Banco Sabadell : A solid publication in Q3 2023
>Underperform rating reiterated – Target price increased to € 1.4 (vs € 1.3) - We maintain our Underperform rating mainly on valuation grounds following the share’s good run (+7pp YTD and +9pp over 1 year vs SX7E). The Q3 2023 results were again solid (operating performance, asset quality, capital, liquidity) and confirmed the favourable trend associated with the transformation plan, momentum on NII (repricing vs rates), and contained CoR in the absence at this stage ...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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