UNIQA (1K) | Hold (vs Buy) | Taking profits

研报英文原文证据摘录

UNIQA (1K) | Hold (vs Buy) | Taking profits

UNIQA Hold | Target Price: EUR17.00

Company description Management

UNIQA is a composite insurance company with leading positions in its core Andreas Brandstetter, CEO

markets of Austria and central and eastern Europe. It includes significant Kurt Svoboda, CFO

exposure to health insurance as well as to life and non-life. The company has

more than 20,000 employees and serves more than 17m customers in 14 Key shareholders

countries. While Austria remains its core market, its CEE operations augment its Free float 35.80% Uniqa Versicherungsverein Privatstiftung 49.00%

growth. RZB Versicherungsbeteiligungs GmbH 10.90%

Collegialität Versicherungsverein Privatstiftung 3.60%

Investment case Valuation methodology

UNIQA is one of the largest multiline insurance companies in We use an SOP model to value UNIQA.

Austria and CEE, with above-average exposure to health For that, we calculate the fair value of the various business lines

insurance. The company managed to generate above industry based on 2027E net profit, ROE, and cost of equity, as well as

average topline growth in recent years. long-term earnings growth rates. From the sum of all the

Likely solid top-line development, in combination with ongoing business lines’ values, we deduct minorities and the

cost management due to solid underwriting discipline and outstanding debt.

digitalisation, could well augment profitability in the next years. Risks to our rating

The company aims for a 7% EPS CAGR through to 2028. Negative political and regulatory changes.

The stock offers an attractive dividend yield. Weaker-than-expected economic growth in the next few years.

Catalysts Lower interest rates.

Ongoing solid top-line growth.

Ongoing improvement in its cost structure.