Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.
  • TickerBKIA
  • ISINES0113307062
  • ExchangeMadrid Stock Exchange
  • SectorBanks
  • CountrySpain

Analysts

Laurent ALBIE

Analyse court terme - BANKIA SA : Le support est atteint, il cause le rebond.

Lors de notre dernière analyse court terme (30/08/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 0,83 € et un niveau d'invalidation à 0,72 €. La tendance haussière se poursuit. Arguments : - Le support est atteint, il cause le rebond.

Laurent ALBIE

Short term view - BANKIA SA : The support has been reached, it causes the bounce.

In our previous short term analysis (30/08/2016), we were positive. We remain positive with a target at 0,83 € and an invalidation level at 0,72 €. The bullish trend unfolds. Arguments : - The support has been reached, it causes the bounce.

Laurent ALBIE

Analyse court terme - BANKIA SA : La résistance est atteinte, elle cause le repli.

Lors de notre dernière analyse court terme (15/11/2016), nous avions opté pour un avis neutre. Nous restons neutre. Nous attendons une meilleure opportunité pour adopter un avis positif. Arguments : - La résistance est atteinte, elle cause le repli. - L'objectif est...

Laurent ALBIE

Short term view - BANKIA SA : The resistance has been reached, it causes the fall.

In our previous short term analysis (15/11/2016), we were neutral. We remain neutral. We are waiting for a better opportunity to turn positive. Arguments : - The resistance has been reached, it causes the fall. - The target has been reached.

Matthieu DRIOL

Analyse moyen terme - BANKIA SA : La moyenne mobile sert de support.

La tendance est toujours haussière, son niveau d'invalidation est sous 0,762 €. L'objectif est à 0,975 €.Arguments :- Le support est atteint, il cause le rebond.- La moyenne mobile sert de support.

Carine Maciol

Bankia : Focus Emission

Après la réussite de son émission Tier 2 de 500 m EUR en mars dernier (la première depuis 2014), très plébiscitée, avec un book de 5.2 mds EUR, Bankia lance une première émission d’AT1. L’objectif est de remplir son bucket AT1 et ainsi améliorer sa distance aux exigences réglementaires. A RWA actuels, Bankia a besoin d’émettre 1.4 md EUR d’AT1. La banque devrait venir en deux temps, avec une première souche cette semaine de 750 m EUR environ. Cette dernière, en euro, présente des caractéristiques ‘classiques’ des AT1 des banques espagnoles : low trigger à 5.125% et conversion en actions. La da...

Carine Maciol

Bankia : Focus Emission

After the success of its € 500m Tier 2 issue last March (the first since 2014), which attracted strong demand with a book totalling € 5.2bn, Bankia is launching its first AT1 issue.The objective is to fill its AT1 bucket and hence improve its distance to regulatory requirements. At current RWA, Bankia needs to issue € 1.4bn of AT1 instruments. The bank is likely to tap the market in two phases, with a first issue this week of around € 750m. This euro issue has the classic characteristics of Spanish banks’ AT1: a low trigger at 5.125% and a conversion into shares. The first call date will be in...

Moody's affirms ratings on Bankia; outlook developing

Rating Action: Moody's affirms ratings on Bankia; outlook developing. Global Credit Research- 05 Jul 2017. Madrid, July 05, 2017-- Moody's Investors Service has today affirmed Spain-based Bankia, S.A.' s Baa3 long-term deposit and Ba1 senior debt ratings as well as the bank's Baseline Credit Assessment and adjusted BCA at ba2, its short-term deposit ratings at Prime-3 and its Not Prime short-term senior programme ratings.

Bankia, S.A.: Update Following Rating Affirmation with Developing Outlook

FINANCIAL INSTITUTIONS CREDIT OPINION 7 July 2017 Update RATINGS Bankia, S.A. Domicile Spain Long Term Debt Ba1 Type Senior Unsecured - Dom Curr Outlook Developing Long Term Deposit Baa3 Type LT Bank Deposits - Fgn Curr Outlook Developing Please see the 

Moody's assigns B2(hyb) to Bankia's Additional Tier 1 non-viability securities

Rating Action: Moody's assigns B2 to Bankia's Additional Tier 1 non-viability securities. Global Credit Research- 26 Jul 2017. Madrid, July 26, 2017-- Moody's Investors Service has today assigned a B2 rating to the E750 million perpetual non-cumulative contingent convertible additional Tier 1 preferred securities issued by Bankia, S.A..

Bankia: BMN's acquisition to add +120bp to ROTE

Bankia has acquired BMN for €825mn implying a P/VC ratio of 0.47x. The exchange ratio was fixed at 1 Bankia share per 7.82 BMN shares. The management has annonced €155mn of cost synergies pre–tax (representing c. 40% of BMN's cost base) and restructuring costs of €334mn. The impact on 2020e net profit would be €245mn or +21% from our stand–alone estimate of €1,155mn. 2020e EPS may rise to €0.45 or +13.1% from our prior forecast. We have updated our valuation to €4.89 implying a 2020e PER of 10.7x a target P/BV of 0.9x. Buy.

Marisa Mazo

Bankia: Merger with BMN approved in their Shareholders' Meetings. Buy.

The Extraordinary Shareholders’ Meetings have approved the merger of Bankia and BMN, as was expected. Recall that the exchange ratio is 1 Bankia share per 7.82987 BMN’s shares, which implied valuing BMN at €825mn assuming June, 23rd price of €4.011 (€820mn at today’s price) or a P/VC of 0.47x prior to the €1bn adjustments . The coverage of both NPLs and foreclosed assets was increased to 59% and 40%, respectively, rising the provisions by €0.5bn and € 0.2bn. Cost synergies were estimated at €155mn per year and restructuring costs at €334mn. Bankia estimated that the deal would be earnings enha...

Marisa Mazo

Bankia 3Q17 results: Net profit beats consensus due to a lower tax rate

  Bankia obtained €225mn in net group profit in 3M17 (–10.0% yoy and +7.1%) surpassing consensus estimates (€204mn) due to a lower tax rate (13.0%). Revenues behaved as weak as expected: net interest income declined –7.0% yoy and –3.9% qoq, to €472mn, fees increased +2.7% yoy but fell –3.6% qoq to €210mn and trading income halved qoa. All in, total revenues amounted to €751mn (–-3.0% yoy and –1.4% qoq). Costs rose +2.6% qoq, to €388mn and pre–provision profit was €364mn (-6.2%yoy and –5.2% qoq), totally in line with both our estimates and consensus. 9M17 cost of risk is 24bp, with no change w...

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, the impact on banks’ earn-ings would not be visible until 2020… Don’t forget the milkmaid and her pa...

Marisa Mazo

Bankia 4Q17 results: A weak set of results

  4Q17 results: Net profit below consensus estimates Bankia released its results both on a regulatory basis (including BMN since December 1st, 2017) and on a stand–alone basis for comparison purposes. The group obtained €505mn in 2017 net profit once deducted €312mn of net restructuring costs. BMN’s December contribution was zero. Bankia (ex–BMN) obtained a net profit of €816mn (+1.4%) in 2017 and €77mn 4Q17 (+5.9% yoy and –65.8% qoq) below consensus estimates (€94mn). Revenues behaved as weak as expected: net interest income declined –7.9% yoy and +0.9% qoq, to €476mn, falling short of the...

1 director bought

A director at Bankia Sa bought 8,967 shares at 2.800EUR and the significance rating of the trade was 68/100. 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 showing Close periods where trading activity is restricted under listing rules. The names of board memb...

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 each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Thanks to a better fundamental star rating, BANKIA SA sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to BANKIA SA (ES), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 2 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date April 16, 2019, the closing price was EUR 2.38 and its expected value was estimated at EUR 2.43.

Carine Maciol

Bankia : Credit Opinion lowered to Stable on improved credit fundamentals but reduced upside potential; Neutral Market Recommendations

Our credit opinion has been Positive on Bankia since mid-2017 as we expected the combined effects of the solid performance of the Spanish economy, the good execution of the bank’s strategy and its stronger market positions through the acquisition of BMN would improve the bank’s credit profile. Our expectations have materialised, and we now see more limited room for improvement in the bank’s (stronger) credit fundamentals, considering the expected continued strengthening in asset ...

Marisa Mazo

The Spanish banking sector: 3Q17 results- Experiencing the seasonal impact of the summer.

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 (+6.7% in July, 2017). Caixabank lead the upwards revisions since our July report while Liberbank, onc...

Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR REPORT: 2Q19 ESTIMATES - IN LINE WITH THE 2019 GUIDANCE (ANÁLISIS BANCO SABADELL)

BANKING SECTOR REPORT: 2Q19 ESTIMATES - IN LINE WITH THE 2019 GUIDANCE (ANÁLISIS BANCO SABADELL)

Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR REPORT: IRPH - EYES ON CABK AND BKIA (ANÁLISIS BANCO SABADELL)

Cuts in BKIA and CABK and analysis of impact from IRPH. We cut our estimates and T.P. for the two hardest hit banks by IRPH (CABK and BKIA), updating our 12M Euribor hypotheses (to -35bps/-40bps for Dec’19 and ’20, around -20bps vs. our previous estimate), and obtaining new references of € 3.26/sh. (-8% vs. previous T.P.) and € 2.07/sh. (-21% vs. previous T.P.). We stress that on the 10th of September we will learn the opinion of the advocate general of the European Court of Justice (ECJ) on the IRPH clauses, which will be key as it is usually the same as the court’s ruling. The case is comple...

Expert Corporate Governance Service (ECGS)

Proxy Report - 10/04/2018

In item 4, the Board asks the authorization to increase the share capital and in item 5 to issue convertible bonds and other securities convertible into shares. The aggregate authorization to increase the share capital may not exceed 50% of the existing share capital, with the authority to exclude pre-emptive rights in connection with up to a maximum of 20% of the issued share capital. The proposals exceed the ECGS guidelines limit of 10% for general capital increases without pre-emptive rights. Although we understand the flexibility required by the Board, we consider that the proposed amount ...

Expert Corporate Governance Service (ECGS)

Proxy Report - 11/04/2018

In item 4, the Board asks the authorization to increase the share capital and in item 5 to issue convertible bonds and other securities convertible into shares. The aggregate authorization to increase the share capital may not exceed 50% of the existing share capital, with the authority to exclude pre-emptive rights in connection with up to a maximum of 20% of the issued share capital. The proposals exceed the ECGS guidelines limit of 10% for general capital increases without pre-emptive rights.Although we understand the flexibility required by the Board, we consider that the proposed amount r...

Bankia Sau – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Laurent ALBIE

Analyse court terme - BANKIA SA : Le support est atteint, il cause le rebond.

Lors de notre dernière analyse court terme (30/08/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 0,83 € et un niveau d'invalidation à 0,72 €. La tendance haussière se poursuit. Arguments : - Le support est atteint, il cause le rebond.

Laurent ALBIE

Short term view - BANKIA SA : The support has been reached, it causes the bounce.

In our previous short term analysis (30/08/2016), we were positive. We remain positive with a target at 0,83 € and an invalidation level at 0,72 €. The bullish trend unfolds. Arguments : - The support has been reached, it causes the bounce.

Laurent ALBIE

Analyse court terme - BANKIA SA : La résistance est atteinte, elle cause le repli.

Lors de notre dernière analyse court terme (15/11/2016), nous avions opté pour un avis neutre. Nous restons neutre. Nous attendons une meilleure opportunité pour adopter un avis positif. Arguments : - La résistance est atteinte, elle cause le repli. - L'objectif est...

Laurent ALBIE

Short term view - BANKIA SA : The resistance has been reached, it causes the fall.

In our previous short term analysis (15/11/2016), we were neutral. We remain neutral. We are waiting for a better opportunity to turn positive. Arguments : - The resistance has been reached, it causes the fall. - The target has been reached.

Matthieu DRIOL

Analyse moyen terme - BANKIA SA : La moyenne mobile sert de support.

La tendance est toujours haussière, son niveau d'invalidation est sous 0,762 €. L'objectif est à 0,975 €.Arguments :- Le support est atteint, il cause le rebond.- La moyenne mobile sert de support.

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