Bankinter S.A. - CAF (CAF) 2016 Results: In-line

Report

Bankinter S.A.

EUR 100.00 For Business Accounts Only

2016 Results: In-line

The 2016 results are in-line with our estimates but somehow below consensus. Key points are the jump ahead in orders received (3x from 2015), something that was seen along the year. Positives were the improvement in OWC from 35% of sales to 19% and a –45% decline in net debt. Open the report for the results summary.

The results are not far from consensus figures, we judge the difference to be too small to trigger negative comments by who had overestimated the earnings. We see the start of a new cycle with rising capital returns, lower OWC requirements and a reduction in NFD. This new cycle offers an investment opportunity.

Our Buy recommendation and target price of €39.5 are unchanged.

28/02/2017 3 EN

Underlying

CAF

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Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

See profile

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2016 Results: In-line

CAF: 1H17 results analysis

CAF: 1H17e results preview

Excellent operating performance in 1Q 2017

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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