The analyst announces his main conclusions following an interview with the CFO at a conference on the sector. He confirms his Buy recommendation on the stock, with an unchanged target price of E48, representing a potential upside of 35%. The stock has gained 48% since January 1, and 97% over the past year.

' The Group announces a message of stability at a conference with financial management. Earnings strength and additional distribution/capital protection not yet sufficiently addressed' says UBS.

Net profit forecasts for fiscal 2024 have improved to over €8.5 billion. The Group says it is on track to achieve its medium-term targets of a RoTE of over 15% and solid EPS.

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