Banco Sabadell : Opérationnel toujours bien orienté au T2 2023 mais upside limité
>Opinion Sous-performance maintenue – OC porté à 1.30 € (vs 1.15 €) - Nous maintenons notre opinion à Sous-performance sur le titre, essentiellement pour une question de valorisation suite au parcours boursier du titre (+12 pp YTD & +25 pp sur 1 an vs SX7E) – le T2 2023 ressort de nouveau solide (opérationnel, qualité d’actifs, capital, liquidité) et confirme l’orientation favorable associée au plan de transformation, à la dynamique sur les NII (repricing vs taux), et...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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