Sabadell - Bankia S.A. (BKIA) BANKIA: BEST IN CLASS EN CAPITAL - A POR EL DPAâ€™21 (ANÃLISIS BANCO SABADELL)

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Sabadell

Esther Castro

EUR 400.00 For Business Accounts Only

BANKIA: BEST IN CLASS EN CAPITAL - A POR EL DPAâ€™21 (ANÃLISIS BANCO SABADELL)

Best in Class en capital. A por el DPAâ€™21.COMPRAR
Es de las CompaÃ±Ãas mÃ¡s capitalizadas del sector lo que da tranquilidad ante un empeoramiento de Covid-19. El nivel de PPP es suficiente para absorber las provisiones BS(e) (CoR de 85 p.b. 2020 y c. 55 p.b. en 2021). AdemÃ¡s contarÃa con un 3,7% de distancia al MDA lo que unido a la flexibilidad de medidas Covid-19 (ie Phase In vs FL de BKIA), le permitirÃa absorber otros 5.500 M euros mÃ¡s de provisiones (ie mora de c.15% vs 7,4% 2021 BS(e)). Ello servirÃa para defender ante el regulador una mayor retribuciÃ³n al accionista. AsÃ, ademÃ¡s del potencial (+27%) esperamos un significativo DPAâ€™21 BS(e) de c. 0,23 euros/acc. (23% yield). Esperamos asÃ 700 M euros a pagar en 2021 (al que incorporamos los 350 M euros que no pagarÃa en 2020).

29/06/2020 16 ES

Underlying

Bankia S.A.

Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.

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ES0113307062 Madrid Stock Exchange Spain

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Sabadell

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Analysts

Esther Castro

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BANKIA: BEST IN CLASS EN CAPITAL - A POR EL DPAâ€™21 (ANÃLISIS BANCO SABADELL)