Unipol rises to 24.62% of Bper, 4.77% swap to armour the bank
Strengthened grip on the bank, which is worth 6.89 billion on the stock exchange, only 4.1 times 2023 earnings and 0.71 times book equity
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Unipol is still betting on Bper's potential. Despite the bank's leap in the stock market - since the beginning of the year alone it has risen 60% - the Emilia-based institution still has low multiples compared to its competitors and potential for growth. Thus, the insurance company led by Carlo Cimbri has announced that it has opted for a share of up to 24.62% of the capital with derivative transactions on 4.77% through a share swap contract expiring on 25 February 2028. This was announced by Consob in its updates on significant holdings of listed companies. Previously, the latest findings gave Unipol 19.854% of the bank's capital.
The ratings
.The deal, which comes just days after the completion of Unipol's cutting of the chain of control over insurance attitudes, secures Unipol's grip on the bank and relaunches its industrial project at a time when the banking risk in Italy could flare up again. The bank in which Unipol holds a stake has a market value of EUR 6.89 billion on the stock market, which corresponds to only 4.1 times the profit for 2023 and 5.43 times the expected net profitability for the whole of 2024. At current market prices Bper trades at a discount (0.71 times) to book equity
