Banco Bilbao Vizcaya Argentaria, S.A.

DB:BOY Stock Report

Market Cap: €53.3b

Banco Bilbao Vizcaya Argentaria Valuation

Is BOY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BOY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BOY (€9.26) is trading below our estimate of fair value (€22.55)

Significantly Below Fair Value: BOY is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BOY?

Key metric: As BOY is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BOY. This is calculated by dividing BOY's market cap by their current earnings.
What is BOY's PE Ratio?
PE Ratio5.7x
Earnings€9.34b
Market Cap€53.33b

Price to Earnings Ratio vs Peers

How does BOY's PE Ratio compare to its peers?

The above table shows the PE ratio for BOY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.1x
CBK Commerzbank
8.5x8.8%€18.5b
PCZ ProCredit Holding
4.2x9.9%€461.8m
O39 Oversea-Chinese Banking
9.8x0.8%S$74.1b
UCG UniCredit
5.6x-4.1%€59.8b
BOY Banco Bilbao Vizcaya Argentaria
5.7x-3.4%€53.3b

Price-To-Earnings vs Peers: BOY is good value based on its Price-To-Earnings Ratio (5.7x) compared to the peer average (7.1x).

Price to Earnings Ratio vs Industry

How does BOY's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BOY 5.7xIndustry Avg. 7.4xNo. of Companies46PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BOY is good value based on its Price-To-Earnings Ratio (5.7x) compared to the European Banks industry average (7.3x).

Price to Earnings Ratio vs Fair Ratio

What is BOY's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BOY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.7x
Fair PE Ratio10.4x

Price-To-Earnings vs Fair Ratio: BOY is good value based on its Price-To-Earnings Ratio (5.7x) compared to the estimated Fair Price-To-Earnings Ratio (10.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BOY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€9.26
€11.43
+23.4%
9.2%€13.00€9.20n/a17
Nov ’25€9.38
€11.46
+22.2%
9.5%€13.60€9.20n/a17
Oct ’25€9.30
€11.44
+23.1%
9.5%€13.60€9.20n/a18
Sep ’25€9.55
€11.37
+19.1%
9.6%€13.60€9.20n/a18
Aug ’25€9.42
€11.48
+21.8%
10.4%€13.60€9.20n/a18
Jul ’25€9.52
€11.43
+20.1%
10.5%€13.54€9.20n/a18
Jun ’25€9.98
€11.29
+13.1%
10.7%€13.54€9.20n/a19
May ’25€10.50
€11.26
+7.3%
11.1%€13.44€9.20n/a20
Apr ’25€11.05
€10.48
-5.1%
14.0%€13.41€8.30n/a22
Mar ’25€9.17
€9.95
+8.4%
12.9%€13.00€8.00n/a23
Feb ’25€8.80
€9.91
+12.6%
13.1%€13.00€8.00n/a23
Jan ’25€8.22
€9.75
+18.7%
12.8%€13.00€7.80n/a23
Dec ’24€8.55
€9.55
+11.7%
11.2%€11.80€7.80n/a24
Nov ’24€7.62
€9.36
+22.8%
11.6%€11.80€7.10€9.3824
Oct ’24€7.70
€8.93
+15.9%
9.9%€10.50€7.10€9.3024
Sep ’24€7.25
€8.81
+21.4%
9.8%€10.30€7.10€9.5525
Aug ’24€7.03
€8.66
+23.1%
9.5%€10.30€7.10€9.4225
Jul ’24€7.00
€8.48
+21.1%
9.3%€10.00€6.90€9.5224
Jun ’24€6.10
€8.31
+36.2%
12.5%€10.00€6.00€9.9823
May ’24€6.66
€8.12
+21.9%
11.9%€9.80€6.00€10.5022
Apr ’24€6.60
€7.86
+19.1%
11.9%€9.30€6.00€11.0522
Mar ’24€7.23
€7.71
+6.7%
11.2%€9.20€6.00€9.1721
Feb ’24€6.70
€7.22
+7.8%
12.8%€9.00€5.50€8.8021
Jan ’24€5.67
€6.97
+22.9%
10.6%€8.50€5.50€8.2222
Dec ’23€5.62
€6.89
+22.6%
11.4%€8.50€5.50€8.5522
Nov ’23€5.27
€6.77
+28.4%
10.9%€8.00€5.50€7.6221

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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