CaixaBank

Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
  • TickerCABK
  • ISINES0140609019
  • ExchangeMadrid Stock Exchange
  • SectorBanks
  • CountrySpain
Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR: ECB GUIDELINES ON M&A SUPERVISION (ANÁLISIS BANCO SABADELL)

ECB GUIDELINES ON M&A SUPERVISION. MOVING FORWARD IN THE GAME CHANGER. Yesterday the ECB released the draft of its guidelines on supervision and capital requirements in M&A moves. The key aspects are: (i) the business model being sustainable and the macroprudential capital requirements being met. Thus, final Pillar 2 (P2G+P2R) will be the weighted average of the integrated financial institutions, (ii) scant details on the key consolidation aspect: badwill (to date it has not been considered in integrations). The guideline now recognises it as long as the banks ensure its calculation is correct...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2020

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2020

...

Jean Sassus ...
  • Steven Gould

CaixaBank : A profile worth playing in the context of a crisis...

>Buy confirmed - target price unchanged at € 2.4 - We reiterate our positive call on the stock (Buy recommendation) with an unchanged target price of € 2.4. We have revised down our 2020-2022 net profit forecasts by an average of 7% (mainly driven by the cost of risk) and this is offset by a reduction, at this stage, to the haircut to our valuation due to the impact of IRPH. CABK (Caixa Bank) has, in our opinion, real strengths (business model, capital, etc.) e...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Jérôme VINERIER

Analyse court terme - CAIXABANK : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 3,252 €. La tendance de fond serait remise en cause en cas de franchissement de 3,680 €.

Jérôme VINERIER

Short term view - CAIXABANK : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €3.252. The background trend would be questioned should prices rise above €3.680.

Matthieu DRIOL

Analyse court terme - CAIXABANK : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 3,252 €, puis 3,009 €. Le franchissement de 4,329 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - CAIXABANK : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €3.252, then €3.009. Passing €4.329 would question the continuation of the fall.

Matthieu DRIOL

Analyse moyen terme - CAIXABANK : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR: ECB GUIDELINES ON M&A SUPERVISION (ANÁLISIS BANCO SABADELL)

ECB GUIDELINES ON M&A SUPERVISION. MOVING FORWARD IN THE GAME CHANGER. Yesterday the ECB released the draft of its guidelines on supervision and capital requirements in M&A moves. The key aspects are: (i) the business model being sustainable and the macroprudential capital requirements being met. Thus, final Pillar 2 (P2G+P2R) will be the weighted average of the integrated financial institutions, (ii) scant details on the key consolidation aspect: badwill (to date it has not been considered in integrations). The guideline now recognises it as long as the banks ensure its calculation is correct...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Jean Sassus ...
  • Steven Gould

CaixaBank : A profile worth playing in the context of a crisis...

>Buy confirmed - target price unchanged at € 2.4 - We reiterate our positive call on the stock (Buy recommendation) with an unchanged target price of € 2.4. We have revised down our 2020-2022 net profit forecasts by an average of 7% (mainly driven by the cost of risk) and this is offset by a reduction, at this stage, to the haircut to our valuation due to the impact of IRPH. CABK (Caixa Bank) has, in our opinion, real strengths (business model, capital, etc.) e...

Jean Sassus ...
  • Steven Gould

CaixaBank : Un profil intéressant à jouer dans le contexte de crise…

>Opinion Achat confirmée – OC inchangé à 2.4 € - Nous réitérons notre call positif sur le titre (opinion Achat) avec un objectif de cours inchangé à 2.4 € modulo une révision en baisse de 7% en moyenne de nos anticipations de RN 2020-22e (principalement drivée par le CdR), largement contrebalancée par une réduction, à ce stade, du haircut appliqué à notre valorisation en raison de l’impact IRPH. CABK dispose, selon nous, de véritables atouts (business model, cap...

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

CaixaBank, S.A.: Update to credit analysis

Our credit view of CaixaBank, reflecting the continued de-risking and strengthening of its credit profile and a sustained recovery in its core revenue.

CaixaBank, S.A.: Update to credit analysis

Our credit view of CaixaBank, reflecting the continued de-risking and strengthening of its credit profile and a sustained recovery in its core revenue.

Moody's announces completion of a periodic review of ratings of CaixaBank, S.A.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of CaixaBank, S.A. Global Credit Research- 12 May 2020. Madrid, May 12, 2020-- Moody's Investors Service has completed a periodic review of the ratings of CaixaBank, S.A. and other ratings that are associated with the same analytical unit.

BBVA : No impact of new government coalition in Spain on credit opinions and market recommendations for Spanish banks in our coverage

In our view, recent political developments in Spain are for now not a threat to the credit profile of Spanish banks in our coverage (and probably beyond) or to the relative market performance of their debt securities. Following the November general elections, a coalition between the Socialist party (PSOE) and the more left-wing Unidas Podemos (UP) was formed. The Spanish parliament last week confirmed the incumbent prime Minister Pedro Sanchez (PSOE) after a tight vote and the ne...

BBVA : No impact of new government coalition in Spain on credit opinions and market recommendations for Spanish banks in our coverage

In our view, recent political developments in Spain are for now not a threat to the credit profile of Spanish banks in our coverage (and probably beyond) or to the relative market performance of their debt securities. Following the November general elections, a coalition between the Socialist party (PSOE) and the more left-wing Unidas Podemos (UP) was formed. The Spanish parliament last week confirmed the incumbent prime Minister Pedro Sanchez (PSOE) after a tight vote and the ne...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2020

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/04/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/05/2020

...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

An increasingly favourable environment allows CAIXABANK SA to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of CAIXABANK SA (ES), a company active in the Money Center Banks industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date June 16, 2020, the closing price was EUR 1.94 and its expected value was estimated at EUR 1.73.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

CaixaBank – AGM 21 May 2020

Caixabank postponed the AGM initially called for the 2nd of April in light of COVID-19. In this new call, the Company has reduced the dividend amount to be distributed on 2019 results, from €0.15 to €0.07, a reduction of 59% from the 2018 total dividend. We welcome the reduction, albeit we regret that Caixabank has already paid the final dividend before the approval by the AGM. However, ECGS recommends that companies postpone decisions regarding dividends as to avoid liquidity or financial risks. Therefore, we advise that shareholders oppose item 4.   In item 7, the Board asks for the author...

Expert Corporate Governance Service (ECGS)

CaixaBank – AGM 2 April 2020

In item 7, the Board asks for the authorization to increase the share capital by up to maximum 50%, with the power to exclude pre-emptive rights in connection with up to 20%. This limit shall not apply to capital increases that the Board may approve to meet the conversion of convertible bonds. The power to exclude pre-emptive rights to up to 20% of the issued share capital increase exceeds the ECGS' voting policy limit of 10%. Hence, we recommend opposition.  In item 8, the Board asks for the authorization to acquire treasury shares representing, together with the treasury shares already held...

Caixa Bank April 04th, 2019

In item 5.1, the Board proposes to reduce the number of members from 18 to 16, by not fulfilling the vacancies created by the end of the mandate of 2 independent Directors. We strongly regret that the Board size is achieved through a lower independent representation. As we have concerns over the lack of independence (44%) and the excessive representation of major shareholders (50% of Directors with 40.6% of the share capital through a shareholders' agreement) on the Board, we recommend opposition. Due to our concerns over the composition of the Board, we also recommend that shareholders oppos...

CaixaBank – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 06/04/2018

In item 6, the Board proposes several changes to the remuneration policy. Pursuant to Spanish legislation, any amendments to the 3-year remuneration policy must be subject to a binding vote of shareholders. Main amendments are referred to changes in the benchmarking group used to set the fixed remuneration (11 disclosed European banks will be added to the group of 4 Spanish banks), the KPIs used to calculate the annual bonus (including "changes in troubled assets" and replacing "recurring operating expenses with "core efficiency ratio") and eliminating the possibility to pay interest or divide...

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