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

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 30 OCTUBRE A 06 NOVIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sale Danone y entra Kering. Subimos peso en Bayer y BNP Paribas. Cartera High Yield Europa Air Liquide, Allianz, Daimler, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - Fr

Fiat Chrysler Automobiles (Achat) : Confirme ses objectifs avant la fusion avec PSA ING (Achat) - 9M-19 : PNB de €13,9 mds (+2,1%) Lloyds Banking Group (Vente) - 9M-19 : RN de $2,0mds (-46,9%) Ryanair (Conserver) - S1/19-20 : Résultat opérationnel de €1,3md (-1%) Metro (Vente) : EP Global Commerce (EPGC) prévoit d’augmenter sa participation à ~30% Repsol (Achat) - 9M-19 : Résultat opérationnel de €2,9 mds (-6,5%) IAG (Achat) : Rachète la compagnie espagnole Air Europa pour €1 md Bombardier (Achat) : Cession de ses activités aérost...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/01/2019

...

Jean Sassus ...
  • Steven Gould

CaixaBank : Q3 2019 confirms the improvement in fortunes

>Operations: reassuring on the top line AND costs - CaixaBank reported net profit for Q3 2019 14% higher than forecast at € 644m (vs the consensus forecast of € 564m), in a quarter that for once did not include any notable one1eoffs. The positive surprise is attributable to a good overall operating performance (notably in fees and costs).We therefore note in terms of underlying operations: (-) Clearly reassuring momentum in ‘core’ revenues after a mixed H1 wi...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/11/2019 - Fiat Chrystler Automobiles - Fr

Fiat Chrysler Automobiles (Achat) : Confirme ses objectifs avant la fusion avec PSA ING (Achat) - 9M-19 : PNB de €13,9 mds (+2,1%) Lloyds Banking Group (Vente) - 9M-19 : RN de $2,0mds (-46,9%) Ryanair (Conserver) - S1/19-20 : Résultat opérationnel de €1,3md (-1%) Metro (Vente) : EP Global Commerce (EPGC) prévoit d’augmenter sa participation à ~30% Repsol (Achat) - 9M-19 : Résultat opérationnel de €2,9 mds (-6,5%) IAG (Achat) : Rachète la compagnie espagnole Air Europa pour €1 md Bombardier (Achat) : Cession de ses activités aérost...

Moody's announces completion of a periodic review of ratings of CaixaBank, S.A.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of CaixaBank, S.A. Global Credit Research- 13 Jun 2019. Madrid, June 13, 2019-- Moody's Investors Service has completed a periodic review of the ratings of CaixaBank, S.A. and other ratings that are associated with the same analytical unit.

CaixaBank, S.A.: Update following upgrade of long-term deposit and junior senior debt ratings

Our credit view of CaixaBank, reflecs the continued de-risking and strengthening of its credit profile and a sustained recovery of its core revenues.

Moody's upgrades CaixaBank's long-term deposit and junior senior debt ratings

Rating Action: Moody's upgrades CaixaBank's long-term deposit and junior senior debt ratings. Global Credit Research- 17 May 2019. Madrid, May 17, 2019-- Moody's Investors Service has today upgraded the long-term deposit ratings of CaixaBank, S.A. to A3 from Baa1 and its junior senior unsecured debt rating to Baa3 from Ba1.

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 30 OCTUBRE A 06 NOVIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sale Danone y entra Kering. Subimos peso en Bayer y BNP Paribas. Cartera High Yield Europa Air Liquide, Allianz, Daimler, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Jean Sassus ...
  • Steven Gould

CaixaBank : Q3 2019 confirms the improvement in fortunes

>Operations: reassuring on the top line AND costs - CaixaBank reported net profit for Q3 2019 14% higher than forecast at € 644m (vs the consensus forecast of € 564m), in a quarter that for once did not include any notable one1eoffs. The positive surprise is attributable to a good overall operating performance (notably in fees and costs).We therefore note in terms of underlying operations: (-) Clearly reassuring momentum in ‘core’ revenues after a mixed H1 wi...

Jean Sassus ...
  • Steven Gould

CaixaBank : Un T3 2019 qui confirme le retour à meilleure fortune

>Opérationnel : rassurant sur la top line ET les coûts - CaixaBank a publié au T3 2019 un RN supérieur de 14% aux attentes à 644 M€ (vs consensus 564 M€) avec un trimestre cette fois sans one-off notable. La bonne surprise est à mettre sur le compte d’une bonne performance opérationnelle globale (notamment sur les commissions et les coûts).On notera ainsi sur l’opérationnel underlying : (-) Un momentum clairement rassurant sur les revenus ‘core’ après un S1 ...

Maria Paz Ojeda

CAIXABANK: MENSAJES DE LA CONFERENCE CALL RDOS. 3T’19 (ANÁLISIS BANCO SABADELL)

Los principales mensajes de la presentación de Rdos. 3T’19 han sido:  Guidance’19: Mantienen el objetivo’19 de +1% en “ingresos core” (+0,2% en 9meses’19) y lanzan un mensaje positivo de cara a 4T’19 en los ingresos por seguros. En comisiones (-1,7% interanual en 9meses’19 pero +1,7% en 3T’19 estanco), son algo más cautos por la volatilidad en CIB pero esperan que se mantenga la aceleración en gestión de activos y pensiones. En lo que respecta al M. de Intereses, mantienen guidance’19 de +1% (+1,3% en 9meses’19), y esperan que a partir del 4T’19 se beneficie del impacto del Tiering (c.+1,6% ...

Maria Paz Ojeda

CAIXABANK: 3Q'19 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'19 vs. 3Q'18 Results N.I.I.: € 1.242 Bn (+0.2% vs. -0.3% BS(e) and -0.4% consensus); Total Revenues: € 2.165 Bn (-3.6% vs. -5.4% BS(e) and -5.7% consensus); Operating Profit: € 976.0 M (-9.8% vs. -14.0% BS(e) and -14.0% consensus); Net Profit: € 644.0 M (+37.0% vs. +22.6% BS(e) and +20.0% consensus); 3Q'19 vs. 2Q'19 Results N.I.I.: € 1.242 Bn (+0.1% vs. -0.5% BS(e) and -0.6% consensus); Total Revenues: € 2.165 Bn (-7.3% vs. -9.0% BS(e) and -9.2% consensus); Operating Profit: € 976.0 M (+533.8% vs. +504.5% BS(e) and +504.5% consensus); Net Profit: € 644.0 M (+623.6% in 2Q'19 vs. +547.2% BS(e...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/01/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/11/2019

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Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2019

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Corby
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/29/2019

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Increased risk weighs on CAIXABANK SA, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of CAIXABANK SA (ES), active in the Money Center Banks industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date July 26, 2019, the closing price was EUR 2.27 and its target price was estimated at EUR 2.16.

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...

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...

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...

MarketLine Department

Bankia SA - Strategy, SWOT and Corporate Finance Report

Summary Bankia SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Bankia SA (Bankia), a subsidiary of BFA, Tenedora de Acciones SAU, is a provider of banking and financial solutions. The bank along with its subsidiaries offers a range of retail and business banking, private banking, bancassurance, and other financial products and services. Its retail and business...

MarketLine Department

Banco de Sabadell SA - Strategy, SWOT and Corporate Finance Report

Summary Banco de Sabadell SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Banco de Sabadell SA (Banco Sabadell) is a provider of banking and other financial solutions. Its product portfolio includes demand and term deposits, credit and debit cards, mortgages, term loans, syndicated loans, mutual funds, and structured finance. The group offers various services,...

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)

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...

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...

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...

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...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

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