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

Laurent ALBIE

Analyse court terme - CAIXABANK : L'objectif est atteint.

Notre précédent avis était positif. Nous sommes neutre. La zone de résistance est proche, la hausse doit s'interrompre. Arguments : - La résistance majeure est atteinte. - L'objectif est atteint.

Laurent ALBIE

Short term view - CAIXABANK : The target has been reached.

Our previous opinion was positive. We are neutral. The resistance area is close, the rise should be interrupted. Arguments : - The major resistance has been reached. - The target has been reached.

Laurent ALBIE

Analyse court terme - CAIXABANK : Pas d'opportunité immédiate

Lors de notre dernière analyse court terme (31/10/2016), nous avions opté pour un avis neutre. Nous restons neutre. Les prix sont trop éloignés du niveau d'invalidation de la tendance pour adopter un avis tranché. Nous attendons une meilleure opportunité.

Laurent ALBIE

Short term view - CAIXABANK : No immediate opportunity

In our previous short term analysis (31/10/2016), we were neutral. We remain neutral. Prices are too distant from the trend's invalidation level to change our opinon. We are waiting for a better opportunity.

Matthieu DRIOL

Analyse moyen terme - CAIXABANK : Le MACD a croisé en hausse.

Le précédent sommet vient d'être franchi, ceci confirme la tendance haussière. Le prochain objectif est à 3,430 €. Le niveau d'invalidation est sous 2,670 €.Arguments :- Le support majeur est atteint, il cause le rebond.- Le MACD a croisé en hausse.- Les prix dépassent la...

Philippe Lamaud

CaixaBank : Focus Emission

CaixaBank has this week conducted deal roadshows for an inaugural Additional Tier 1 (AT1). The instruments will be denominated in EUR and a benchmark size (EUR750m envisaged). Its main features will be similar to existing Spanish AT1 (low trigger, equity conversion). The date of first call has not been decided yet, and the bank envisages a first call date after 5 years (2022) or 7 years (2024).>

Philippe Lamaud

CaixaBank : Focus Emission

CaixaBank has this week conducted deal roadshows for an inaugural Additional Tier 1 (AT1). The instruments will be denominated in EUR and a benchmark size (EUR750m envisaged). Its main features will be similar to existing Spanish AT1 (low trigger, equity conversion). The date of first call has not been decided yet, and the bank envisages a first call date after 5 years (2022) or 7 years (2024).>

Moody's assigns B1(hyb) to CaixaBank's Additional Tier 1 non-viability securities

Rating Action: Moody's assigns B1 to CaixaBank's Additional Tier 1 non-viability securities. Global Credit Research- 23 Jun 2017. Madrid, June 23, 2017-- Moody's Investors Service has today assigned a B1 rating to the E1 billion Additional Tier 1 non-viability contingent capital securities issued by CaixaBank, S.A..

CaixaBank, S.A.: Moody's Rates CaixaBank's Additional Tier 1 Capital Securities at B1(hyb)

FINANCIAL INSTITUTIONS CREDIT OPINION 23 June 2017 New Issue RATINGS CaixaBank, S.A. Domicile Spain Long Term Debt Baa2 Type Senior Unsecured - Dom Curr Outlook Stable Long Term Deposit Baa2 Type LT Bank Deposits - Fgn Curr Outlook Positive Please see the 

Moody's assigns (P)Ba2 to CaixaBank's junior senior unsecured debt securities

Rating Action: Moody's assigns Ba2 to CaixaBank's junior senior unsecured debt securities. Global Credit Research- 31 Aug 2017. Madrid, August 31, 2017-- Moody's Investors Service, today assigned a provisional Ba2 rating to the long-term senior non-preferred medium term notes to be issued by CaixaBank, S.A..

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

Caixabank: Expect strong 1Q18 results

  Net profit to amount to €624mn Caixabank will release its 1Q18 results on Friday, April 27th. A webcast will be held at 11.30 CET in the following link: http://wcc.webeventservices.com/wcc/r/1649339-1/0D2BE653BC455C80128392C0C6C26FE0 We estimate that the net group profit may amount to €624mn (+54.7% yoy), +12.6% higher than the consensus figure although our numbers already include the results released by BPI. Net interest income may increase +3.9% yoy, to €1,198mn, fees +5.6%, to €620mn and ordinary revenue +16.4%, to €2.2bn. Costs may increase +5.6%, to €1,162mn leading to a pre–provis...

Marisa Mazo

Caixabank expected 2Q18 results: Solving the foreclosed assets problem

  2Q18e net profit to amount to €476mn Caixabank will release its 2Q18 results on Friday, July 27th before market opens. A webcast will take place at, 11.30 CET (www.caixabank.com). We expect that 2Q18e net profit may amount to €476mn (+9.1% yoy and –32.4% qoq), implying a 1H18e net profit of €1,180mn (+40.6% yoy). We are slightly below the consensus that expects a net profit of €520mn.

Jean Sassus ...
  • Steven Gould

ODDO : Banques espagnoles – previews 2ème trimestre 2018

>BBVA (opinion Neutre / OC 6.50 € inch.) - Le groupe doit publier ses chiffres au T2 2018 le 27 juillet avant Bourse.Ce qui est attendu : nous tablons sur un RCAI de 2.02 Md€ au T2 2018, proche des anticipations du consensus (+1%) / voir détails tableau p2Ce qu’il faut retenir/surveiller los de la publication ; nous serons particulièrement attentifs à l’évolution de l’opérationnel sur les 3 principaux marchés du groupe à savoir l’Espagne, le Mexique et la Tu...

Jean Sassus ...
  • Steven Gould

ODDO : Spanish banks – previews Q2 2018

>BBVA (Neutral / target price: € 6.50 unchanged) - The group is set to publish its Q2 2018 figures on 27 July before the market open.What is expected: we are forecasting a pre-tax underlying profit of € 2.02bn in Q2 2018, close to the consensus anticipations (+1%) / see details on table p2What to retain from/monitor in the publication; we will be particularly attentive to the operating trend on the group’s three main markets, i.e. Spain, Mexico and Turkey.§r...

Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Bruno Hareng
  • Delphine Brault
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Henning Steinbrink
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/07/2018

...

Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Bruno Hareng
  • Delphine Brault
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Henning Steinbrink
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/20/2018

...

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 – COMMENTAIRES DETAILLES 30/07/2018

...

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

...

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...

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...

Philippe Lamaud

CaixaBank : Recommendations lowered to Neutral in a ‘wait-and-see’ mode pending decision on the IRPH case; credit opinion Stable

We are reviewing our Positive credit opinion on CaixaBank as the potential for further improvement in its (good) credit profile now looks limited. Our Positive credit opinion was based on tailwinds from the supportive operating environment in Spain and Portugal and essentially the benefits on the group’s creditworthiness (asset quality, profitability and capital) of the sound performance of both economies given CaixaBank’s strong franchise in both countries. As growth prospects d...

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...

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 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. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of ...

MarketLine Department

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. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. K...

MarketLine Department

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. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Hig...

MarketLine Department

BBVA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's BBVA 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 BBVA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This report i...

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...

CaixaBank – Proxinvest Corporate Governance Rating ® : C

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...

Caixa Bank April 04th, 2019

In item 5.1, the Board proposes to reduce the number of members from 18 to 16, by not fulfilling the vacancies created by the end of the mandate of 2 independent Directors. We strongly regret that the Board size is achieved through a lower independent representation. As we have concerns over the lack of independence (44%) and the excessive representation of major shareholders (50% of Directors with 40.6% of the share capital through a shareholders' agreement) on the Board, we recommend opposition. Due to our concerns over the composition of the Board, we also recommend that shareholders oppos...

Laurent ALBIE

Analyse court terme - CAIXABANK : L'objectif est atteint.

Notre précédent avis était positif. Nous sommes neutre. La zone de résistance est proche, la hausse doit s'interrompre. Arguments : - La résistance majeure est atteinte. - L'objectif est atteint.

Laurent ALBIE

Short term view - CAIXABANK : The target has been reached.

Our previous opinion was positive. We are neutral. The resistance area is close, the rise should be interrupted. Arguments : - The major resistance has been reached. - The target has been reached.

Laurent ALBIE

Analyse court terme - CAIXABANK : Pas d'opportunité immédiate

Lors de notre dernière analyse court terme (31/10/2016), nous avions opté pour un avis neutre. Nous restons neutre. Les prix sont trop éloignés du niveau d'invalidation de la tendance pour adopter un avis tranché. Nous attendons une meilleure opportunité.

Laurent ALBIE

Short term view - CAIXABANK : No immediate opportunity

In our previous short term analysis (31/10/2016), we were neutral. We remain neutral. Prices are too distant from the trend's invalidation level to change our opinon. We are waiting for a better opportunity.

Matthieu DRIOL

Analyse moyen terme - CAIXABANK : Le MACD a croisé en hausse.

Le précédent sommet vient d'être franchi, ceci confirme la tendance haussière. Le prochain objectif est à 3,430 €. Le niveau d'invalidation est sous 2,670 €.Arguments :- Le support majeur est atteint, il cause le rebond.- Le MACD a croisé en hausse.- Les prix dépassent la...

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