Millennium BCP : T3 2023 de nouveau solide/rassurant… mais valorisation dorénavant tendue
>Opinion abaissée à Neutre (vs Surperformance) – OC porté à 0.40 € (vs 0.37 €) - Le T3 2023 vient conforter notre approche fondamentalement positive sur le dossier, reposant pour rappel sur le redressement significatif de l’opérationnel underlying et de la rentabilité à CMT ainsi que le renforcement notable de la solvabilité. Toutefois cela nous semble dorénavant suffisamment valorisé à ce stade après le re-rating impressionnant du titre (+107% YTD, +94 pp vs secteur)...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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