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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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.
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.
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.
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
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)