and a loan-to-deposit ratio at 70%.
Sustainability Initiatives
Issued fourth green bond in September and reduced carbon footprint by 18.3% in 2023 compared to 2022.
Positive Lending Trends
Third quarter private sector new lending volumes reached EUR 1.8 billion, up from EUR 1.2 billion in the same quarter of the previous year.
Negative Updates
Decline in Performing Loans
The performing loan book fell by 2.3% in the third quarter, although private sector loans were nearly flat when excluding seasonal impacts.
Fee Income Decrease
Total fees fell by 5% for the first nine months of the year, attributed to commercial campaigns and strategic shifts focusing on loyal clients.
Impact of Spanish Banking Levy
A EUR 10 million adjustment for the 2024 levy and EUR 9 million for the 2023 levy increased other expenses and provisions.
Challenges in Mortgage Production
A decline in new mortgage production was noted, although specific reasons were not detailed in the call.
Company Guidance
During Unicaja's third-quarter earnings call for 2024, the executives provided detailed guidance on several key financial metrics. Total customer funds increased by 3.6% year-on-year, with off-balance sheet funds rising nearly 7%. The banking margin grew by 18% over the first nine months, and net income was up by 58% compared to 2023. Asset quality improved significantly, with non-performing loan (NPL) balances decreasing by 22% year-on-year and foreclosed assets by 36%. The non-performing assets (NPA) coverage ratio rose from 66% to 70%. The cost of risk was reported at 24 basis points, below the initial guidance of 30-35 basis points. In terms of solvency, the Common Equity Tier 1 (CET1) ratio reached 15.4%, and the liquidity coverage ratio (LCR) remained above 300%. The bank's guidance for net interest income was revised to exceed a 10% growth, and the cost of risk is expected to fall between 25 to 30 basis points for the year.Unicaja Banco SA Financial Statement Overview
Summary
Unicaja Banco SA exhibits strong revenue and profit growth, supported by a stable balance sheet with effective capital management. Despite some volatility in cash flow operations, the bank shows resilience and maintains financial stability. Overall, the financial statements reflect a positive outlook with areas for improvement in cash flow consistency.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 | 2.45B | 1.94B | 2.97B | 1.41B | 907.56M | 669.96M |
| Gross Profit | 2.00B | 2.13B | 1.98B | 1.75B | 907.56M | 669.96M |
| EBITDA | 521.00M | 903.13M | 354.92M | 473.25M | 1.09B | 65.31M |
| 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 | 8.50B | 10.33B | 4.66B | 21.30B | 6.67B |
| Total Debt | 4.63B | 11.50B | 13.67B | 4.48B | 25.38B | 12.93B |
| 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
2.35
Price Trends
2.32
Positive
2.19
Positive
1.90
Positive
Market Momentum
<0.01
Negative
54.17
Neutral
70.42
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 2.35 is above the 20-day moving average (MA) of 2.32, above the 50-day MA of 2.32, and above the 200-day MA of 1.90, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.17 is Neutral, neither overbought nor oversold. The STOCH value of 70.42 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 |
|---|---|---|---|---|---|---|---|
| ― | €97.16B | 9.34 | 18.91% | 4.07% | 7.39% | 16.20% | |
| ― | €62.35B | 10.37 | 16.64% | 4.88% | -3.16% | 16.68% | |
| ― | $6.05B | 9.53 | 9.57% | 6.93% | -5.30% | 55.66% | |
| ― | €11.40B | 11.17 | 16.71% | 4.35% | -7.12% | 15.96% | |
| ― | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
| ― | £124.37B | 9.46 | 13.10% | 2.03% | -14.67% | 16.25% |
* Financial Sector Average
ES:UNI
Unicaja Banco SA
2.34
1.34
132.31%
ES:SAB
Banco de Sabadell
3.21
1.49
86.31%
ES:SAN
Banco Santander
8.61
4.26
97.91%
ES:BKT
Bankinter
13.06
5.99
84.86%
ES:BBVA
Banco Bilbao Vizcaya Argentaria
17.58
8.77
99.46%
ES:CABK
CAIXABANK
9.05
3.83
73.44%
Unicaja Banco SA Corporate Events
Unicaja Banco Reports Strong Earnings Growth in 2025
Jul 30, 2025
Unicaja Banco is a prominent Spanish financial institution operating primarily in the banking sector, offering a range of financial services including retail banking, corporate banking, and asset management. The bank is known for its focus on sustainability and innovation in financial products.
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.