Millennium BCP : Q3 2023 once again robust/reassuring...but the valuation is now strained
>Rating down to Neutral (vs Outperform) – target price adjusted to € 0.40 (vs € 0.37) - Q3 2023 has confirmed our fundamentally positive view on the stock, which as a reminder is based on a significant recovery on the underlying operating and profitability fronts in the short to medium term, as well as a notably strengthening in solvency. However, this now seems sufficiency valued at this stage in our view after the stock’s impressive re-rating (+107% YTD, +94pp vs se...Banco Comercial Portugues is a privately-owned bank that provides a range of banking activities and financial services in Portugal and abroad, with a focus on commercial banking, corporate and investment banking and asset management and private banking. Co. operates in the following segments: Portugal, which consists of retail banking (including ActivoBank), companies (including companies and corporate and investment banking), asset management and private banking, and non-core business portfolio; and foreign activity, which consists of Poland, Angola, and Mozambique. As of Dec 31 2014, Co. had total assets of Euro76.36 billion.
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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