Banco Sabadell : Decent Q1 2022 and guidance confirmed
>Underperform rating maintained – target price increased to € 0.82 (vs € 0.73) - We reiterate our Underperform rating mainly on valuation grounds. Q1 2022 was encouraging and confirms the real momentum of the operating improvement, particularly visible for the UK business (TSB), benefiting the group as part of its new strategic plan and in the absence of visible effects at this stage from the geopolitical crisis. We factor this into our new estimates (revised down by ...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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