Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CAIXABANK S A. We currently have 7 research reports from 1 professional analysts.
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Research reports on
CAIXABANK S A
CAIXABANK S A
Strong operating performance and reduced capital requirements
02 Feb 17
The group posted a good set of quarterly operating numbers supported by the significantly reduced drag of low interest rates, strong momentum in wealth management activities and the ongoing delivery of cost savings plans. The cost of risk increase does not reflect ongoing asset quality improvement. The capital position deteriorated slightly on the back of market movements but this was more than offset by a sharp reduction in capital requirements as evidenced by the 75bp reduction in the group’s new SREP ratio.
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.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)