Equity Research: UniCredit Spa

The equity research report, crafted in adherence to CFA Executive Research Report guidelines, pertains to UniCredit S.p.A., an Italian commercial banking firm listed on the Milan, Frankfurt, and Warsaw Stock Exchanges. Operating across Italy, Germany, Central Europe, Eastern Europe, and Russia, UniCredit is a Pan-European commercial bank. This report issues a Buy recommendation for UniCredit, with a 2025YE target price of €42.57 per share, reflecting a substantial upside potential of 28.38% and an annualized return of 16.90%. This evaluation was conducted using the Residual Income model on a consolidated basis, alongside the flow to equity approach, the dividend discount model and multiple valuation.