UniCredit S.p.A. (UCG) fair value: what the stock is really worth
We calculate from audited financials what UniCredit S.p.A. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 17, 2026.
How to read this chart
60‑month range €6.52 – €86.15 · fair‑value band €58.21 – €97.02 · the €83.72 price screens above the €77.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 17, 2026.
UniCredit S.p.A. provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe. The company offers retail, private, and wealth management solutions; and institutional investor solutions.
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UniCredit S.p.A. provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe. The company offers retail, private, and wealth management solutions; and institutional investor solutions. It also provides corporate finance advisory, rating advisory, financial sponsor, patient capital, capital structure advisory, and sustainable finance solutions, as well as securities services. In addition, the company offers transactional and risk management, structured finance, debt funding, equity funding, project finance, commodity trade finance, and trade and export finance services; group trade and correspondent banking services; and payments solutions. It serves SME, corporate, multinational corporate, financial institution, and public sector clients, as well as retail, private banking, wealth management, and family office clients. UniCredit S.p.A. was founded in 1870 and is headquartered in Milan, Italy.
Stock analysis
UniCredit S.p.A. (UCG) currently trades at €83.72, while our model-based Fair Value estimate is €77.62, implying the stock looks roughly 7.9% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €63.27 per share, and 1 of the 4 models we run sit above the €83.72 price.
Bear case: the Asset-Based group reads lowest at €30.28, and 3 of the 4 models stay below the price. Evidence for this calculation is high.
Scenario range: €58.21 (bear) to €97.02 (bull), the price of €83.72 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
UniCredit S.p.A. reported revenue of €25.0B in FY2025 versus €18.6B in FY2021, a compound +7.7%/yr. Reported net income was €10.9B in FY2025, compounding +63.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap €126B · P/E ratio 11.5 · P/S ratio 5.02 · EPS (TTM) €7.27 · Dividend yield 3.5% · Net margin 43.6% · Return on equity 17.0% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades near its 52-week high and 62% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −33% fair-value upside, at −7%, UCG screens cheaper than that median.
Fair Value models
Bear €58.21Fair Value €77.62Bull €97.02
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€3.16 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+57.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+54.4%
Dividend (yield on the price)3.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.54% vs 16%, picking up
Profit margin 2018 to 2023 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.37% → 49%
⚠ Revenue per share shrinking 2.0%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.0%
Yearly sales growth analysts expect, extended to five years.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1073 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−7% · Above median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets1% · Top 25%
Net margin (TTM)45% · Top 25%
Operating margin (TTM)62% · Top 25%
Growth and dividend
Revenue growth6% · Below median
Dividend yield (TTM)3.5% · Above median
Balance sheet
Debt / equity1.42× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "UniCredit S.p.A. Fair Value". https://www.fairvalue-calculator.com/stock/UCG
Frequently asked questions
Is UniCredit S.p.A. (UCG) overvalued or undervalued?
As of Sep 17, 2026, our model estimates a fair value of €77.62 versus a price of €83.72, about −7% upside (fairly valued).
What is the fair value of UCG?
Our model-based fair value for UniCredit S.p.A. is €77.62 (as of Sep 17, 2026), built from audited fundamentals. The current price: €83.72.
What is the quality score of UCG?
UniCredit S.p.A. has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for UniCredit S.p.A. (UCG)?
Our model-based price target is the fair value of €77.62 (as of Sep 17, 2026) from 4 valuation models. Cautious scenario €58.21, optimistic scenario €97.02. It is a calculation from audited fundamentals, not an analyst target.
What is the UniCredit S.p.A. stock forecast for 2026?
Our models put fair value at €77.62, about −7% upside versus a price of €83.72 (fairly valued). Cautious scenario €58.21, optimistic scenario €97.02. The calculation is refreshed regularly with new filings.
What is the revenue of UniCredit S.p.A. (UCG)?
UniCredit S.p.A. reported trailing-twelve-month revenue of about €25.5B (latest available figure, as of Sep 17, 2026).
Does UniCredit S.p.A. pay a dividend?
UniCredit S.p.A. currently shows a dividend yield of about 3.47% relative to its recent price (as of Sep 17, 2026).
What growth is priced into UniCredit S.p.A. (UCG)?
For today's price to be fair in a discounted-cash-flow model, UniCredit S.p.A. would have to grow free cash flow by +34.9 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.3 % per year. As of Sep 17, 2026.
What discount rate (WACC) does the fair value of UCG use?
Our models discount UniCredit S.p.A. at 11.7 %: a base by market capitalisation (large), damped by beta 1.07, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For UniCredit S.p.A. that is +34.9 % per year a year over ten years, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has UniCredit S.p.A. (UCG) delivered so far?
Over the past 5 years revenue at UniCredit S.p.A. grew +6.3 % a year. The price currently implies +34.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of UniCredit S.p.A. (UCG) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into UniCredit S.p.A. (+34.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of UniCredit S.p.A. (UCG)?
The free-cash-flow yield on the price is 5.77 %: that much free cash flow UniCredit S.p.A. produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of UniCredit S.p.A. (UCG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For UniCredit S.p.A. it is €77.62 per share (as of Sep 17, 2026), against a price of €83.72. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is UniCredit S.p.A. stock overvalued or undervalued in 2026?
As of Sep 17, 2026, UCG trades above its calculated fair value: price €83.72, fair value €77.62, a gap of about −7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of UCG?
No. The price is what the market pays today (€83.72); the fair value is what the company's own numbers justify (€77.62). For UniCredit S.p.A. the two are €6.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is UniCredit S.p.A. worth?
The market values UniCredit S.p.A. at about €126B (market capitalisation, as of Sep 17, 2026). Per share that is €83.72; our models calculate a fair value of €77.62 per share.
What do the bullish and bearish scenarios say about UCG?
Our models span a range for UniCredit S.p.A.: cautious scenario €58.21, base €77.62, optimistic €97.02 per share (as of Sep 17, 2026, price €83.72). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of UCG?
UniCredit S.p.A. trades at a price-to-earnings ratio of 11.5 (as of Sep 17, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €77.62 is built from several models across several years. Other multiples: PEG 1.1, P/B 1.9, P/S 5.1, EV/EBITDA 13.8.
What is the PEG ratio of UCG?
The PEG ratio of UniCredit S.p.A. is 1.13 (P/E divided by earnings growth, as of Sep 17, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of UniCredit S.p.A. (UCG)?
Balance-sheet figures for UniCredit S.p.A. (as of Sep 17, 2026): return on equity 17.0%, debt of 1.42 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is UCG from its 52-week high?
UniCredit S.p.A. trades at €83.72, about 8% below its 52-week high of €77.88 and 62% above the low of €51.83 (as of Sep 17, 2026). Distance from the high says nothing about value: that is what the fair value of €77.62 is for.
Which stocks are comparable to UniCredit S.p.A.?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is UniCredit S.p.A. stock attractive at the current price?
The data as of Sep 17, 2026: price €83.72, calculated fair value €77.62 (−7%), Quality Score 64/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of UCG calculated?
We run UniCredit S.p.A. through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €77.62, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. UniCredit S.p.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of UniCredit S.p.A. (UCG)?
The closing price on Sep 21, 2026 was €83.72. Our model-based fair value is €77.62, about −7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with UniCredit S.p.A. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of UniCredit S.p.A.
How large is the market capitalisation of UniCredit S.p.A. (UCG)?
The market capitalisation of UniCredit S.p.A. is €126B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of UniCredit S.p.A. (UCG)?
The price-to-sales ratio of UniCredit S.p.A. is 5.02 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of UniCredit S.p.A. (UCG)?
Earnings per share at UniCredit S.p.A. are €7.27 (price ÷ EPS = P/E 11.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of UniCredit S.p.A. (UCG)?
The dividend yield of UniCredit S.p.A. is 3.5% (payout 40.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of UniCredit S.p.A. (UCG)?
The net margin of UniCredit S.p.A. is 43.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of UniCredit S.p.A. (UCG)?
The return on equity (ROE) of UniCredit S.p.A. is 17.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of UniCredit S.p.A. (UCG)?
On an EBIT basis the return on assets of UniCredit S.p.A. is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of UniCredit S.p.A. (UCG)?
The operating margin of UniCredit S.p.A. is 62.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at UniCredit S.p.A. (UCG)?
Revenue at UniCredit S.p.A. is growing +6.4% versus a year earlier (3y avg +6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at UniCredit S.p.A. (UCG)?
Earnings per share at UniCredit S.p.A. are growing +20.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does UniCredit S.p.A. (UCG) carry?
The net debt of UniCredit S.p.A. is €75.4B (fiscal year 2025, ≈ 10.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 17, 2026