Banco Sabadell : Encouraging operating trends in Q1 2023 but the valuation looks stretched
>Underperform rating maintained – target price raised to € 1.15 (vs € 1.10) - We maintain our Underperform rating on the stock, mainly on valuation grounds following its performance (+5pp YTD & +18pp y-o-y vs SX7E) – Q1 2023 showed broadly solid trends (operating health, asset quality, capital, liquidity) and confirmed the group’s positive momentum thanks to the transformation plan and the favourable impact from rising rates, in the absence of any visible effects from...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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