LSE:0ILK

Stock Analysis Report

Executive Summary

CaixaBank, S.A., together with its subsidiaries, provides banking and financial products and services in Spain and internationally.


Snowflake Analysis

Good value with adequate balance sheet and pays a dividend.


Similar Companies

Share Price & News

How has CaixaBank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 0ILK's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-5.5%

0ILK

-18.9%

GB Banks

-3.3%

GB Market


1 Year Return

-42.6%

0ILK

-44.0%

GB Banks

-25.0%

GB Market

Return vs Industry: 0ILK exceeded the UK Banks industry which returned -44% over the past year.

Return vs Market: 0ILK underperformed the UK Market which returned -25% over the past year.


Shareholder returns

0ILKIndustryMarket
7 Day-5.5%-18.9%-3.3%
30 Day-27.7%-30.4%-19.5%
90 Day-42.0%-42.8%-28.9%
1 Year-41.0%-42.6%-40.1%-44.0%-21.0%-25.0%
3 Year-53.9%-57.7%-40.0%-48.2%-14.7%-25.8%
5 Year-55.0%-61.7%-38.6%-50.9%-1.5%-24.1%

Price Volatility Vs. Market

How volatile is CaixaBank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is CaixaBank undervalued compared to its fair value and its price relative to the market?

38.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 0ILK (€1.68) is trading below our estimate of fair value (€2.74)

Significantly Below Fair Value: 0ILK is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 0ILK is poor value based on its PE Ratio (6.4x) compared to the Banks industry average (4.7x).

PE vs Market: 0ILK is good value based on its PE Ratio (6.4x) compared to the UK market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: 0ILK is poor value based on its PEG Ratio (3.7x)


Price to Book Ratio

PB vs Industry: 0ILK is good value based on its PB Ratio (0.4x) compared to the GB Banks industry average (0.4x).


Next Steps

Future Growth

How is CaixaBank forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?

1.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0ILK's forecast earnings growth (1.7% per year) is above the savings rate (0.5%).

Earnings vs Market: 0ILK's earnings (1.7% per year) are forecast to grow slower than the UK market (15.6% per year).

High Growth Earnings: 0ILK's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0ILK's revenue (1.1% per year) is forecast to grow slower than the UK market (2.4% per year).

High Growth Revenue: 0ILK's revenue (1.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0ILK's Return on Equity is forecast to be low in 3 years time (6.1%).


Next Steps

Past Performance

How has CaixaBank performed over the past 5 years?

19.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0ILK has a large one-off loss of €1.1B impacting its December 31 2019 financial results.

Growing Profit Margin: 0ILK's current net profit margins (19.3%) are lower than last year (25.2%).


Past Earnings Growth Analysis

Earnings Trend: 0ILK's earnings have grown by 19% per year over the past 5 years.

Accelerating Growth: 0ILK's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 0ILK had negative earnings growth (-19.7%) over the past year, making it difficult to compare to the Banks industry average (29.6%).


Return on Equity

High ROE: 0ILK's Return on Equity (6.8%) is considered low.


Next Steps

Financial Health

How is CaixaBank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: 0ILK has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0ILK's debt is not covered by short term assets (assets are 0.8x debt).


Financial Institutions Analysis

Asset Level: 0ILK's level of assets compared to its equity is moderate.

Allowance for Bad Loans: 0ILK has a low allowance for bad loans.

Low Risk Liabilities: 0ILK's liabilities are made up of primarily low risk sources of funding.

Loan Level: 0ILK has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0ILK's loans are broadly funded by customer deposits.

Level of Bad Loans: 0ILK has a high level of bad loans (3.62%)


Next Steps

Dividend

What is CaixaBank's current dividend yield, its reliability and sustainability?

8.98%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: 0ILK's dividend (8.98%) is higher than the bottom 25% of dividend payers in the UK market (2.67%).

High Dividend: 0ILK's dividend (8.98%) is in the top 25% of dividend payers in the UK market (7.36%)


Stability and Growth of Payments

Stable Dividend: 0ILK's dividend payments have been volatile in the past 10 years.

Growing Dividend: 0ILK's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (57%), 0ILK's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0ILK's dividends in 3 years are forecast to be well covered by earnings (49.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.8yrs

Average management tenure


CEO

Gonzalo Gortázar Rotaeche (54yo)

5.83s

Tenure

€3,762,000

Compensation

Mr. Gonzalo Gortázar Rotaeche has been the Chief Executive Officer of CaixaBank, S.A since June 30, 2014. Mr. Rotaeche served as an External Proprietary Director of Abertis Infraestructuras S.A. from May 1 ...


CEO Compensation Analysis

Compensation vs Market: Gonzalo's total compensation ($USD4.11M) is about average for companies of similar size in the UK market ($USD5.46M).

Compensation vs Earnings: Gonzalo's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Gonzalo Gortázar Rotaeche
CEO & Executive Director5.83yrs€3.76m0.017% 1.7m
Tomás Muniesa Arantegui
Executive Deputy Chairman2yrs€586.00k0.0027% 268.6k
Javier Pano Riera
Chief Financial Officer5.75yrsno datano data
Matthias Bullach
Head of Financial Accountingno datano datano data
Edward O'Loghlen
Director of Investor Relationsno datano datano data
Maria Luisa Martínez Gistau
Head of Communicationno datano datano data
Juan Antonio Alcaraz García
Chief Business Officer & GM of Businessno datano datano data
Francesc Xavier Coll Escursell
Chief Human Resources & Organisation Officerno datano datano data
Jorge Mondéjar López
Chief Risks Officer & GM of Risksno datano datano data
Inigo Bastarrica
Head of Equity Capital Markets3.58yrsno datano data

5.8yrs

Average Tenure

63yo

Average Age

Experienced Management: 0ILK's management team is seasoned and experienced (5.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Gonzalo Gortázar Rotaeche
CEO & Executive Director5.83yrs€3.76m0.017% 1.7m
Tomás Muniesa Arantegui
Executive Deputy Chairman2yrs€586.00k0.0027% 268.6k
Alejandro García-Bragado Dalmau
Proprietary Director3.25yrs€120.00k0.000060% 6.0k
Marcelino Armenter Vidal
Proprietary Director1yr€62.00k0.0029% 293.5k
John Reed
Independent Director8.42yrs€126.00k0.00021% 21.0k
Jordi Gual Solé
Chairman3.83yrs€1.39m0.0018% 174.7k
Maria Amparo Moraleda Martinez
Independent Director6yrs€194.00kno data
Francesc Xavier Vives Torrents
Lead Independent Director2.75yrs€200.00k0.016% 1.6m
Koro Usarraga Unsain
Independent Director3.83yrs€197.00k0.00012% 12.0k
Eduardo Javier Sanchiz Irazu
Independent Director2.58yrs€197.00kno data

3.5yrs

Average Tenure

62.5yo

Average Age

Experienced Board: 0ILK's board of directors are considered experienced (3.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: 0ILK insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

CaixaBank, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CaixaBank, S.A.
  • Ticker: 0ILK
  • Exchange: LSE
  • Founded: 1904
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €9.984b
  • Shares outstanding: 5.98b
  • Website: https://www.caixabank.com

Number of Employees


Location

  • CaixaBank, S.A.
  • 2-4, Calle Pintor Sorolla
  • Valencia
  • 46002
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CABKBME (Bolsas y Mercados Espanoles)YesOrdinary Registered SharesESEUROct 2007
CIXP.FOTCPK (Pink Sheets LLC)YesOrdinary Registered SharesUSUSDOct 2007
0ILKLSE (London Stock Exchange)YesOrdinary Registered SharesGBEUROct 2007
CABKWBAG (Wiener Boerse AG)YesOrdinary Registered SharesATEUROct 2007
CABKeBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary Registered SharesGBEUROct 2007
48CADB (Deutsche Boerse AG)YesOrdinary Registered SharesDEEUROct 2007
CABK NBMV (Bolsa Mexicana de Valores)YesOrdinary Registered SharesMXMXNOct 2007
CABK-UETLX (Eurotlx)YesOrdinary Registered SharesITEUROct 2007
CAIX.YOTCPK (Pink Sheets LLC)ADRUSUSDDec 2011
A19JPDDB (Deutsche Boerse AG)6.75%-FRN T1 PERP EUR200000 'REGS'DEEURJun 2017
A19JPDDB (Deutsche Boerse AG)6.75%-FRN T1 PERP EUR200000 'REGS'DEEURJun 2017

Biography

CaixaBank, S.A., together with its subsidiaries, provides banking and financial products and services in Spain and internationally. The company operates through Banking and Insurance, and Non-Core Real Estate Activity segments. The Banking and Insurance segment engages in the banking business that include retail banking, corporate and institutional, and cash management, and market service activities; insurance business; and asset management business. The Non-Core Real Estate segment provides financing for non-core real estate assets, such as non-core developer lending, foreclosed real estate assets available for sale and rental, and other real estate assets and holdings. As of December 31, 2018, the company served its customers through 5,110 branches comprising 4,608 in Spain and 502 internationally; and approximately 9,425 ATMs in Spain and 1,369 ATMs in Portugal. CaixaBank, S.A. was founded in 1904 and is based in Valencia, Spain. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 22:42
End of Day Share Price2020/04/01 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.