BBVA : L’amélioration, même graduelle, en Turquie reste un levier de rerating
>Opinion Surperformance maintenue – OC porté à 12.9 € (vs 11.7 €) - Nous réitérons notre call positif sur BBVA (Surperformance) compte tenu de la solidité des fondamentaux (confortée par les résultats T4/annuels 2023) et toujours dans la perspective CMT d’une réduction graduelle de la décote appliquée sur les activités turques dans la valorisation du groupe (ODDO BHF est. ~2.5 Md€ vs consensus à peine 0 il y a 1 an & capitalisation actuelle de Garanti à Istanbul ~8 Md...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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