Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CAIXABANK S A. We currently have 6 research reports from 1 professional analysts.
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CAIXABANK S A
CAIXABANK S A
BPI deal dilutive from a valuation standpoint
23 Sep 16
Following the decision of BPI’s shareholders to remove the cap on voting rights, CaixaBank’s offer on the 45% it does not hold yet has become mandatory. The group has announced the sale of the 585m treasury shares acquired in exchange for the assets sold to its shareholder Criteria Caixa at €2.26 per share. The market’s reaction has been negative so far.
Ongoing underlying profitability deterioration, M&A risk
17 May 16
The group posted lower-than-expected quarterly results on the back of disappointing fee income generation driven by the impact of adverse market conditions. On the positive side, the credit spread remained unchanged, the performing loan book stabilised, operating expenses were kept under control and asset quality continued to improve, albeit still at a slow pace. Importantly, for the first time, the group was able to dispose of real estate assets at a profit. The comfortable capital position improved further. However, it will be deteriorated by the offer launched on Banco BPI which, if successful, will require capital actions to an extent that will depend on the cost of divesting the Angolan business.
EPS cuts on deteriorated macro-economic scenario
08 Feb 16
The quarterly results showed positive underlying trends. However, the latter were masked by the unexpected provisioning of the mortgage floors retroactive risk and oil price related impairments at Repsol. Also, the real estate burden remained a drag on profitability. Management’s guidance for 2016 points to top-line pressure but lower-than-previously envisaged cost of risk.
Meeting investors' request ahead of schedule
04 Dec 15
CaixaBank has entered into a swap agreement with its controlling shareholder, Criteria, to transfer its stakes into Inbursa (9.01%) and Bank of East Asia (17.24%) against shares in CaixaBank owned by Criteria (9.9%) and a cash consideration of €642m. The increase in treasury shares will be neutralised by an equivalent redemption. This deal, to be completed in the first quarter of next year, will enable the group to meet its objective to reduce the equity consumption of its equity portfolio below 10% a year ahead of schedule.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
17 Nov 16
Topic of the quarter: Following on from our last quarterly we have delved further into the potential and challenges that the Internet of Things present the sector. Having spoken to a wide variety of companies from the sector (large and small, UK and overseas) it is apparent that there is going to be a very significant increase in the amount of data either generated by or available to Support Service companies. The key to generating value from this change will be breaking down the silos in which data is currently held, attracting and investing in the right skills and talent, seeing beyond the short-term investment that is likely to be needed and engaging with clients on a higher, more strategic level. If the sector doesn’t react, then the door is wide open for the Technology sector.
25 Nov 16
Sound Energy (SOU): Completion of fundraise (BUY) Following yesterday’s announcement relating to the fundraise on the Primarybid platform the company has successfully completed the transaction. Analyst: Dougie Youngson Ithaca Energy (IAE): Inspection delay (BUY) During the final stages of commissioning faults were identified in some junction boxes. Consequently start up of production has been delayed until early January whilst the situation is remedied. Analyst: Dougie Youngson Zambeef* (ZAM): Good performance in a challenging year (CORP) Zambeef has reported FY2016 results which we feel are commendable given an extremely difficult twelve months which saw the collapse of the Kwacha, high local inflation, drought, power cuts and the requirement for a large-scale refinancing of the business. In this context double-digit underlying progress in revenue and gross profit is a significant achievement. FY2017 should be a far more 'normal' year and we are not materially changing our FY2017 forecasts or target price. Analyst: Raymond Greaves Gresham House Strategic* (GHS): Attractively priced (CORP) On a 26% discount to NAV of 1,025p yet targeting a 15% annualised return and having made a clear statement on dividend distribution (distributing 50% of net realised profit as a dividend, with 15p indicated from net realised profit YTD for a 2% yield), GHS shares present an attractive investment opportunity. The management objective remains the construction of a concentrated portfolio of mainly quoted smaller companies acquired on compelling multiples, with a three- to five-year holding period and significant engagement envisaged to maximise returns. Analyst: Duncan Hall