CAIXABANK: COTIZA A PRECIOS STANDALONE - COMPRAR (ANÁLISIS BANCO SABADELL)
¡Cotiza a un RoNAV standalone! Reiteramos COMPRARLlega la nueva CABK con mejora en las principales métricas: un RoNAV’22 de 8,6% BS(e) vs 7,4% standalone, cotizando a 0,7x P/RoNAV y con mayor yield (>6% vs 5% standalone). No están en precio las bondades de la fusión: (i) incremento del BPA’22 BS(e) en un +20%, “en un escenario de mínimos” (ie asumiendo sólo sinergias de costes conseguidas’22) y (ii) una casi normalización del CoR BS(e) ya en 2021 (45 p.b. vs 75 p.b. en 2020). Todo ello compatible con un CET de c. 12% (en la banda alta de su rango de confort). Revisamos P.O. hasta 3,5 euros/acc. (c.+40% de potencial). Reiteramos COMPRAR.
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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