Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BANKIA SA. We currently have 7 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
BMN arranged marriage
15 Mar 17
Pressurised by the ECB, the FROB has announced that it considers a combination of Bankia and Banco Mare Nostrum (BMN), both controlled at 65%, as the best solution. In response, Bankia stated that it will perform its own analysis before envisaging submitting such a deal to its shareholders.
Improved profit margin and payout on shrinking loan book
30 Jan 17
The fourth quarter results were depressed by systemic charges and the full provisioning of the residual exposure to the retroactive removal of mortgage floors. Operating trends show strong revenue momentum supported by: 1/ a notable net interest margin widening driven by a loan-mix change in favour of unsecured loans, and 2/ a healthy fee income generation. They also show impressive ongoing efficiency gains and particularly benign asset quality trends. Mortgage-driven loan book shrinkage continued to support ongoing organic excess capital generation (around +20bp in the quarter) which led management to increase the payout ratio to 40%.
Stronger resilience on cost flexibility and benign cost of risk
22 Jul 16
The group reported better-than-expected second quarter results thanks to impressive efficiency gains and a benign cost of risk. This has more than offset the sharper impact of low interest rates on the net interest income. The capital position has improved markedly.
Carry-trade normalisation continues to weigh on profit trajectory
17 May 16
The quarterly results were impacted by the ongoing reduction of the strong contribution from carry-trade gains and to a lesser extent by the stock market’s turmoil and the new customer centric commercial strategy. On the positive side, the reduction in operating costs and loan impairments are ahead of expectations. The solvency position improved further but remains strongly reliant on deferred tax assets.
Favourable operating trends hidden by carry trade attrition
02 Feb 16
Bankia released better than expected quarterly results. Management will disclose its new business plan within two months. The cost of risk is expected to overshoot this year, helping to alleviate the top line pressure stemming from carry trade attrition and commercial efforts to strengthen the franchise. Regulatory and legal risks are not seen material enough to undermine the equity position.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.