CaixaBank

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.
  • TickerCABK
  • ISINES0140609019
  • ExchangeMadrid Stock Exchange
  • SectorBanks
  • CountrySpain

Analysts

Alex Koagne ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2018

...

Alex Koagne ...
  • Jean Sassus

ODDO : 2018 stress tests - so much for them being a formality

>Key points - tightening constraints - The stress tests are hardly a non-event:CET1 adverse scenario = 10.05% (weighted average) but three banks have a CET1 below 7.0%: Barclays (6.37%); BPM (6.67%); Lloyds (6.80%).CET1 adverse scenario vs SREP: 8 out of 14 of the stocks in our universe subject to the stress tests show an adverse CET1 that is below their SREP: DBK (-361bp), SG (-189bp), BNPP (-111bp), ING (-105bp), CBK (-82bp), UCI (-66bp), BBVA (-45bp), Sa...

Alex Koagne ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2018

...

Alex Koagne ...
  • Jean Sassus

ODDO : Stress Tests 2018 – Vous aviez dit une formalité ?

>Points clefs – L’étau se ressert - Les Stress Tests ne seront pas vraiment un non-événement :CET1 Scénario Adverse = 10.05% (moyenne pondérée) mais avec 3 banques dont les CET1 sont inférieurs à 7.0% : Barclays (6.37%) ; BPM (6.67%) ; Lloyds (6.80%).CET1 Scénario Adverse vs SREP: 8 valeurs de notre univers sur 14 soumises au Stress Test affichent un CET1 Adverse inférieur à leur SREP: DBK (-361bp), SG (-189bp), BNPP (-111bp), ING (-105bp), CBK (-82bp), UCI...

Jérôme VINERIER

Analyse court terme - CAIXABANK : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 3,252 €. La tendance de fond serait remise en cause en cas de franchissement de 3,680 €.

CaixaBank, S.A.: CaixaBank will sell its Repsol stake, lowering its market risk, a credit positive

The disposal of the Repsol stake eliminates the market risk inherent to this material equity investment.

CaixaBank S.A.: Update following upgrade of ratings

Our credit view of CaixaBank's continued de-risking and strengthening of credit profile underpinned by a reduction in stock of problematic exposures and a sustained recovery of core revenue.

Moody's upgrades CaixaBank's ratings

Moody's Investors Service has today upgraded the long-term senior unsecured rating of CaixaBank to Baa1 from Baa2 and its junior senior debt to Ba1 from Ba2. The outlook on long-term senior debt changed to stable from positive. The long-term deposit rating was affirmed at Baa1 with a stable outl...

Caixabank: Update following the sale of problematic real estate assets

Our credit view of CaixaBank, reflecting its stable revenue-generation capacity, underpinned by its leading retail franchise, and strong liquidity and funding.

CaixaBank, S.A.: CaixaBank's sale of problematic real estate assets is credit positive

The sale allows the bank to offload assets that have weighed on its asset risk and profitability metrics.

Alex Koagne ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2018

...

Alex Koagne ...
  • Jean Sassus

ODDO : 2018 stress tests - so much for them being a formality

>Key points - tightening constraints - The stress tests are hardly a non-event:CET1 adverse scenario = 10.05% (weighted average) but three banks have a CET1 below 7.0%: Barclays (6.37%); BPM (6.67%); Lloyds (6.80%).CET1 adverse scenario vs SREP: 8 out of 14 of the stocks in our universe subject to the stress tests show an adverse CET1 that is below their SREP: DBK (-361bp), SG (-189bp), BNPP (-111bp), ING (-105bp), CBK (-82bp), UCI (-66bp), BBVA (-45bp), Sa...

Alex Koagne ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2018

...

Alex Koagne ...
  • Jean Sassus

ODDO : Stress Tests 2018 – Vous aviez dit une formalité ?

>Points clefs – L’étau se ressert - Les Stress Tests ne seront pas vraiment un non-événement :CET1 Scénario Adverse = 10.05% (moyenne pondérée) mais avec 3 banques dont les CET1 sont inférieurs à 7.0% : Barclays (6.37%) ; BPM (6.67%) ; Lloyds (6.80%).CET1 Scénario Adverse vs SREP: 8 valeurs de notre univers sur 14 soumises au Stress Test affichent un CET1 Adverse inférieur à leur SREP: DBK (-361bp), SG (-189bp), BNPP (-111bp), ING (-105bp), CBK (-82bp), UCI...

Jean Sassus ...
  • Steven Gould

CaixaBank : Solid Q3 2018 results & new strategy plan in line of sight!

>Solid operating results and reassuring message - CaixaBank on Friday reported a better-than-expected set of Q3 2018 figures with net profit of € 470m (vs consensus € 215m).The positive surprise stemmed mainly from the fact that the quarter was marked by the release on provisions on a major credit exposure (€ 275m resulting in a positive impact of € 198m whereas the consensus forecast provisions of € 137m) while revenues and costs were close to estimates at € 2.2...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/29/2018

The current sell-off and the previous corrections have the same causes: doubts on the macro-economic cycle with fears of a brutal slowdown potentially aggravated by a pro-cyclical monetary policy. The US bond market has an optimistic view of this apocalyptic picture. The potential for the yield on US Treasuries to increase via real rates seems exhausted and paves the way for a decline in long-term rates, a support factor for equities, provided, however, that the Democrats prevail. Th...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/10/2018

Le sell-off actuel et les corrections précédentes ont les mêmes causes : doutes sur le cycle macroéconomique avec crainte d’un ralentissement violent, potentiellement aggravé par une politique monétaire procyclique. Le marché obligataire US oppose une vision optimiste à ce tableau apocalyptique. Le potentiel de progression du rendement de l’UST via les taux réels semble épuisé et ouvre la porte à une baisse des taux longs, facteur de soutien pour les actions à condition toutefois que ...

Alex Koagne ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/21/2018

All of the risks mentioned are on the agenda. Their development does not contain any unpleasant surprises. On the contrary, the Italian budget could comply with EU regulations, and an agreement on Brexit appears to be within reach. This argues in favour of the completion of a short rotation favourable to cyclicals, the duration of which will be determined by 1/ the credibility that the market will bring to maintaining macroeconomic growth above its potential rate (Oddo BHF’s baseline ...

Alex Koagne ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/09/2018

Les risques évoqués sont tous au rendez-vous. Leur évolution ne recèle pas de surprises désagréables. Au contraire, le budget italien pourrait être conforme aux règles européennes, et un accord sur le Brexit semble à portée de main. Ceci milite pour la réalisation d’une courte rotation favorable aux cycliques dont la durée sera conditionnée par 1/ la crédibilité que le marché apportera au maintien d’une croissance macro supérieure à son potentiel (scénario central Oddo BHF : 1.8% en 2...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2018

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With a more favourable environment, CAIXABANK SA improves to Slightly Positive

CAIXABANK SA (ES), a company active in the Money Center Banks industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 21, 2018, the closing price was EUR 4.02 and its potential was estimated at EUR 4.38.

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...

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...

Expert Corporate Governance Service (ECGS)

Proxy Report - 06/04/2018

In item 6, the Board proposes several changes to the remuneration policy. Pursuant to Spanish legislation, any amendments to the 3-year remuneration policy must be subject to a binding vote of shareholders. Main amendments are referred to changes in the benchmarking group used to set the fixed remuneration (11 disclosed European banks will be added to the group of 4 Spanish banks), the KPIs used to calculate the annual bonus (including "changes in troubled assets" and replacing "recurring operating expenses with "core efficiency ratio") and eliminating the possibility to pay interest or divide...

Jérôme VINERIER

Analyse court terme - CAIXABANK : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 3,252 €. La tendance de fond serait remise en cause en cas de franchissement de 3,680 €.

Jérôme VINERIER

Short term view - CAIXABANK : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €3.252. The background trend would be questioned should prices rise above €3.680.

Matthieu DRIOL

Analyse court terme - CAIXABANK : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 3,252 €, puis 3,009 €. Le franchissement de 4,329 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - CAIXABANK : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €3.252, then €3.009. Passing €4.329 would question the continuation of the fall.

Matthieu DRIOL

Analyse moyen terme - CAIXABANK : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

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