reports
- Benoit Valleaux
- Steven Gould
BBVA : The main rerating levers are now less obvious!
We are downgrading our recommendation to Neutral (from Outperform, target price reduced to € 22.0 from € 23.5) following the recent sharp rise. The main drivers of the re-rating over the past two years (Mexico, Turkey, Spain, shareholder returns) remain but no longer appear sufficient to support outperformance relative to the banking sector in the short to medium term.
- Benoit Valleaux
- Steven Gould
BBVA : Les principaux leviers de rerating sont désormais moins évident...
Nous abaissons notre recommandation à Neutre (vs Surperformance, OC ramené à 22.0 € vs 23.5 €) suite à la forte revalorisation boursière récente. Les principaux moteurs du rerating depuis 2 ans (Mexique, Turquie, Espagne, retour à l’actionnaire) demeurent mais n’apparaissent plus suffisants pour soutenir une surperformance par rapport au secteur bancaire à court/moyen terme.
Bankinter S.A.: 2 directors
A director at Bankinter S.A. bought 3,512 shares at 14.160EUR and the significance rating of the trade was 55/100. 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 last two years clearly...
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
HEIA HEINEKEN NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
EDEN EDENRED SA
IPN IPSEN SA
DG VINCI SA
VOLV B VOLVO AB CLASS B
SK SEB SA
KNIN KUEHNE & NAGEL INTERNATIONAL AG
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
NESN NESTLE S.A.
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
BOL BOLLORE SA
BKT BANKINTER SA
DIM SARTORIUS STEDIM BIOTECH SA
COLO B COLOPLAST A/S CLASS B
SPIE SPIE SA
SAP SAP SE
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
GALD GALDERMA GROUP AG
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
HEIA HEINEKEN NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
EDEN EDENRED SA
IPN IPSEN SA
DG VINCI SA
VOLV B VOLVO AB CLASS B
SK SEB SA
KNIN KUEHNE & NAGEL INTERNATIONAL AG
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
NESN NESTLE S.A.
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
BOL BOLLORE SA
BKT BANKINTER SA
DIM SARTORIUS STEDIM BIOTECH SA
COLO B COLOPLAST A/S CLASS B
SPIE SPIE SA
SAP SAP SE
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
GALD GALDERMA GROUP AG
- Benoit Valleaux
- Steven Gould
- Benoit Valleaux
- Steven Gould
- Javier Esteban
- Javier Esteban
BANKINTER: 1Q’26 RESULTS (ANÁLISIS BANCO SABADELL)
1Q’26 vs. 1Q’25: NII: € 571 M (+5.5% vs. +5.8% BS(e) and +5.8% consensus); Total Revenues: € 779 M (+6.5% vs. +5.4% BS(e) and +6.3% consensus); Operating Income: € 503 M (+8.7% vs. -+6.8% BS(e) and +7.8% consensus); Net Profit: € 291 M (+7.6% vs. +4.4% BS(e) and +5.1% consensus). 1Q’26 vs. 4Q’25: NII: € 571 M (+0.1% vs. +0.4% BS(e) and +0.4% consensus); Total Revenues: € 779 M (-2.1% vs. -3.0% BS(e) and -2.2% consensus); Operating Income: € 503 M (-1.5% vs. -3.2% BS(e) and -2.3% consensus); Net ...
- Javier Esteban
BANKINTER: RDOS. 1T’26 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'26 vs 1T'25: M. Intereses: 571 M euros (+5,5% vs +5,8% BS(e) y +5,8% consenso); M. Bruto:779 M euros (+6,5% vs +5,4% BS(e) y +6,3% consenso); M. Neto: 503 M euros (+8,7% vs -+6,8% BS(e) y +7,8% consenso); BDI: 291 M euros (+7,6% vs +4,4% BS(e) y +5,1% consenso). Rdos. 1T'26 vs 4T'25: M. Intereses: 571 M euros (+0,1% vs +0,4% BS(e) y +0,4% consenso); M. Bruto: 779 M euros (-2,1% vs -3,0% BS(e) y -2,2% consenso); M. Neto: 503 M euros (-1,5% vs -3,2% BS(e) y -2,3% consenso); BDI: 291 M eur...
- Research Department
INFORME DIARIO 23 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’26. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, REPSOL, SECTOR INMOBILIARIO, TELEFÓNICA. EUROPA: ESSILORLUXOTTICA, L’OREAL, NOKIA, SAFRAN, SANOFI 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 previews de Rdos. 1T’26 que se publicarán en España y Europa en los próximos días. Un mercado con mucha incertidumbre A pesar de la prórroga del alto al fuego las bolsas ...
- Research Department
IBERIAN DAILY 23 APRIL + 1Q’26 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...
NEWS SUMMARY: BANKINTER, REAL ESTATE SECTOR, REPSOL, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’26 results to be released over the coming days in Spain. Stock markets are facing significant uncertainty European stock markets were disappointed by the uncertainty surrounding the talks between Iran and the US and despite the extension of the ceasefire, with th...
- Ahmed Ben Salem
- Marc Lavaud
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
INEA FONCIERE INEA
ANTO ANTOFAGASTA PLC
LPE LAURENT-PERRIER SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
AIXA AIXTRON SE
ALVDM VOYAGEURS DU MONDE SA
ALBFR SIDETRADE SA
CABK CAIXABANK SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
SAN BANCO SANTANDER S.A.
COPN COSMO PHARMACEUTICALS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SHEL SHELL PLC
AF AIR FRANCE - KLM
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
AAL ANGLO AMERICAN PLC
1AST ASTA ENERGY SOLUTIONS AG
- Ahmed Ben Salem
- Marc Lavaud
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
INEA FONCIERE INEA
ANTO ANTOFAGASTA PLC
LPE LAURENT-PERRIER SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
AIXA AIXTRON SE
ALVDM VOYAGEURS DU MONDE SA
ALBFR SIDETRADE SA
CABK CAIXABANK SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
SAN BANCO SANTANDER S.A.
COPN COSMO PHARMACEUTICALS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SHEL SHELL PLC
AF AIR FRANCE - KLM
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
AAL ANGLO AMERICAN PLC
1AST ASTA ENERGY SOLUTIONS AG
- Ahmed Ben Salem
- Marc Lavaud
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ANTO ANTOFAGASTA PLC
ITRK INTERTEK GROUP PLC
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
NEM NEMETSCHEK SE
BC8 BECHTLE AG
CABK CAIXABANK SA
SAN BANCO SANTANDER S.A.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SHEL SHELL PLC
AAL ANGLO AMERICAN PLC
- Ahmed Ben Salem
- Marc Lavaud
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ANTO ANTOFAGASTA PLC
ITRK INTERTEK GROUP PLC
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
NEM NEMETSCHEK SE
BC8 BECHTLE AG
CABK CAIXABANK SA
SAN BANCO SANTANDER S.A.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SHEL SHELL PLC
AAL ANGLO AMERICAN PLC
- Benoit Valleaux
- Steven Gould
- Benoit Valleaux
- Steven Gould
- Emira Sagaama
- Marc Lavaud
- Olfa Taamallah
- Yan Derocles
- Emira Sagaama
- Marc Lavaud
- Olfa Taamallah
- Yan Derocles
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