CaixaBank : Beyond accounting adjustments (BKIA), the underlying performance in Q1 was reassuring...
>Outperform rating reiterated – target price raised to € 3.2 (vs € 3.1) - The Q1 2021 results publication was decent in terms of the underlying operating performance (revenues, costs, and above all loan-loss provisions) and reassuring with regard to the balance sheet (asset quality, capital, etc.). We are less conservative on the trend for cost of risk and the capacity of the combined entity (CABK+BKIA) to steer its operating leverage (costs/revenues). We are maintain...Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
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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