BBVA : Un T1 2021 sans accroc notable mais qui peine à rassurer totalement
>Opinion Neutre maintenue – OC porté à 4.8 € (vs 4.5 €) - Le groupe a publié un RN supérieur aux attentes mais avec une performance opérationnelle en demi-teinte (principalement drivée par la ‘normalisation’ du CdR, le trading et la contribution des activités US cédées). In fine nous intégrons dans nos estimations updatées une approche un peu moins conservatrice quant à l’évolution du coût du risque et la capacité de BBVA à piloter son levier opérationnel (amélioratio...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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