CaixaBank : Returning to better fortunes!
CaixaBank has seen a gradual but steady re-rating since last September, which will likely continue, amid reassuring signs of better operating momentum (upturn in Q3 2019) and the prospect of a less tough than expected outcome on the IRPH issue (decision beginning of March). The group should therefore reach its solvency target (FL CET1 ratio of 13% in 2021e) and favour shareholder returns (dividend CAGR of +25% over 2019-2021e, yield ~8% vs sector ~6%). Buy rating maintained, targ...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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