Banco Sabadell : Disappointing 4Q19 publication not impacting our stable credit opinion; market recommandations Neutral
Despite some negative elements in the 4Q19 publication last week, we maintain our Stable Credit Opinion on Banco Sabadell under the assumptions that asset quality should not deteriorate but stabilise from end-2019 levels and that the 4Q19 peak in loan impairment charges (LICs) was essentially incidental. In addition to the unpleasant unexpectedly high LICs, guidance for 2020 (although not particularly gloomy and in line with peers) disappointed the equity market and share price d...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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