Rankings Financial data & insurance broking Unicaja
Unicaja
73
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−8
- Returns−5
- Quality of growth−4
Strengths
- Capital and dividend+3
- Credit quality+2
How the score is built
From 100 to 73, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 3.23 EUR
- Median analyst target
- 3.23 EUR
- Upside to median
- −0.1%
- Analysts
- 18
- Target range
- 2.80 – 3.90 EUR
- 52-week change
- +37%
- P/E (trailing)
- 12.5
- Forward P/E
- 11.4
- PEG
- 1.49
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−9 of −30
- −4Quality of growthNet interest income rose only 1.7% in H1 2026 to EUR 755m and fees 2.6%, while administrative costs rose 9.4%; earnings growth (+7.1%) came mainly from lower losses. Analysts expect only EPS +6% in 2026 and +5.5% in 2027.
- −5ReturnsROTE only 10% in H1 2026 (ROE 9.6% TTM, 4.1–9.2% in 2022–2025), the lowest among the listed Spanish banks (Sabadell recurring 13.6%, CaixaBank about 18%, Bankinter 20.4%). The business is a regional mortgage and retail bank with low profitability.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −8Multiples vs own historyP/B 1.34 vs 0.36–1.01 in 2021–2025, trailing P/E 14.1 vs 5.7–11.4 and forward P/E 12.9 vs 5.6–11.6. The share price has almost quintupled since 2023 (0.74 → 3.54 EUR), while EPS has risen from 0.10 to 0.25; the re-rating is well ahead of earnings, and Citi calls a P/E of 13 a premium to its history.
- −2PeersTrailing P/E 14.1 and P/TBV 1.37 at ROE 9.6% and EPS growth of about 6%, vs. Bankinter P/E 13.4 with ROE 17.9% and EPS growth 13%. Unicaja is more expensive on earnings than a bank with double the return.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−3 of −35
- −2Governance and merger blockingFundación Unicaja owns over 30% and would be diluted to 9.8% in a merger with Sabadell; sources around the foundation call it 'very difficult' to accept. Santa Lucía raised its stake to about 10% in May 2026 to deter Sabadell, and the CEO sees 'no catalysts'. A bloc of about 40% can block a bid, so minority shareholders are unlikely to get a takeover premium, and Citi estimates that the narrow valuation gap gives Sabadell only about a 1% EPS uplift (little room for a premium).
- −1Distribution without growth bufferThe bank intends to distribute about 95% of the 2026 result (and close to 100% in 2026–2027), so almost nothing is reinvested in a business whose lending grows only 3.3%; the dividend depends fully on earnings holding up.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Capital and dividendCET1 15.8% (7.2 percentage points above the requirement); interim dividend +28% to EUR 0.0844, and total payout is held below net profit (dividend EUR 443m vs result 656m TTM).
- +2Credit qualityThe NPL ratio fell to 1.8% (−38 bp), non-productive assets −22.6% in a year, and coverage of non-performing loans rose to 82.7% (73% a year earlier).
Caveats
What the score does not capture, or where the data is weak.
Bank: EV, ROIC and FCF are not meaningful; valuation on P/B, P/TBV and P/E, and the payout is held against net profit. EPS and ROE for 2021 are distorted by badwill from the Liberbank merger, so history is measured from 2022. The share price (+53% over a year) is probably partly driven by merger speculation about Banco Sabadell; this has not been counted as fundamental, and the merger has been counted only once (governance in T3). Sabadell's approach to Unicaja's investors was in May 2025 and failed; Citi's analysis from Sep 2026 is an analyst calculation, not a bid. Consensus is 'Sell' with a median price target of EUR 3.00 (updated Aug–Sep 2026) below the price of 3.54, which is captured by formula points and not counted here. Bank tax (IMIC) for Unicaja has not been found and not counted. Insider ownership is shown as n/a at stockanalysis; Fundación Unicaja owns over 30%. Q3 figures 30 Oct 2026.
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