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Companies >
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BCA MPS >
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Sleeping beauty makeover, waiting for the handsome prince

  • 01 Aug 2016

Sleeping beauty makeover, waiting for the handsome prince


BCA MPS (BMPS:BIT) | 0 0 0.0%


  • AlphaValue
    • David Grinsztajn

    • 3 pages

Banks image


 
Banks image


Q2 results were on track but progress remains too slow to attract the long-awaited handsome prince, while the standalone strategy is not a viable/allowed path. ECB’s letter and the stress test failure are forcing management to accelerate the NPL reduction, an operation enabled by the new State guarantee and the creation of the Atlas fund. However, the operation requires a €5bn rights issue to maintain the solvency position while Atlas will be offered warrants as extra protection. ....


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Sleeping beauty makeover, waiting for the handsome prince


BCA MPS (BMPS:BIT) | 0 0 0.0%


  • Published: 01 Aug 2016
  • Author: David Grinsztajn
  • Pages: 3
  • AlphaValue


Q2 results were on track but progress remains too slow to attract the long-awaited handsome prince, while the standalone strategy is not a viable/allowed path. ECB’s letter and the stress test failure are forcing management to accelerate the NPL reduction, an operation enabled by the new State guarantee and the creation of the Atlas fund. However, the operation requires a €5bn rights issue to maintain the solvency position while Atlas will be offered warrants as extra protection. ....



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