Unicaja Banco (UNI.MC) fair value

ACCE thesis

Unicaja Banco is a Spanish retail bank headquartered in Málaga, with its core business in deposits, mortgages and small-business lending across Andalusia and the wider Spanish market. At an 8.4B EUR market cap, a trailing P/E of 12.5 and a forward P/E of 11.8, the stock is priced below what a reasonable earnings recovery would imply, though the data we have does not include revenue growth, ROE or margins, so the operating case is unverified here. The forward multiple implies consensus expects earnings to rise by roughly 6% over the next year, a modest step-up that would need confirming against net interest income and cost trends. Spanish banks have been working through a higher-rate environment that lifts lending spreads, and that is the tailwind to test, along with whether asset quality holds through the cycle. The name is not in any index in our dataset, which limits liquidity and sell-side coverage, so this warrants a deeper look at the filings before any conclusion is drawn.