reports
Banco Bilbao Vizcaya Argentaria Sa: 1 director
A director at Banco Bilbao Vizcaya Argentaria Sa sold 115,960 shares at 11.450USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the l...
- Research Department
IBERIAN DAILY 27 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, MERLIN, SACYR, TELEFÓNICA. Stock markets continue to climb European stock exchanges saw new gains, underpinned by the statements made by several ECB members in favour of the commencement of the rate cut cycle. In the STOXX 600, Retail and Financials led gains, whereas cyclical sectors linked to raw materials such as Energy and Basic Resources saw the worst performance. On the macro side, in Spain, the final 4Q’23 GDP confirmed the preliminary 0.6%, ending 2013 with 2.3% gro...
- Research Department
INFORME DIARIO 27 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, MERLIN PROPERTIES, SACYR, TELEFÓNICA. La bolsa no frena los ascensos Las bolsas de Europa volvieron a registrar avances, apoyadas en las declaraciones de varios miembros del BCE a favor del inicio del ciclo de recortes de tipos. En el STOXX 600, lideraron las subidas Retail y financieros como Bancos mientras que cíclicos relacionados con las materias primas como Energía y R. Básicos fueron los de peor comportamiento. Por el lado macro, en Es...
- Javier Esteban
- Maria Paz Ojeda
INFORME SECTORIAL BANCOS ESPAÑA: SEGUIRÁ EL RERATING (ANÁLISIS BANCO S...
Continuará el rerating a base de delivery de Rdos. El rerating ya ha empezado y explica entre el 25-50% del performance reciente del sector y, aunque podremos ver momentos de consolidación/ toma parcial de beneficios, creemos que continuará la subida. La tasa de descuento implícita en las actuales cotizaciones todavía es excesivamente alta: 14,4% (c.300pbs por encima del 11-12% habitual). Nuestra tesis es que las subidas serán a base de delivery de Rdos. en un entorno normalizado de tipos entre ...
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Benoit Valleaux
- Steven Gould
ODDO : Sector multiples do not reflect the improved resilience of the ...
>What are the main lessons from Q4/FY 2023 earnings? - Q4 earnings release have confirmed our view on the sector detailed early December. We expected net interest income to be this year relatively flattish in Italy and Spain, to decrease on some names in the Benelux (ING) and to increase for French banks, which is consistent with 2024 outlook given by banks. We therefore did not play a country rotation in favour of North European banks vs South European banks, and we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
- Stefano Toffano
- Stefano Toffano
- Benoit Valleaux
- Steven Gould
BBVA : Improvement in Turkey, albeit gradual, could still drive re-rat...
>Outperform rating maintained – target price raised to € 12.9 (vs € 11.7) - We confirm our positive stance on BBVA (Outperform) based on the strength of its fundamentals (underpinned by its Q4/FY 2023 results) and with the continued prospect in the short to medium term of a gradual reduction in the discount applied to its Turkey operations in the valuation (ODDO BHF est. ~€ 2.5bn vs consensus at just 0 a year ago and a current capitalisation of Garanti in Istanbul of ...
- Benoit Valleaux
- Steven Gould
BBVA : L’amélioration, même graduelle, en Turquie reste un levier de r...
>Opinion Surperformance maintenue – OC porté à 12.9 € (vs 11.7 €) - Nous réitérons notre call positif sur BBVA (Surperformance) compte tenu de la solidité des fondamentaux (confortée par les résultats T4/annuels 2023) et toujours dans la perspective CMT d’une réduction graduelle de la décote appliquée sur les activités turques dans la valorisation du groupe (ODDO BHF est. ~2.5 Md€ vs consensus à peine 0 il y a 1 an & capitalisation actuelle de Garanti à Istanbul ~8 Md...
- Research Department
IBERIAN DAILY 01 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ELECTRICITY SECTOR, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, VISCOFAN. IBEX remains stuck February ended with improved macro indicators (today we will learn euro zone inflation), sharp rises in most European indices (yesterday the gains were moderate) and with the IBEX lagging, staying just above 10,000 points. On the macro side, in Spain February’s inflation fell in line with expectation...
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Research Department
INFORME DIARIO 01 MARZO + RDOS. EUROPA 4T’23. IDEAS DESTACADAS Y PREVI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, SECTOR ELÉCTRICO, VISCOFAN. EUROPA: N/A. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. El Ibex sigu...
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
ENC ENCE ENERGIA Y CELULOSA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
COL SM INMOBILIARIA COLONIAL (COL SM)
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
Moody's withdraws BBVA's European commercial paper rating
Moody's Investors Service (Moody's) has today withdrawn the Prime-2 rating of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)'s €10 billion European commercial paper. RATINGS RATIONALE Moody's has decided to withdraw the rating for its own business reasons. Please refer to the Moody's Investors S...
- Research Department
INFORME DIARIO 12 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, TALGO. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. Las “expectativas” de bajadas de tipos… condicionan la evolución de las bolsas. Con la vista puesta en los próximos movimientos de política monetaria por parte de los bancos centrales y la buena evolución de la campaña de resultad...
- Research Department
IBERIAN DAILY 12 FEBRUARY + 4Q’23 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: BBVA, TALGO. At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain. “Expectations” of rate cuts condition stock market performance With all eyes on the upcoming monetary policy moves by central banks and the solid results performance, especially in the US (63% released and a surprise ratio near the historical average of 80%), the EuroSTOXX 50 ended the wee...
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
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