CaixaBank : Mixed underlying operating results in Q2, but MT outlook strengthened
>Outperform recommendation maintained – TP raised to € 3.4 (vs € 3.2) - The headline net loss was better than expected in Q2 2021 (-€ 0.6bn vs cons. -€ 0.9bn), but underlying operating results were a mixed bag (disappointing revenues vs costs in line with expectations and, above all, a good surprise on the CoR). Note that this was another quarter significantly biased by the impacts associated with the M&A deal with Bankia (~€ 4.3bn of badwill in Q1, € 1.9bn of restruc...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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