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

Analysts

Research Department

IBERIAN DAILY 27 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ACS, AENA, ATRESMEDIA, BANKING SECTOR, CAIXABANK, PROSEGUR. MARKETS YESTERDAY AND TODAY Stock markets manage to close in the black The European stock markets managed to end in the black, backed by the increase in the S&P500, which was up +4.00% at closing bell in Europe. Separately, the G20 leaders issued a communiqué announcing that the G20 will do whatever it takes to overcome the coronavirus pandemic. However, the Eurogroup disappointed once again, as it did not reach an agreement over a fiscal package financed with ESM funds or coronabonds, calling for a new summit...

Research Department

INFORME DIARIO 27 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACS, AENA, ATRESMEDIA, CAIXABANK, ENDESA, PROSEGUR. EUROPA: AB INBEV, AIRBUS, BMW, DAIMLER, ESSILORLUXOTTICA, SAFRAN, SECTOR BANCOS EUROPA, VINCI. Las bolsas consiguen cerrar en positivo Las bolsas europeas consiguieron terminar en positivo apoyadas en los avances en S&P 500 que al cierre de los mercados en Europa cotizaban con subidas superiores al +4%. Por otro lado, los líderes del G20 emitieron un comunicado diciendo que se haría lo que sea necesario para superar la pandemia de coronavirus. Sin embargo el Eurogrupo decepciona nuevamen...

Research Department

INFORME DIARIO 20 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AENA, APPLUS, CAF, CAIXABANK, CAMBIO DE CARTERAS, IAG, INDITEX, REPSOL, SECTOR BANCOS, SECTOR PROMOTOR. EUROPA: ADIDAS, CAMBIO DE CARTERAS, INTESA SANPAOLO, LINDE, LVMH, TOTAL. Síntomas de estabilización Cierto rebote en las bolsas Europeas, que encajaron mejor el anuncio de compra de activos del BCE con un mercado de deuda más estabilizado. Tanto Lagarde como Guindos recalcaron que el BCE estaba dispuesto a hacer más en caso necesario. En esta línea Daly de la Fed comentó que la liquidez inyectada estaba comenzando a dar resultados. En el Euro S...

Research Department

IBERIAN DAILY 20 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, APPLUS, BANKING SECTOR, CAF, CAIXABANK, HOME BUILDERS SECTOR, IAG, INDITEX, REPSOL. MARKETS YESTERDAY AND TODAY Signs of stability European stock markets saw some rally, welcoming to a greater extent the ECB’s asset purchase announcement with a more stabilised debt market. Both Lagarde and Guindos stressed that the ECB is ready to do more if necessary. In this regard, Daly from the Fed outlined that the liquidity injected is starting to provide results. In the Euro STOXX, generalised gains, led by the Real Estate sector vs. Retail (the only industry in negative territory)...

Research Department

IBERIAN DAILY 19 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACERINOX, ACS, AENA, GRIFOLS, LAR ESPAÑA, MERLIN PROPERTIES. MARKETS YESTERDAY AND TODAY Whatever it takes 2 Stock markets continued to fall sharply, despite the stimulus measures taken by central banks and governments. The ECB announced an increase to the QE up to € 750 Bn through the end of the year (in addition to the € 120 Bn), making purchase criteria for sovereign bonds more flexible, especially to control debt markets and peripheral nation risk premiums, stating that if necessary more will be undertaken. The cases of coronavirus in Europe exceeded those in China, and Ita...

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.

Research Department

IBERIAN DAILY 27 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ACS, AENA, ATRESMEDIA, BANKING SECTOR, CAIXABANK, PROSEGUR. MARKETS YESTERDAY AND TODAY Stock markets manage to close in the black The European stock markets managed to end in the black, backed by the increase in the S&P500, which was up +4.00% at closing bell in Europe. Separately, the G20 leaders issued a communiqué announcing that the G20 will do whatever it takes to overcome the coronavirus pandemic. However, the Eurogroup disappointed once again, as it did not reach an agreement over a fiscal package financed with ESM funds or coronabonds, calling for a new summit...

Research Department

INFORME DIARIO 27 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACS, AENA, ATRESMEDIA, CAIXABANK, ENDESA, PROSEGUR. EUROPA: AB INBEV, AIRBUS, BMW, DAIMLER, ESSILORLUXOTTICA, SAFRAN, SECTOR BANCOS EUROPA, VINCI. Las bolsas consiguen cerrar en positivo Las bolsas europeas consiguieron terminar en positivo apoyadas en los avances en S&P 500 que al cierre de los mercados en Europa cotizaban con subidas superiores al +4%. Por otro lado, los líderes del G20 emitieron un comunicado diciendo que se haría lo que sea necesario para superar la pandemia de coronavirus. Sin embargo el Eurogrupo decepciona nuevamen...

Research Department

INFORME DIARIO 20 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AENA, APPLUS, CAF, CAIXABANK, CAMBIO DE CARTERAS, IAG, INDITEX, REPSOL, SECTOR BANCOS, SECTOR PROMOTOR. EUROPA: ADIDAS, CAMBIO DE CARTERAS, INTESA SANPAOLO, LINDE, LVMH, TOTAL. Síntomas de estabilización Cierto rebote en las bolsas Europeas, que encajaron mejor el anuncio de compra de activos del BCE con un mercado de deuda más estabilizado. Tanto Lagarde como Guindos recalcaron que el BCE estaba dispuesto a hacer más en caso necesario. En esta línea Daly de la Fed comentó que la liquidez inyectada estaba comenzando a dar resultados. En el Euro S...

Research Department

IBERIAN DAILY 20 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, APPLUS, BANKING SECTOR, CAF, CAIXABANK, HOME BUILDERS SECTOR, IAG, INDITEX, REPSOL. MARKETS YESTERDAY AND TODAY Signs of stability European stock markets saw some rally, welcoming to a greater extent the ECB’s asset purchase announcement with a more stabilised debt market. Both Lagarde and Guindos stressed that the ECB is ready to do more if necessary. In this regard, Daly from the Fed outlined that the liquidity injected is starting to provide results. In the Euro STOXX, generalised gains, led by the Real Estate sector vs. Retail (the only industry in negative territory)...

Research Department

IBERIAN DAILY 19 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACERINOX, ACS, AENA, GRIFOLS, LAR ESPAÑA, MERLIN PROPERTIES. MARKETS YESTERDAY AND TODAY Whatever it takes 2 Stock markets continued to fall sharply, despite the stimulus measures taken by central banks and governments. The ECB announced an increase to the QE up to € 750 Bn through the end of the year (in addition to the € 120 Bn), making purchase criteria for sovereign bonds more flexible, especially to control debt markets and peripheral nation risk premiums, stating that if necessary more will be undertaken. The cases of coronavirus in Europe exceeded those in China, and Ita...

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...

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.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - Fr

Fiat Chrysler Automobiles (Achat) : Confirme ses objectifs avant la fusion avec PSA ING (Achat) - 9M-19 : PNB de €13,9 mds (+2,1%) Lloyds Banking Group (Vente) - 9M-19 : RN de $2,0mds (-46,9%) Ryanair (Conserver) - S1/19-20 : Résultat opérationnel de €1,3md (-1%) Metro (Vente) : EP Global Commerce (EPGC) prévoit d’augmenter sa participation à ~30% Repsol (Achat) - 9M-19 : Résultat opérationnel de €2,9 mds (-6,5%) IAG (Achat) : Rachète la compagnie espagnole Air Europa pour €1 md Bombardier (Achat) : Cession de ses activités aérost...

Benoit Valleaux ...
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2020

Investors are desperately trying to determine a floor for the valuation of indices. Until this is achieved the risk/opportunity ratio cannot be calculated and volatility will persist. We therefore understand that the winning “Buy the Dip” mantra since March 2009 is no longer a magic utterance. We propose four scenarios (weak shock, moderate shock, strong shock, and crisis) and five methods to calculate the Stoxx 600 target. In short, if you believe the epidemic will be rapidly brought...

Benoit Valleaux ...
  • Geoffroy Michalet
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2020

Les investisseurs cherchent désespérément à déterminer un plancher à la valorisation des indices. Tant que ceci n’est pas réalisé le ratio risque opportunité n’est pas calculable et la volatilité perdurera. On comprend alors que le “Buy the Dip” gagnant depuis mars 2009 ne soit plus un mantra magique. Nous proposons 4 scénarios (choc faible, modéré, fort, crise) et 5 méthodes de calcul de cible de Stoxx 600. En un mot si vous croyez à un contrôle rapide de l’épidémie le marché offre u...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/05/2020

The coronavirus epidemic will have a negative impact on macroeconomic growth. This obvious fact, which is hard to quantify, must be taken into account. On an initial approach, we retain a GDP growth assumption of 2.6% (-30bp) for the global economy, 1.7% for the US (unchanged) and 0.9% (vs 1.2%) for the eurozone. This implies a downward revision to EPS growth 12m out, which we now forecast at -1% (vs +3% previously and the consensus at +7.1%). We are lowering our December 2020 target...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/03/2020

L’épidémie de coronavirus aura des effets négatifs sur la croissance macroéconomique. Cette évidence, dure à quantifier, doit être prise en compte. En première approche, nous utilisons une hypothèse de croissance de PIB monde de 2.6% (-30 pb), 1,7% pour les Etats-Unis (inchangé) et de 0,9% (vs 1.2%) pour la zone Euro. Ceci implique une révision en baisse de la croissance BPA 12m à -1% (vs +3% précédemment et consensus à +7,1%). Nous abaissons notre objectif décembre 2020 (Stoxx 600) ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Danjou
  • Jean Sassus
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/29/2020

...

CAIXABANK SA reduces its risk exposure and slightly improves to Neutral

The independent financial analyst theScreener just allocated a lower risk rating to CAIXABANK SA (ES), active in the Money Center Banks industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly improved and can be qualified as moderately risky. theScreener considers that these elements merit an overall rating upgrade to Neutral. As of the analysis date March 13, 2020, the closing price was EUR 1.90 and its expected value was estimated at EUR 2.53.

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 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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