reports
- Marisa Mazo
Sabadell 1Q18 results preview: Still penalised to IT payments to LLoyd...
Net profit to amount to €205mn Sabadell will release its 1Q18 results on Thursday, April 26th. A webcast will be held at 8.30 CET in the following link: https://www.grupbancsabadell.com/en/. We estimate that the net group profit may amount to €205mn (–5.0% yoy), 3.4% below the consensus figure. Net interest income may decline –5.2% yoy, to €912mn, fees may increase +2.6%, to €304mn and ordinary revenue would fall –17.7%, to €1.3bn, mainly due to lower trading gains. Costs may increase +0....
- Marisa Mazo
Sabadell: A new strategic plan to be unveiled tomorrow
A new strategic plan Sabadell will announce its new strategic plan on Friday, 23rd February. The chairman, Mr. Oliú, already announced some of the highlights of the plan ie. 2020 ROTE target of 13%. The main lines of the plan will be related to its core businesses, its franchise, SMEs, efficiency, NPAs coverage, technology and the impact of rising rates.
- Marisa Mazo
Spanish banks: Good bye 2017, welcome IFRS 9!
Neutral or Overweight banks? We maintain our Neutral weighting for the Spanish banks as a warning to those that are anticipating an imminent rise in short–term rates. On the one hand, we believe that the increase of banking stock prices is the key for the rise of the Spanish Ibex 35. On this view, the sector merits an over-weight stance. On the other hand, however, we do not expect ECB to raise rates until mid–2019, with the interbank market anticipating it by, may be, year–end 2018? Thus, ...
- Jérôme VINERIER
- Jérôme VINERIER
Analyse court terme - BANCO DE SABADELL SA : Le support est atteint, i...
La tendance est toujours neutre, mais au sein de cet intervalle un mouvement de plus court terme se dessine vers le haut de la consolidation.Arguments :- Le support est atteint, il cause le rebond.- La moyenne mobile sert de résistance.
Banco Sabadell : BUY Tier 2 and AT1; Potential market volatility subse...
Banco Sabadell has strengthened its credit fundamentals in 2017, described as a transition year by management, notably by using the proceeds of asset disposal proceeds to increase non-performing assets (NPA) coverage. After the success of its 2014-16 plan, whose objectives were broadly attained, the group is ready to successfully execute a reasonably ambitious and well1earticulated 2020 plan. Idiosyncratic risk on the credit therefore seems contained. - Political risk spiked following the resu...
Banco Sabadell : ACHAT Tier 2 et AT1 ; la possible volatilité de marc...
Qualifié d’exercice de transition par le management, Banco Sabadell a renforcé en 2017 ses fondamentaux de crédit, utilisant notamment sur l’exercice des plus-values de cessions d’actifs pour renforcer la couverture de ses actifs douteux. Suite à la réussite de son plan 2014-2016, dont les objectifs ont été globalement atteints, le groupe est en ordre de marche pour exécuter un plan 2020 qui nous parait raisonnablement ambitieux et bien articulé. Le risque idiosyncratique sur le c...
- Jérôme VINERIER
Short term view - BANCO DE SABADELL SA : The moving average is capping...
A correction is underway. The trend is not bearish anymore as the previous significant peak has been passed, but it is not yet bullish. We do not have two ascending peaks and troughs. The trend is neutral.Arguments :- The major support has been reached, it causes the bounce.-...
- Jérôme VINERIER
Analyse court terme - BANCO DE SABADELL SA : La moyenne mobile sert de...
Une correction est en cours. La tendance n'est plus baissière car le dernier sommet significatif a été dépassé, mais elle n'est pas encore haussière (nous n'avons pas encore deux creux et deux sommets en hausse). La tendance est neutre.Arguments :- Le support majeur est atteint, il...
- Marisa Mazo
The Spanish banking sector: 3Q17 results- Experiencing the seasonal im...
Aggregate results may amount to €3.7bn Spanish banks may post a +3.1% yoy increase on their 3Q17 aggregate net profit, Caixabank leading the growth rates (+65.0%). We expect that oper-ating trends will be pretty similar to 1H17 although volumes should perform slightly worse due to summer and margins’ compression process would be nearly over. Earnings upwards’ revisions continues The aggregated 2017e net group profit of the Spanish banks has been revised upwards +7.7% since December, 2016 (...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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