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1. Company Snapshot

1.a. 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, 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.

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1.b. Last Insights on UNI

Unicaja Banco, S.A. has benefited from the European market's resilience, driven by a potential EU-U.S. trade deal and the European Central Bank's steady interest rate stance. The bank's strong fundamentals and reliable dividend yield make it an attractive proposition for investors seeking stability and income. Additionally, the easing of geopolitical tensions and potential economic stimuli from Germany have created a favorable environment for the bank's operations.

1.c. Company Highlights

2. Unicaja's Q4 2025 Earnings: A Strong Finish to a Transformative Year

Unicaja's financial performance in 2025 was marked by a net profit of €632 million, a 10% improvement driven by a growth in gross margin and lower provisioning requirements. Revenues came in at €2.095 billion, up 2.6% year-over-year, while EPS was €0.05059, slightly below estimates of €0.06002. The bank's net interest income grew 0.8%, with loan repricing offset by lower funding costs. Fee income improved 4.1%, bringing gross income to 1.3% higher than the previous quarter.

Publication Date: Feb -15

📋 Highlights
  • Net Profit Growth:: Net profit rose 10% to €632 million, driven by a 1% increase in quarterly margin before provisions and 25% lower provisions.
  • Capital Strength:: CET1 ratio increased to 16% (up 90 basis points YoY), enabling a 29% higher dividend of €443 million (70% payout ratio).
  • Strategic Plan Update:: Revised 2025–2027 guidance targets €1.9 billion in accumulated net profit (70% higher than prior target) and €1.5 billion+ annual interest margin.
  • Asset Quality Improvement:: Non-performing loans (NPLs) dropped to 2.1% (vs. sector 2.8%), and NPAs fell 25%, reflecting stronger credit management.
  • Loan and Fund Growth:: Total performing loans grew 1.9%, with consumer lending up 40% to €822 million, and mutual funds surged 23%, contributing 18% of total revenue.

Strategic Plan Progress

The bank's strategic plan, launched in 2025, aims to drive long-term growth, and key highlights include a 2% lending growth, reversing a declining trend, and a 23% rise in mutual funds. The bank is making progress in implementing its strategic plan, with a focus on digital transformation, artificial intelligence, and talent acquisition. Unicaja's consumer lending production rose 40% to €822 million, aligning with business priorities.

Asset Quality and Capital Position

The bank's asset quality continued to improve, with non-performing assets (NPAs) falling by 25% and the net non-performing asset ratio at 0.8%. The NPL ratio decreased to 2.1%, below the sector's 2.8%. The CET1 ratio rose to 16%, 90 basis points higher than the previous year, allowing for an increased dividend payout of 70% of earnings.

Valuation and Outlook

With a Price-to-Tangible Book Value (P/TBV) of around 0.95, Unicaja's valuation appears reasonable. The bank's Net Interest Margin (NIM) is expected to improve, driven by a more balanced mix of assets and liabilities. The Dividend Yield stands at 4.34%, an attractive return for income investors. For 2026, Unicaja expects net interest income to grow, fees to increase at a low single-digit rate, and costs to grow around 5%. Analysts estimate revenue growth at 3.1% for next year.

Guidance and Expectations

The bank's guidance for 2025-2027 has been improved, with expected earnings of over €1.9 billion, 85% to be used for dividend payments. The CET1 ratio is expected to remain over 14%. Unicaja expects a more balanced mix between asset growth and resource customer growth around 3% in both segments, and its loan yield is expected to remain steady in the second and third quarters, with a significant improvement in margins expected from 2027.

3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.00%)

6. Segments

Retail Banking

Expected Growth: 5.0%

Unicaja Banco's 5.0% growth in Retail Banking is driven by its strong brand recognition, expanded branch network, and digital transformation efforts. Additionally, its focus on customer-centric services, competitive pricing, and innovative product offerings have contributed to increased customer acquisition and retention. Furthermore, the bank's strategic partnerships and investments in fintech have enhanced its operational efficiency and risk management capabilities.

7. Detailed Products

Personal Banking

Unicaja Banco's personal banking services provide individuals with a range of financial products and services, including current and savings accounts, credit cards, personal loans, and investment products.

Business Banking

Unicaja Banco's business banking services provide businesses with a range of financial products and services, including business accounts, loans, credit facilities, and cash management solutions.

Corporate Banking

Unicaja Banco's corporate banking services provide large corporations with a range of financial products and services, including corporate lending, treasury management, and risk management solutions.

Private Banking

Unicaja Banco's private banking services provide high net worth individuals with personalized financial advice, investment management, and wealth planning solutions.

Mortgage Loans

Unicaja Banco's mortgage loans provide individuals and businesses with financing solutions for purchasing or refinancing properties.

Credit Cards

Unicaja Banco's credit cards provide individuals and businesses with a convenient and flexible payment method, with rewards and benefits.

Investment Products

Unicaja Banco's investment products provide individuals and businesses with a range of investment solutions, including mutual funds, pension plans, and insurance products.

Insurance Products

Unicaja Banco's insurance products provide individuals and businesses with protection against risks, including life insurance, home insurance, and business insurance.

8. Unicaja Banco, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Unicaja Banco, S.A. is medium due to the presence of alternative financial institutions and digital payment systems.

Bargaining Power Of Customers

The bargaining power of customers for Unicaja Banco, S.A. is low due to the lack of negotiating power of individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Unicaja Banco, S.A. is medium due to the presence of multiple suppliers of technology and services.

Threat Of New Entrants

The threat of new entrants for Unicaja Banco, S.A. is high due to the increasing trend of fintech companies and digital banking platforms.

Intensity Of Rivalry

The intensity of rivalry for Unicaja Banco, S.A. is high due to the presence of multiple competitors in the banking industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 46.77%
Debt Cost 8.76%
Equity Weight 53.23%
Equity Cost 8.76%
WACC 8.76%
Leverage 87.86%

11. Quality Control: Unicaja Banco, S.A. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
FinecoBank

A-Score: 6.9/10

Value: 3.2

Growth: 7.7

Quality: 8.8

Yield: 6.9

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

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Banca Sondrio

A-Score: 6.7/10

Value: 4.9

Growth: 5.6

Quality: 6.2

Yield: 8.8

Momentum: 10.0

Volatility: 5.0

1-Year Total Return ->

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BPER Banca

A-Score: 6.4/10

Value: 4.7

Growth: 4.9

Quality: 5.7

Yield: 8.1

Momentum: 10.0

Volatility: 5.0

1-Year Total Return ->

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Mediobanca

A-Score: 6.3/10

Value: 4.0

Growth: 5.1

Quality: 5.6

Yield: 9.4

Momentum: 8.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Unicaja Banco

A-Score: 6.1/10

Value: 4.6

Growth: 3.9

Quality: 4.8

Yield: 6.9

Momentum: 10.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Oberbank

A-Score: 5.2/10

Value: 3.9

Growth: 6.8

Quality: 5.1

Yield: 2.5

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.77$

Current Price

2.77$

Potential

-0.00%

Expected Cash-Flows