CaixaBank : Some adjustments but the investment case is intact!
>Outperform rating maintained – Target price lowered to € 3.3 (vs € 3.4) - We lowered our net profit estimates by an average of 2% for 2022e-2023e (+5% on average vs consensus) to factor in the shift in our approach to the group’s short and medium-term operating outlook with in particular 1/ a slightly more cautious stance on the trend in the cost of risk (LLP estimates for 2022e and 2023e +5% on average) but also a slightly more positive stance on fees (+2% on averag...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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