CAIXABANK: REITERAMOS APUESTA TRAS RDOS. 2T’24 (ANÁLISIS BANCO SABADELL)
Reiteramos apuesta tras Rdos. 2T’24. SOBREPONDERARTras batir ayer el BDI esperado en +6% y revisar guidance’24 al alza (M. Intereses hasta high single digit, ROTE’24 >17% y 2,7% de morosidad), revisamos P.O. +12% hasta 6,62 euros/acc. (+22% potencial). Nuestro nuevo escenario de EURIBOR (3,5% 2024 vs 3,34% anterior y manteniendo 3% desde 2025) nos lleva a revisar el M. Intereses +5% en media en 2024-2026 y +4,4% el BDI. Nuestra valoración implica un P/TE implícito’26 de 1,33x y 10x PER para un ROTE’26 de 13,6% (vs 13,5% consenso). A pesar del buen performance en los últimos 3 meses (+10% vs +3% sector) CABK es atractivo porque se sigue situando entre los bancos con un mayor ROTE’24 (17,6%).
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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