CAIXABANK: TRADING AT STANDALONE PRICES - BUY (ANÁLISIS BANCO SABADELL)
Trading at a standalone RoNAV! We reiterate BUY.The new CABK is here with improved figures: 8.6% RoNAV’22 BS(e) vs. 7.4% standalone, trading at 0.7x P/RoNAV and with higher yield (>6% vs. 5% standalone). The positive aspects of the merger are not being priced in: (i) 20% increase to EPS’22 BS(e) in “a floor scenario” (i.e. assuming only achieved cost synergies’22) and (ii) near normalisation of CoR in 2021 (45bps vs. 75bps in 2020). All this is consistent with ~12% CET (at the high end of the comfort range). We raise our T.P. to € 3.50/sh. (around +40% upside), reiterating our BUY recommendation.
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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