Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BANCO POPULAR ESPANOL. We currently have 4 research reports from 1 professional analysts.
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BANCO POPULAR ESPANOL
BANCO POPULAR ESPANOL
Quarters follow one another and look alike
28 Oct 16
Like in the previous quarter, the group posted no profit in Q3, in line with its objective to devote all its pre-provision earnings to increasing the NPA coverage this year. The bulk of the effort will be made in Q4 with consensus (and AV) expecting around €2.5bn of losses. Management changed its earnings presentation, separating core and non-core assets. Unfortunately, this resulted in an unwelcomed reduction in data disclosure.
The capital increase does not solve everything
30 May 16
The group has launched an unexpected €2.5bn rights issue with pre-emption rights at a €1.25 issue price. The operation will enable the group to align its NPA coverage with its peers and thus to enjoy a similar trajectory in terms of asset quality, cost of risk and profitability normalisation. Above all, the group will comply with the Bank of Spain’s new circular. However, we see the capital increase as under-calibrated leaving some equity shortfall and above all, the group’s structural profitability issue remains un-addressed.
EPS cuts on lower trading income generation
17 May 16
The first quarter results showed top-line pressure driven by the strong competition on SMEs loans and the market’s turmoil. The rapid normalisation of trading income generation expected over the coming quarters will not help. Although the reduction in operating costs is on track with the balance sheet downsizing, the cost of risk normalisation continues to be seen as only very progressive in spite of a confirmed reversal in asset quality trends. As a positive, the ongoing capital generation should enable the group to rapidly meet its equity requirements.
Top line pressure, limited visibility on cost of risk lever
03 Feb 16
Quarterly results suffered strong competitive pressure and elevated cost of risk. The cost of risk normalisation is a major profitability lever but visibility on the pace of reduction remains low, especially if the current global turmoil and the domestic political instability turn into economic slowdown.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.