Bankinter S.A. - INMOBILIARIA COLONIAL (COLN) Operating 3Q18 results in line and FFO affected by one-offs. Pro-forma NAV of â‚¬9.44/share.

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Bankinter S.A.

Juan Moreno

EUR 10.00 For Business Accounts Only

Operating 3Q18 results in line and FFO affected by one-offs. Pro-forma NAV of â‚¬9.44/share.

The FFO was lower than our estimates in 3Q18 results, eroded by a €19mn non-recurrent financial cost, from: 1) Colonial’s bond buyback, maturing in 2019; 2) the cancelled debt of Axiare and the associated derived instruments. Excluding these impacts, the FFO would be slightly higher than our estimates (€23mn in 3Q18 vs. €21mn BKTSe).

16/11/2018 4 EN

Underlying

INMOBILIARIA COLONIAL

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ES0139140042 Mexican Stock Exchange 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.

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Analysts

Juan Moreno

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Operating 3Q18 results in line and FFO affected by one-offs. Pro-forma NAV of â‚¬9.44/share.

COL: 1Q19 results undermined by one-offs from Axiare

COL: No surprises in 2Q18 results

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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