CaixaBank : Opérationnel underlying mitigé au T2, mais perspectives MT confortées
>Opinion Surperformance maintenue – OC porté à 3.4 € (vs 3.2 €) - La publication du T2 2021 ressort meilleure qu’attendu sur le RN publié (-0.6 Md€ vs cons -0.9 Md€), avec une copie mitigée sur l’opérationnel underlying (déception sur les revenus vs coûts en ligne et surtout bonne surprise sur le CdR). Notons qu’à nouveau le trimestre est largement biaisé par les impacts associés au deal M&A avec Bankia (badwill à hauteur de ~4.3 Md€ au T1, charges de restructuration...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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