Bankinter S.A. - FER: 3Q18 results in line with our estimates

Report

Bankinter S.A.

Juan Moreno

EUR 10.00 For Business Accounts Only

FER: 3Q18 results in line with our estimates

We expect these 3Q18 results to have a neutral impact on its stock price. The possible divestment of the services division could be a catalyst. We maintain our Buy recommendation with a target price of €21.37/share.

31/10/2018 4 EN

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.

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Analysts

Juan Moreno

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FER: 3Q18 results in line with our estimates

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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