CaixaBank : Confirmation of the group’s solidity in Q3 2022 vs a strained valuation
>Neutral rating maintained – target price increased to € 4.3 (vs € 4.2) - CABK’s Q3 2022 earnings report showed higher-than-expected reported net income at € 884m (+13% vs consensus) with another solid underlying operating performance (revenues, costs, cost of risk) and a confident message on the short and medium-term outlook despite the current macroeconomic context. Our approach on CABK’s fundamentals remains positive but we maintain our Neutral rating mainly on val...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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