Uniqa figures, analyzes on RBI, Erste Group, Bawag, Flughafen, Post, FACC, Wienerberger … (Christine Petzwinkler)

The Premium income from the Uniqa Group increased by 3.2 percent to EUR 1,578.3 million in the first quarter. Health insurance (+5.1 percent) as well as property and casualty insurance (+3.7 percent) and life insurance (+0.3 percent) saw increases in premiums written – effects of Covid-19 The insurance group said that the sales result for the first three months was barely noticeable. The first provisions of EUR 37.5 million in connection with Covid-19 are already included, as well as further expenses for the “Sabine” storm depression and an earthquake in Albania, according to Uniqa. The Combined ratio in property and casualty insurance deteriorated down from 96.3 percent in the first quarter of last year to 97.8 percent.
Due to all of the effects related to Covid 19, Uniqa has to report a negative quarterly result for the first time since the euro crisis in 2011. The operating result fell to EUR 1.6 million (1 – 3/2019: EUR 56.1 million). The Profit before tax was EUR -13.9 million (1 – 3/2019: 42.3 million euros). The consolidated result decreased to EUR -13.2 million (1 – 3/2019: EUR 32.2 million). Earnings per share were EUR -0.04 (1 – 3/2019: EUR 0.10). According to the company, two effects for the negative result of the first quarter of 2020 would be the decrease in investment income and the increase in costs. There was a significant drop in investment income: the 11.7 percent decline to EUR 89.7 million due to Covid-19 Distortions on the capital markets would have been much stronger if it had not cushioned currency effects of EUR 28 million in international business that had no impact on earnings. Current operating costs rose by EUR 16 million, the majority of which related to one-off, early costs for the forthcoming integration of the AXA companies in Poland, the Czech Republic and Slovakia.
Uniqa expects a possibly negative result before taxes for the entire year 2020. The dividend for the 2020 financial year will no longer apply.
Uniqa (

Current indication: 5.89 / 5.93, -0.51%)

Fresh research: The JPMorgan analysts looked at the domestic banking landscape and came to the conclusion: “Neutral” and target price 13.2 euros (before 14.7 euros) for Raiffeisen Bank International, “Overweight” and reduced target price of EUR 42.0 (previously EUR 45.0) for Bawag and also “Overweight” with a slightly lower price target of EUR 22.1 (previously EUR 22.5) for Erste Group. A Buy recommendation for Erste Group on the other hand, there is Goldman Sachs, the price target is slightly reduced from 24.0 to 23.0 euros.
The HSBC analysts confirm this Flughafen Wien share with “Buy” and reduce the target price from 33.0 to 31.0 euros. Credit Suisse confirmed SBO with “underperform” and raised the target price from EUR 17.0 to EUR 18.0. The RCB reduces the recommendation for FACC from “Buy” to “Hold” and the target price from 14.5 to 7.0 euros. At Wienerberger the RCB analysts confirm that Buy rating and increase the price target from 19.0 to 20.0 euros. Barclays reduced the rating for the Austrian Post from “Equal Weight” to “Underweight” and the target price from 30.0 to 28.0 euros.
RBI (

Current indication: 15.21 / 15.26, 0.63%)
Bawag (

Current indication: 27.30 / 27.42, 2.09%)
Erste Group (

Current indication: 18.30 / 18.34, 2.26%)
Vienna Airport (

Current indication: 24.70 / 25.00, -1.78%)
SBO (

Current indication: 25.80 / 26.00, 2.78%)
FACC (

Current indication: 5.61 / 5.66, -5.13%)
Wienerberger (

Current indication: 17.80 / 17.86, 0.06%)
Austrian post (

Current indication: 29.65 / 30.00, 4.47%)

(Input from Christine Petzwinkler for http://www.boerse-social.com/gabb from May 22nd.)

(May 22, 2020)

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