UNIQA
Note: This is a daily stock update and the information stands true as of 25/11/25, 09:00 CET.
Company Update:
Expert Opinion:
This is a bit disappointing in our expert's opinion as the consensus is already above the 6% mark, meaning that the upgrade in consensus is likely to be minimal. Yet the company's DNA is to be structurally cautious and he very much doubts the company will fail to deliver. In all with its cheap valuation (PE 25 at 10.9 and PE 26 at 10.4 with a dividend yield of c 5%), UNIQA is a very defensive play which still offers some 12% upside on fair value.
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Company Update:
UNIQA is holding Capital Markets Events in Vienna and London this week and unveiled upgraded targets for 2026–2028:
- Gross Written Premium CAGR of approximately 6% (vs. 5% previously)
- EPS CAGR >7% (vs. >6% previously)
- ROE >13% (vs. >12% previously)
- Combined ratio <93% (vs. <94% previously)
The other targets remain unchanged: admin cost ratio <15%, CSM Sustainability Ratio of approximately 90%, solvency ratio target range between 180% and 230%, and a dividend payout ratio between 50% and 60%.
Our comments:
1/ We expect limited EPS consensus upgrades following these revised targets (c.1% - 2%).
2/ Management had already indicated that medium-term targets could be raised at the CME, so the upgrade should not come as a real surprise.
3/ These targets still underline management’s confidence that the current strong operating environment should persist over the next few years. Investors should also consider that the upgraded targets are set from a higher FY25 base, compared to the previous targets, which were based on lower FY24 figures.
Expert Opinion:
This is a bit disappointing in our expert's opinion as the consensus is already above the 6% mark, meaning that the upgrade in consensus is likely to be minimal. Yet the company's DNA is to be structurally cautious and he very much doubts the company will fail to deliver. In all with its cheap valuation (PE 25 at 10.9 and PE 26 at 10.4 with a dividend yield of c 5%), UNIQA is a very defensive play which still offers some 12% upside on fair value.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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Alphavalue Morning Market Tip
Another beat in Q3 - FY guidance for 25 and beyond to be raised next week