# Unicaja Banco (UNI.MC)

Canonical: https://gigainvestors.com/s/UNI.MC

Analysis as of: 2026-10-16T07:36:04.730Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 3.22 per share; close as of 2026-10-15.

Estimated value: low EUR 0.43 per share, central EUR 0.50 per share, high EUR 0.58 per share. Buy at or below the central value EUR 0.50 per share. Valuation as of 2026-10-16T07:36:04.730Z; scenarios are not confidence intervals.

Expected annual return: 4.1% at the stated quote. About 4.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.71×

Chart: Net income; fiscal year observations.

- FY2016: EUR 142M

- FY2017: EUR 142M

- FY2018: EUR 146M

- FY2019: EUR 165M

- FY2020: EUR 71M

- FY2021: EUR 1.1B

- FY2022: EUR 260M

- FY2023: EUR 267M

- FY2024: EUR 573M

- FY2025: EUR 632M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 4.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 3.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 4.8%

- FY2017: 3.7%

- FY2018: 3.8%

- FY2019: 4.3%

- FY2020: 1.8%

- FY2021: 17.8%

- FY2022: 4.1%

- FY2023: 4.1%

- FY2024: 8.6%

- FY2025: 9.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.2%

- Book return interval: 10 years

- Starting book value per share: EUR 3.08

- Ending book value per share: EUR 2.50

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -47.5%

- FY2017: 51.2%

- FY2018: -0.8%

- FY2019: 4.9%

- FY2020: 230.7%

- FY2021: -4.5%

- FY2022: 3.9%

- FY2023: 4.2%

- FY2024: 7.6%

- FY2025: 4.0%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 10.3%

- Diluted shares, 5-year annual growth: 10.2%

- Share growth excluding flagged crisis recapitalisations: 10.3%

- Five-year share growth excluding flagged crisis recapitalisations: 10.2%

- Flagged crisis recapitalisations: 0

- Book value created per share: EUR -0.59

- Earnings retained per share after dividends and buybacks: EUR -4.69

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.9% a year forever · net income +10.2%

Story as of 2026-10-16T10:00:06.717Z; price observation 2026-10-15.

The price assumes profits grow 8.9% a year forever

### Net income · FY2025

net income +10.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 142M 

- FY2017: EUR 142M 

- FY2018: EUR 146M 

- FY2019: EUR 165M 

- FY2020: EUR 71M 

- FY2021: EUR 1.1B 

- FY2022: EUR 260M 

- FY2023: EUR 267M 

- FY2024: EUR 573M 

- FY2025: EUR 632M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are EUR 2.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.730Z); FY2025: revenue 2579778000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNI.MC: Unicaja Banco, S.A. engages in the retail banking business in Spain. The company offers current, savings, young person, and payment accounts; term deposits; debit, business, and credit cards; mortgages; study, eco-mobility, mobility vehicle, reform, and home loans; and home, car, health, accident, funeral, company and agro uni, company health, SME and retail damage, corporate liability, agricultural, and life insurance products. It also provides pension plans; investment funds; bill and tax payment, and collection management services; payments; POS products; short-term and medium/long-term financing; ATM, foreign trade facility, and currency management and exchange services; and private and personal banking services, as well as digital and mobile banking services. The company was founded in 1991 and is headquartered in Málaga, Spain.

### Why customers stay

It earns 4.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.730Z); 10-year return on tangible equity observations [[2016,0.048140805003605895],[2017,0.03678375980534254],[2018,0.038363396948464294],[2019,0.04293540055971665],[2020,0.018265252609156377],[2021,0.17822896133629837],[2022,0.04064595381196396],[2023,0.04082518917983929],[2024,0.08646204943773593],[2025,0.0984243384700871]]; median 0.04188029486977797. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 190.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.730Z); Dividend observations: [[2016,38750000],[2017,23850000],[2018,34605000],[2019,61017000],[2020,8848210000],[2021,16909000],[2022,67338000],[2023,128576000],[2024,286157000],[2025,358470000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.730Z); FY2025: cash repurchases 190759000 EUR.

### Are managers owners

Insiders own 56.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNI.MC SharesStats.PercentInsiders = 56.359 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:04.730Z); Price 3.224; FX 1; original perpetual distributable cash 0.03454250898227998; discount 0.1; growth 0.08928582227596775. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2017-06: EUR 1.17 per share

- 2017-07: EUR 1.23 per share

- 2017-08: EUR 1.33 per share

- 2017-09: EUR 1.30 per share

- 2017-10: EUR 1.25 per share

- 2017-11: EUR 1.27 per share

- 2017-12: EUR 1.31 per share

- 2018-01: EUR 1.42 per share

- 2018-02: EUR 1.43 per share

- 2018-03: EUR 1.40 per share

- 2018-04: EUR 1.50 per share

- 2018-05: EUR 1.48 per share

- 2018-06: EUR 1.46 per share

- 2018-07: EUR 1.44 per share

- 2018-08: EUR 1.35 per share

- 2018-09: EUR 1.41 per share

- 2018-10: EUR 1.13 per share

- 2018-11: EUR 1.07 per share

- 2018-12: EUR 1.15 per share

- 2019-01: EUR 1.03 per share

- 2019-02: EUR 1.03 per share

- 2019-03: EUR 0.96 per share

- 2019-04: EUR 1.02 per share

- 2019-05: EUR 0.87 per share

- 2019-06: EUR 0.79 per share

- 2019-07: EUR 0.72 per share

- 2019-08: EUR 0.67 per share

- 2019-09: EUR 0.73 per share

- 2019-10: EUR 0.81 per share

- 2019-11: EUR 0.91 per share

- 2019-12: EUR 0.97 per share

- 2020-01: EUR 0.90 per share

- 2020-02: EUR 0.84 per share

- 2020-03: EUR 0.53 per share

- 2020-04: EUR 0.49 per share

- 2020-05: EUR 0.49 per share

- 2020-06: EUR 0.46 per share

- 2020-07: EUR 0.47 per share

- 2020-08: EUR 0.60 per share

- 2020-09: EUR 0.64 per share

- 2020-10: EUR 0.55 per share

- 2020-11: EUR 0.66 per share

- 2020-12: EUR 0.72 per share

- 2021-01: EUR 0.57 per share

- 2021-02: EUR 0.73 per share

- 2021-03: EUR 0.86 per share

- 2021-04: EUR 0.82 per share

- 2021-05: EUR 0.91 per share

- 2021-06: EUR 0.87 per share

- 2021-07: EUR 0.78 per share

- 2021-08: EUR 0.78 per share

- 2021-09: EUR 0.90 per share

- 2021-10: EUR 0.93 per share

- 2021-11: EUR 0.78 per share

- 2021-12: EUR 0.87 per share

- 2022-01: EUR 0.91 per share

- 2022-02: EUR 0.84 per share

- 2022-03: EUR 0.94 per share

- 2022-04: EUR 0.90 per share

- 2022-05: EUR 0.93 per share

- 2022-06: EUR 0.93 per share

- 2022-07: EUR 0.84 per share

- 2022-08: EUR 0.90 per share

- 2022-09: EUR 0.93 per share

- 2022-10: EUR 0.90 per share

- 2022-11: EUR 0.99 per share

- 2022-12: EUR 1.03 per share

- 2023-01: EUR 1.13 per share

- 2023-02: EUR 1.21 per share

- 2023-03: EUR 0.99 per share

- 2023-04: EUR 0.92 per share

- 2023-05: EUR 0.89 per share

- 2023-06: EUR 0.96 per share

- 2023-07: EUR 1.06 per share

- 2023-08: EUR 1.02 per share

- 2023-09: EUR 1.02 per share

- 2023-10: EUR 0.98 per share

- 2023-11: EUR 1.02 per share

- 2023-12: EUR 0.89 per share

- 2024-01: EUR 0.89 per share

- 2024-02: EUR 0.94 per share

- 2024-03: EUR 1.15 per share

- 2024-04: EUR 1.23 per share

- 2024-05: EUR 1.35 per share

- 2024-06: EUR 1.27 per share

- 2024-07: EUR 1.24 per share

- 2024-08: EUR 1.23 per share

- 2024-09: EUR 1.15 per share

- 2024-10: EUR 1.15 per share

- 2024-11: EUR 1.22 per share

- 2024-12: EUR 1.27 per share

- 2025-01: EUR 1.37 per share

- 2025-02: EUR 1.67 per share

- 2025-03: EUR 1.71 per share

- 2025-04: EUR 1.68 per share

- 2025-05: EUR 1.94 per share

- 2025-06: EUR 2.01 per share

- 2025-07: EUR 2.31 per share

- 2025-08: EUR 2.37 per share

- 2025-09: EUR 2.33 per share

- 2025-10: EUR 2.34 per share

- 2025-11: EUR 2.53 per share

- 2025-12: EUR 2.78 per share

- 2026-01: EUR 2.89 per share

- 2026-02: EUR 2.70 per share

- 2026-03: EUR 2.52 per share

- 2026-04: EUR 2.76 per share

- 2026-05: EUR 2.87 per share

- 2026-06: EUR 3.12 per share

- 2026-07: EUR 3.33 per share

- 2026-08: EUR 3.53 per share

- 2026-09: EUR 3.54 per share

- 2026-10: EUR 3.24 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 0.10 per share, central EUR 0.12 per share, high EUR 0.14 per share

- FY2017: low EUR 0.99 per share, central EUR 1.09 per share, high EUR 1.21 per share

- FY2018: low EUR 0.91 per share, central EUR 1.00 per share, high EUR 1.11 per share

- FY2019: low EUR 0.97 per share, central EUR 1.06 per share, high EUR 1.18 per share

- FY2020: low EUR 0.92 per share, central EUR 1.02 per share, high EUR 1.13 per share

- FY2021: low EUR 0.29 per share, central EUR 0.34 per share, high EUR 0.39 per share

- FY2022: low EUR 0.33 per share, central EUR 0.38 per share, high EUR 0.44 per share

- FY2023: low EUR 0.33 per share, central EUR 0.38 per share, high EUR 0.45 per share

- FY2024: low EUR 0.37 per share, central EUR 0.43 per share, high EUR 0.50 per share

- FY2025: low EUR 0.43 per share, central EUR 0.50 per share, high EUR 0.58 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:46.251Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations