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
Philippe Lamaud

CaixaBank : Merger with Bankia - What did you expect? Buy recommendations maintained following announcement of the transaction

CaixaBank and Bankia announced on Friday their merger which will create Spain’s largest domestic bank with c.25% market shares. Shareholders still have to approve the transaction and customary regulatory authorisations needs to be received but we believe it is highly unlikely that the friendly takeover of Bankia by CaixaBank does not go through completion. Closing is expected for end-1Q21. Overall, the terms of the transaction presented on Friday are in line with expectations des...

Philippe Lamaud

CaixaBank : Merger with Bankia - What did you expect? Buy recommendations maintained following announcement of the transaction

CaixaBank and Bankia announced on Friday their merger which will create Spain’s largest domestic bank with c.25% market shares. Shareholders still have to approve the transaction and customary regulatory authorisations needs to be received but we believe it is highly unlikely that the friendly takeover of Bankia by CaixaBank does not go through completion. Closing is expected for end-1Q21. Overall, the terms of the transaction presented on Friday are in line with expectations des...

Bruno Cavalier ...
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/21/2020

...

Bruno Cavalier ...
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/09/2020

Alors que Peugeot et FCA viennent de clore le débat autour des termes financiers de leur rapprochement, le fondamental devrait, enfin, revenir au premier plan à quelques mois de la naissance de Stellantis. Or, le potentiel de la nouvelle entité nous semble encore largement sous-estimé et la valorisation très faible, faisant de Peugeot et FCA aujourd’hui, Stellantis demain, les meilleures opportunités boursières sur le secteur. Nous réitérons nos opinions Achat et relevons nos OC à res...

Jean Sassus ...
  • Steven Gould

CaixaBank : Merger - Bankia: creation of a leader capable of weathering the crisis

>CaixaBank seizes what is probably the best M&A option in Spain - After two weeks of talks, the two banks’ boards of directors finally managed to clinch a merger agreement. The deal creates a leader on the Spanish banking market with ~€ 664bn in assets and a market share of ~25% in lending/deposits and ~30% in long-term savings, and unquestionably puts pressure on the other domestic players (notably BBVA and Sabadell), which are left trailing behind and are undermined...

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.

Jean Sassus ...
  • Steven Gould

CaixaBank : Merger - Bankia: creation of a leader capable of weathering the crisis

>CaixaBank seizes what is probably the best M&A option in Spain - After two weeks of talks, the two banks’ boards of directors finally managed to clinch a merger agreement. The deal creates a leader on the Spanish banking market with ~€ 664bn in assets and a market share of ~25% in lending/deposits and ~30% in long-term savings, and unquestionably puts pressure on the other domestic players (notably BBVA and Sabadell), which are left trailing behind and are undermined...

Jean Sassus ...
  • Steven Gould

CaixaBank : Rapprochement - Bankia : création du leader capable d’affronter la crise

>CaixaBank saisit sans doute la meilleure option de M&A en Espagne - Après 15 jours de discussions, les conseils d’administration des 2 banques ont finalement réussi à sceller un accord de rapprochement. L’opération débouche sur la création du leader bancaire espagnol avec ~664 Md€ d’actifs et ~ 25% de parts de marché (crédits/dépôts) et ~30% dans l’épargne LT et vient indéniablement mettre sous pression les autres acteurs domestiques (notamment BBVA et Sabadell) dist...

Research Department

IBERIAN DAILY 21 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, BANKIA, CAIXABANK, MAPFRE, MELIÁ HOTELS, NATURGY. MARKETS YESTERDAY AND TODAY A session marked by new lockdown fears In a session marked by quarterly expiries of futures and options, European indices suffered the fears of new lockdowns in view of the rise in Covid-19 cases in Europe. In the US, tech companies (especially FAANGs) and consumer discretionary dragged down the index, despite the fact that the U. of Michigan consumer confidence rose more than expected in September. Within the Euro STOXX, Basic Resources and Pharma were the best relative performers, vs. Banks and...

Research Department

INFORME DIARIO 21 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BANKIA, CAIXABANK, MAPFRE, MELIÁ HOTELS, NATURGY. EUROPA: SOCIÉTÉ GÉNÉRALE. Una sesión marcada por el miedo a nuevos confinamientos En una sesión con el vencimiento trimestral de futuros y opciones las bolsas europeas sufrieron los temores a nuevos confinamientos ante los repuntes de casos de Covid-19 en Europa. Mientras que en EE.UU. las tecnológicas (sobre todo las FAANGs) y el consumo discrecional lastraron al índice a pesar de que la confianza del consumidor de la Universidad de Michigan subió más de lo esperado en septiembre, en el Euro...

Esther Castro ...
  • Maria Paz Ojeda

CAIXABANK / BANKIA: DETAILS ON THE MERGER (ANÁLISIS BANCO SABADELL)

Merger details. Targets above expectations. We reiterate BUY in CABK. Yesterday CABK and BKIA approved their merger, the project of which has been presented today. The main details announced this morning are: (i) exchange ratio of 0.6845 shares in CABK x 1 share in BKIA and exchange price for BKIA € 1.41, with a +36% premium over the closing price from 03/09 (+20% over the base price taken from 17/09). This means a share of 74.2% CABK/25.8% BKIA and stakes for the FROB and Criteria of ~16% and 30%, respectively; (ii) annual cost savings of € 770 M (10% in 2021e; 90% in 2022e and 100% in 2023e)...

Philippe Lamaud

CaixaBank : Merger with Bankia - What did you expect? Buy recommendations maintained following announcement of the transaction

CaixaBank and Bankia announced on Friday their merger which will create Spain’s largest domestic bank with c.25% market shares. Shareholders still have to approve the transaction and customary regulatory authorisations needs to be received but we believe it is highly unlikely that the friendly takeover of Bankia by CaixaBank does not go through completion. Closing is expected for end-1Q21. Overall, the terms of the transaction presented on Friday are in line with expectations des...

Philippe Lamaud

CaixaBank : Merger with Bankia - What did you expect? Buy recommendations maintained following announcement of the transaction

CaixaBank and Bankia announced on Friday their merger which will create Spain’s largest domestic bank with c.25% market shares. Shareholders still have to approve the transaction and customary regulatory authorisations needs to be received but we believe it is highly unlikely that the friendly takeover of Bankia by CaixaBank does not go through completion. Closing is expected for end-1Q21. Overall, the terms of the transaction presented on Friday are in line with expectations des...

Philippe Lamaud

CaixaBank : Now we are talking - Recommendations raised to Buy

CaixaBank and Bankia announced late last week that they had started talks for a potential merger. We believe the transaction will consist in CaixaBank acquiring Bankia through a share swap. The deal which would create the largest bank in Spain is still uncertain, but we (and others) see it as an attractive and convincing combination (despite the absence of details). Besides, the Spanish government is supportive of the merger, and so should be supervisory authorities which have lo...

Philippe Lamaud

CaixaBank : Now we are talking - Recommendations raised to Buy

CaixaBank and Bankia announced late last week that they had started talks for a potential merger. We believe the transaction will consist in CaixaBank acquiring Bankia through a share swap. The deal which would create the largest bank in Spain is still uncertain, but we (and others) see it as an attractive and convincing combination (despite the absence of details). Besides, the Spanish government is supportive of the merger, and so should be supervisory authorities which have lo...

Moody's - Proposed CaixaBank – Bankia merger would offset profitability pressures but positive merger effects won’t be immediate

Cost synergies are key to success of the possible merger between CaixaBank and Bankia, which would provide some counterbalancing uplift to expected profitability pressures.

Bruno Cavalier ...
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/21/2020

...

Bruno Cavalier ...
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/09/2020

Alors que Peugeot et FCA viennent de clore le débat autour des termes financiers de leur rapprochement, le fondamental devrait, enfin, revenir au premier plan à quelques mois de la naissance de Stellantis. Or, le potentiel de la nouvelle entité nous semble encore largement sous-estimé et la valorisation très faible, faisant de Peugeot et FCA aujourd’hui, Stellantis demain, les meilleures opportunités boursières sur le secteur. Nous réitérons nos opinions Achat et relevons nos OC à res...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/08/2020

The future European taxonomy should prove advantageous to groups like Schneider Electric, for which “green sales” already represent 70% and help its clients save an average of 40 Mt in CO2 per annum. On our reckoning, this is equivalent to € 8.3bn in “hidden green value” (€ 15 per share) which could result in more robust future growth. Apart from this ESG impact, the group should see a marked rebound in its results in 2021-2022 with FCF reaching a new threshold thus confirming the ong...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/09/2020

La future taxonomie européenne devrait avantager des groupes comme Schneider Electric, dont 70% du chiffre d’affaires est déjà « vert » et qui permet à ses clients d’économiser chaque année 40 Mt CO2 en moyenne. Ceci équivaut, selon nous, à 8.3 Md€ de « valeur verte cachée » (15 €/action) qui pourrait se retrouver dans une croissance future plus soutenue. Outre cet impact ESG, le groupe devrait connaître un net rebond de ses résultats en 2021-22 et le FCF a franchi un nouveau seuil co...

Bruno Cavalier ...
  • Emira Sagaama
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/07/2020

For our pharmaceutical team, the prospect of registering a COVID-19 vaccine is growing stronger between now and the end of the year. We have attempted to evaluate its potential effects on the market. To do so, we relied on the negative correlation between the stringency of lockdown, as measured by Oxford University’s stringency index, and stock price trends. Conclusion: a major impact on the Stoxx 600 (+17%), assuming a return of the stringency index to the early February levels, whic...

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 we...

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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