Unipol tops FTSE MIB as Berenberg ups TP on dividend boost from UnipolSai merger

UnipolSai Assicurazioni SpA

20/05/2024 10:56

** Shares in Unipol  UNPI.MI  tops Italy's FTSE MIB index
 .FTMIB  on Monday as Berenberg increases its TP and updates its
forecasts and valuations on the group's merger with its
insurance subsidiary UnipolSai  US.MI 
    ** Berenberg raises its forecast on dividend distribution in
FY 2024 by 25% at 0.50 EUR/Shr, under the assumption the tie-up
will be successfully completed during H2 and Unipol will return
to its shareholders dividends previously paid out to UnipolSai
minorities
    ** Broker confirms its "buy" rating and ups TP by almost 44%
to 11.50 euros, as it now moves "to a standard sum-of-the-parts
valuation for Unipol Gruppo, rather than valuing it like a
conglomerate, based on the market value of its listed units"
    ** At 1125 GMT, Unipol is up 2.6%​, outperforming the FTSE
MIB index  .FTMIB , which is down 1.2%
    ** Stock is on track for its best day since February 16th,
when it announced the tie-up with UnipolSai and closed up 21.0%

 (Reporting by Enrico Sciacovelli)
 ((enrico.sciacovelli@thomsonreuters.com))