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Unicaja sinks in the stock market after presenting results below forecasts

Date: March 28, 2024 Time: 19:06:57

Unicaja Banco suffers a bump in the stock market after presenting results. The entity, about to close its first full month on the Ibex 35, recorded a decline of more than 9% during the first hour of the session, to 1.14 euros per share. As reported to the National Securities Market Commission (CNMV), the Malaga-based firm has obtained a net profit of 260 million during 2022, 89% more than the previous year.

These accounts have not convinced investors, as they are below the consensus estimates. During the fourth quarter, it has obtained a record interest margin of 293 million, driven by the rise in the Euribor, while it has reduced costs by 8% after completing the merger with Liberbank, which includes a workforce adjustment and the closure of branches.

The firm puts its leadership in the Ibex at risk, which until this Monday accumulated a revaluation of 20% so far this year, so this collapse moves it from fourth place to sixteenth position due to an increase so far this year. Unicaja Banco joined the selective on December 27, replacing Siemens Gamesa. Its incorporation as the sixth bank has increased the weight of financial entities in the index to represent close to 30%.

Despite this fall, the ‘Bloomberg’ consensus overweights this value with a revaluation potential of more than 24%. It so happens that several analysts have revised Unicaja upwards this Tuesday. Among them are GVC Gaesco, Bestinver Securities, JB Capital Markets, CaixaBank BPI or Jefferies.

Last week María Garaña announced her resignation as an independent director and adds the fifth loss in the last month. Added to her resignation are the departures of four Sunday representatives: Teresa Sáez, Petra Mateos-Aparicio, Manuel Muela and Juan Fraile.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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