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

Moody's assigns local currency Prime-2 rating to CaixaBank's Euro-commercial paper programme

Rating Action: Moody's assigns local currency Prime-2 rating to CaixaBank's Euro-commercial paper programme. Global Credit Research- 20 Dec 2018. Madrid, December 20, 2018-- Moody's Investors Service has today assigned a local currency Prime-2 rating to the E2 billion multi-currency Euro-commercial paper program of CaixaBank, S.A..

Jean Sassus ...
  • Steven Gould

ODDO : Rediscovered virtues of a ‘simple and domestic’ business model!

Our analysis of the Spanish sector with a view towards 2019, using an approach based on the prospects of an improvement in the operating leverage and shareholder returns, prompts us to favour the simple and domestic model of CaixaBank (Buy, target price € 4.9). We reiterate our positive but riskier call on Santander (Buy, target price € 5.7) and maintain our cautious approach to BBVA (Neutral, target price € 5.5). - >A hierarchy dictated by the operating leverage/sharehold...

Jean Sassus ...
  • Steven Gould

ODDO : Les vertus retrouvées d’un business model ‘simple & domestique’ !

Notre analyse du secteur bancaire espagnol en vue de 2019 repose sur une approche axée sur les perspectives d’amélioration du levier opérationnel et du retour à l’actionnaire. Elle nous amène à privilégier le modèle simple et domestique de CaixaBank (Achat, OC 4.9 €). Nous réitérons notre call positif mais plus risqué sur Santander (Achat, OC 5.7 €) et conservons notre approche prudente sur BBVA (Neutre, OC 5.5 €). - >Hiérarchie dictée par le profil levier opérationnel/ret...

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2018

...

Jean Sassus ...
  • Steven Gould

CaixaBank : 2019-2021 strategy plan – you don’t change a winning recipe!

>New 2019-2021 strategy plan: consolidate/strengthen achievements  - CaixaBank yesterday presented its new strategy plan for 2019-2021. Though not spectacular, it should in our view clearly bolster the solidity of the group’s fundamentals (balance sheet & operations).The plan should in particular allow the group to remain one of the few banks in our universe that meet the following two crucial criteria;ability to improve operating leverage (growth of revenue...

Moody's assigns local currency Prime-2 rating to CaixaBank's Euro-commercial paper programme

Rating Action: Moody's assigns local currency Prime-2 rating to CaixaBank's Euro-commercial paper programme. Global Credit Research- 20 Dec 2018. Madrid, December 20, 2018-- Moody's Investors Service has today assigned a local currency Prime-2 rating to the E2 billion multi-currency Euro-commercial paper program of CaixaBank, S.A..

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.

Jean Sassus ...
  • Steven Gould

ODDO : Rediscovered virtues of a ‘simple and domestic’ business model!

Our analysis of the Spanish sector with a view towards 2019, using an approach based on the prospects of an improvement in the operating leverage and shareholder returns, prompts us to favour the simple and domestic model of CaixaBank (Buy, target price € 4.9). We reiterate our positive but riskier call on Santander (Buy, target price € 5.7) and maintain our cautious approach to BBVA (Neutral, target price € 5.5). - >A hierarchy dictated by the operating leverage/sharehold...

Jean Sassus ...
  • Steven Gould

ODDO : Les vertus retrouvées d’un business model ‘simple & domestique’ !

Notre analyse du secteur bancaire espagnol en vue de 2019 repose sur une approche axée sur les perspectives d’amélioration du levier opérationnel et du retour à l’actionnaire. Elle nous amène à privilégier le modèle simple et domestique de CaixaBank (Achat, OC 4.9 €). Nous réitérons notre call positif mais plus risqué sur Santander (Achat, OC 5.7 €) et conservons notre approche prudente sur BBVA (Neutre, OC 5.5 €). - >Hiérarchie dictée par le profil levier opérationnel/ret...

Jean Sassus ...
  • Steven Gould

CaixaBank : 2019-2021 strategy plan – you don’t change a winning recipe!

>New 2019-2021 strategy plan: consolidate/strengthen achievements  - CaixaBank yesterday presented its new strategy plan for 2019-2021. Though not spectacular, it should in our view clearly bolster the solidity of the group’s fundamentals (balance sheet & operations).The plan should in particular allow the group to remain one of the few banks in our universe that meet the following two crucial criteria;ability to improve operating leverage (growth of revenue...

Jean Sassus ...
  • Steven Gould

CaixaBank : Plan stratégique 2019-21 – on ne change pas une recette qui marche !

>Nouveau plan stratégique 2019-21 : consolider/renforcer les acquis  - CaixaBank a présenté hier son nouveau plan stratégique sur 2019-2021. Sans se révéler spectaculaire, il devrait selon nous clairement conforter la solidité des fondamentaux du groupe (bilanciel & opérationnel). Le plan devrait en particulier permettre au groupe de rester l’une des rares banques de notre univers de suivi à répondre aux 2 critères cruciaux suivants ;capacité d’amélioration du le...

Javier Bernat

CAIXABANK - Strategy 2019-2021: More demanding goals

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2018

...

Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2018

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Benoit Valleaux ...
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/22/2018

...

Benoit Valleaux ...
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/11/2018

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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...

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...

MarketLine Department

Banco Popular Espanol, S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Banco Popular Espanol, S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's Banco Popular Espanol, S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Banco Popular Espanol, S.A. since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehe...

MarketLine Department

Banco Santander SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Banco Santander SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's Banco Santander SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Banco Santander SA since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the orga...

MarketLine Department

Bankinter, S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Bankinter, S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's Bankinter, S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Bankinter, S.A. since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and i...

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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