CaixaBank : Solid end to 2023 and robust outlook for 2024
>Outperform rating reiterated – Target price lifted to € 5.9 (vs € 5.8) - CABK’s full-year 2023 figures confirm the favourable trend at both the operating level, validating the guidance (RoTE >15%), and the balance sheet level (CET1 FL >12%). This robust performance, couple with the adequate diversification of the business model, confirms the share’s place among our Top Picks in the sector in the current challenging context (macro, rates, etc.). Net income just missed...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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