BBVA closed yesterday at 16,3450 euros, a level that he had never visited before and that today has not hesitated to spray after registering 0.83% increases that take him over 16.48 euros at the close of the session, having marked a maximum intradia in the 16.70 euros. And it seems that the potential is not exhausted in the entity.
Jefferies analysts have published a report in which they recognize that, despite the levels achieved, they maintain their purchase recommendation and raise the objective price of the entity up to 17.7 euros, which throws a 6.8% potential and that is added to the rise of more than 78% accumulated by the company since the beginning of the year.
From the Borker they continue to see «a valuation gap with respect to the sector thanks to its excellent break«In fact, it provides that the group reach a 21.4 % rotation in 2027, with a planned Christmas of 1.6 times by 2025, well above the average rotation of 15 % of European banks that quote 1.4 times the target Christmas, and about 400 basic points above the consensus of Va.
In addition, some expect accumulated benefits of 45.9 billion euros for 2028. This figure is slightly below the forecast of 48,000 million euros provided by the company and, «although we are convinced that Spain and Mexico will continue to meet their objectives, we adopt a more conservative approach in some countries, especially in Turkey. We hope that the net benefit (in current euros) constantly grows from now Inflation standardization process (Türkiye and Argentina) «.
Even on the most pessimistic stage (Türkiye and South America), the benefits will be above estimates
The downward risks in the company are manageable, they say in Jefferies. They recognize that There is a risk that recovery in Türkiye and South America (Argentina) is postponed once again. However, «according to our figures, only 1250 million euros of additional benefits in 2028 compared to 2024, or about 10 % of the total benefits of the group planned by 2028, come from these two combined countries. That is, even if we assume that there is no improvement in these markets, the benefits of our group would continue to be above the current figures of the consensus.»
The assessment also seems attractive when Türkiye and Argentina disconsolidate at market prices, «which leaves a predominantly Spanish/Mexican bank with a current per 8.9 timeswhich is compared to the lowest break in Banorte (9.0 times per) and is significantly below where Cabk (11.0 times) is listed. «
On the other hand, and as for the OPA on Sabadell, in the last hours we have known that The entity appealed before the Supreme Court the conditions imposed by the Government to a fusion with the Sabadell Bank In the public acquisition offer process (OPA). The Bank presented this resource on July 15, three weeks after the government announced that to authorize the OPA it was necessary for the two entities to maintain their «separate legal personality and heritage, as well as the autonomy in their activity.» This condition could be extended to five years. A movement that occurred before it was known that the European Commission opened a file to Spain for its performance in the OPA, complicating the operation with the argument.