In recent weeks, following the Libyan crisis, it is back to talk often of Unicredit.
How much is this title?
The banking sector has experienced in international markets in recent years, various events, however, linked the origin of the crisis that began in 2007.
not forget that this crisis has originated from its banking and finance, with particular reference to the securitization of real estate loans in the U.S..
probably the crisis that has followed, and then have affected the industry, there was none, as the cyclical historical points, but the "financial activities" of that is something to be reckoned with, as noted by the issue of derivatives.
This is of fundamental importance to understand why, in particular, a pronounced volatility of the securities in the financial sector in general and banking in particular.
The problem is achieved by the movement of various types of derivatives, linked first of all, for whatever reason, the challenges of real estate loans, and this leads to a particular theme in fundamental analysis.
We must never forget, in fact, that the estimate of the so-called fair value or actual value of a title, it depends on numbers that are in financial statements, but ultimately a question that has meandered between the markets is this: are we sure those numbers ?
Hence, not surprisingly, doubt that, for example, the balance sheets of many companies related to the banking sector, as well as investment banking, conceal, to some extent, the existence of derivatives, whose consequences would be significant change in the budget estimates of financial aggregates, such as income components and, consequently, also the capital.
What to say at this point?
Of course, the analysis can only consider the financial data
budget which, officially, are provided by the companies themselves, and that the most careful estimates
industry analysts report.
As always, our analysis differs in order to identify more targets
price, even in fair value, based on a greater or lesser value by the market of certain components.
Regarding Unicredit, to be collected from the methodological point of view, as the component represented by the so-called cash flow, a critical component for companies in the industry, but has virtually no weight or poor, based on qualifications of the financial and banking sector. For
Therefore, we consider, however, the component of income and assets, with particular reference to how the market multiples have evaluated these components on the stock market.
exist, however, partly because of some variability between different estimates
analysts, just different components of predictions about the budget of the title.
Summarizing, we can consider the following fair value, which are based on an assessment of minimal to pass, as usual, to a more balanced, and finally to one that tends to be particularly considered in the early stages of rising more euphoric.
Compared to these estimates, as always, will then be considered the classic scissor + / - 30%.
FAIR VALUE
1,67
3,34
5,11
Per imparare a valutare le Aziende
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