BBVA : Group’s strength confirmed vs risks maintained & valuation strained
>Neutral rating maintained – target price lifted to € 7.7 (vs € 7.2) - BBVA reported a modestly better-than-expected net profit (+3% vs cons), mainly driven by slightly lower provisions (-6%) while top line and costs were in line. The group is clearly on track to meet its medium-term financial targets (RoTE 14% & C/I ratio 42% in 2024). We are adjusting upwards our 2023-2024e net profit estimates by an average of 8%, particularly after the presentation of the 2023 gui...Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
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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