Banco Sabadell : A less conservative approach on the operating front & a less strained valuation
>Rating lifted to Neutral (vs Underperform) – Target price lifted to € 1.5 (vs € 1.4) - We are lifting our rating to Neutral (vs Underperform) on the stock, in order to integrate a less conservative bias on the operating front (notably CoR) as well as a less strained valuation level (12% decline in the share price since early December / sell-off of peripheral banks in view of the end of positive NII momentum). Q3 2023 looks robust once again (operating front, asset q...Banco de Sabadell is a bank holding company. Through its subsidiaries, Co. provides a range of banking and financial services in Spain and internationally. Co.'s activities include investment banking, private banking, portfolio management, mortgage loans, commercial loans and other financial products and services, deposits and international banking operations. Co. is also engaged in life insurance underwriting and brokerage. Additionally, Co. is engaged in capital property and development, as well as investing in environmental projects. As of Dec 31 2014, Co. had total assets of Euro163,345,673,000 and total customer deposits of Euro98,208,370,000.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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