CAIXABANK: CON MARGEN PARA SORPRENDER (ANÃLISIS BANCO SABADELL)
Con Margen para sorprender. P.O. 3,26 euros/acc. (+17% potencial). COMPRAR.CABK puede verse soportada en 1S’20 por 3 palancas: (i) menor tensión en la curva de tipos, siendo CABK uno de los bancos más apalancados (+8% en P.O. BS(e) por cada +10p.b. en Euribor); (ii) posible mejora de estimaciones: el consenso en M. Neto’20 apunta a una caÃda de -6% vs 2019 (BS(e) -4,1%) vs el objetivo de CABK de mandÃbulas neutras. CABK tiene margen y flexibilidad en costes, donde podrÃa mejorar su objetivo’18-21 de +3% TACC (vs +2,4% BS(e) y +2,8% de consenso), positivo en P.O. (+2,5% por cada -1% en base de costes anual); (iii) potencial de re-rating por su mayor Ke implÃcita en cotización (12% vs 11% BS(e) en comparables), descuento que se cerrarÃa si el fallo del TJUE sobre el IRPH (1T’20e) confirma la opinión del abogado general.
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.
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