BBVA : Le T4 2021 rassure sur l’opérationnel mais crispe sur le capital
>Opinion Surperformance maintenue – OC porté à 6.9 € (vs 6.7 €) - Le groupe a publié un RN supérieur aux attentes (+29% vs cons), principalement grâce à un niveau plus bas de CdR (-2% vs cons), mais surtout à une meilleure tenue des revenus ‘core’ (+6% vs cons). In fine nous intégrons dans nos estimations updatées 1/ une approche relativement inchangée sur l’évolution du coût du risque mais plus favorable sur la capacité de BBVA à piloter son levier opérationnel (amél...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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