Banco Sabadell : Approche moins conservative sur l’opérationnel & valorisation moins tendue
>Opinion relevée à Neutre (vs Sous-performance) – OC porté à 1.5 € (vs 1.4 €) - Nous relevons notre opinion à Neutre (vs Sous-performance) sur le titre, afin d’intégrer un biais moins conservateur sur l’opérationnel (notamment le CdR), mais aussi un niveau de valorisation moins tendu (cf baisse de 12% du titre depuis début décembre / sell off banques périphériques sur la thématique de la fin du momentum NII positif). Le T4 2023 ressort de nouveau solide (opérationnel...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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