BANKINTER: WE BEAT BKT’S NET PROFIT GUIDANCE’23 IN 2022 (ANÁLISIS BANCO SABADELL)
We beat BKT’s Net Profit guidance’23 in 2022. We raise our T.P. to € 7.90/sh. BUY.We beat the company’s Net Profit guidance’23 of € 550 M in 2022. Looking to the 2023-24 period, with the Euribor’23-24 at 2.5% (1% previously), this more than offsets the economic slowdown, the tax on the banking sector, the higher inflation costs and the slight rise in CoR (to 45bps). Thus, we roll over our model to 2023, setting our new T.P. at € 7.90/sh. (+11% vs. previously; +25% upside). The current share price factors in a CoR of 80bps (~70bps during Covid-19) or a CoE of 12% (vs. 9.5% BS(e)), which we believe is unreasonable. Trading at a 1.1x P/E’23 for a RoTE of 13%, the stock is one of our top picks.
Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.
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