BBVA : Improvement in Turkey, albeit gradual, could still drive re-rating
>Outperform rating maintained – target price raised to € 12.9 (vs € 11.7) - We confirm our positive stance on BBVA (Outperform) based on the strength of its fundamentals (underpinned by its Q4/FY 2023 results) and with the continued prospect in the short to medium term of a gradual reduction in the discount applied to its Turkey operations in the valuation (ODDO BHF est. ~€ 2.5bn vs consensus at just 0 a year ago and a current capitalisation of Garanti in Istanbul of ...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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