Spotlight on Unipol after the above-expected quarterly report
The consolidated net profit was EUR 407 million (+12.1%), including the contribution of the investee companies Bper and Popolare di Sondrio. For Intermonte, the accounts show that the plan is conservative
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(Il Sole 24 Ore Radiocor) - Unipol on a rollercoaster ride after the publication of its quarterly report. The stock, which started out with a 0.9% gain, stretched its stride and then abruptly reversed course, slipping to the downside, only to regain ground again. On 15 May, with the markets closed, the insurance company announced that it had closed the January-March period with a consolidated net profit of EUR 407m (+12.1%), including the contribution of the affiliates Bper and Popolare di Sondrio as at 31 March 2025. Reported net profit amounted to 285 million (+17.8%). Direct insurance premiums reached EUR 5 billion (+18.8%), of which EUR 2.4 billion (+4.7%) in non-life and EUR 2.6 billion (+35.5%) in life, against a combined ratio of 91% (91.1% a year earlier).
Intermonte pointed out that first quarter numbers were "better than expected on all key metrics" and therefore "if there are no particularly impactful natural events during the second and third quarters, everything points to the fact that the excellent performance at the beginning of the year could further increase visibility on the three-year plan targets, which we consider conservative and with several 'upside' elements, not least the dividend distribution policy". Analysts indicated that they expect a dividend payout by 2027 of 2.3 billion, compared to the cumulative target of 2.2 billion in the company's three-year plan. Intermonte expects the insurance company's top management to give updates on UnaHotel's valuation process during the conference call.
The sim experts confirmed the positive view on the stock, even after the rally recorded, also taking into account the multiples that place Unipol at valuations below the sector average. Thus Intermonte's opinion on Unipol is confirmed as 'Outperform', although the price target at EUR 16.5 is below the stock market price. Equita also recommends buying Unipol shares ('Buy'), albeit with a price target of 17 euros, also lower than stock market prices..
