LSE:BVA

Stock Analysis Report

Banco Bilbao Vizcaya Argentaria

Executive Summary

Banco Bilbao Vizcaya Argentaria, S.A., together with its subsidiaries, provides retail and wholesale banking, asset management, and private banking services.


Snowflake Analysis

Good value with adequate balance sheet and pays a dividend.


Similar Companies

Share Price & News

How has Banco Bilbao Vizcaya Argentaria's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

11.8%

BVA

-1.4%

GB Banks

6.0%

GB Market


1 Year Return

-39.9%

BVA

-33.5%

GB Banks

-22.7%

GB Market

Return vs Industry: BVA underperformed the UK Banks industry which returned -33.5% over the past year.

Return vs Market: BVA underperformed the UK Market which returned -22.7% over the past year.


Shareholder returns

BVAIndustryMarket
7 Day11.8%-1.4%6.0%
30 Day-28.5%-23.4%-20.3%
90 Day-39.1%-34.8%-28.1%
1 Year-37.4%-39.9%-28.8%-33.5%-18.6%-22.7%
3 Year-52.9%-57.4%-32.0%-41.3%-13.4%-24.6%
5 Year-62.0%-68.2%-29.7%-43.8%1.3%-22.0%

Price Volatility Vs. Market

How volatile is Banco Bilbao Vizcaya Argentaria's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Banco Bilbao Vizcaya Argentaria undervalued compared to its fair value and its price relative to the market?

39.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BVA (€3.06) is trading below our estimate of fair value (€5.1)

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


Price To Earnings Ratio

PE vs Industry: BVA is poor value based on its PE Ratio (6.7x) compared to the Banks industry average (4.6x).

PE vs Market: BVA is good value based on its PE Ratio (6.7x) compared to the UK market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: BVA is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: BVA is good value based on its PB Ratio (0.2x) compared to the GB Banks industry average (0.5x).


Next Steps

Future Growth

How is Banco Bilbao Vizcaya Argentaria forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

4.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BVA's forecast earnings growth (4.1% per year) is above the savings rate (0.5%).

Earnings vs Market: BVA's earnings (4.1% per year) are forecast to grow slower than the UK market (15.4% per year).

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

Revenue vs Market: BVA's revenue (5.1% per year) is forecast to grow faster than the UK market (2.6% per year).

High Growth Revenue: BVA's revenue (5.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BVA's Return on Equity is forecast to be low in 3 years time (6.8%).


Next Steps

Past Performance

How has Banco Bilbao Vizcaya Argentaria performed over the past 5 years?

11.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BVA has a high level of non-cash earnings.

Growing Profit Margin: BVA's current net profit margins (14.9%) are lower than last year (23.5%).


Past Earnings Growth Analysis

Earnings Trend: BVA's earnings have grown by 11.5% per year over the past 5 years.

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

Earnings vs Industry: BVA had negative earnings growth (-37.6%) over the past year, making it difficult to compare to the Banks industry average (29.6%).


Return on Equity

High ROE: BVA's Return on Equity (7.9%) is considered low.


Next Steps

Financial Health

How is Banco Bilbao Vizcaya Argentaria'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: BVA has a low level of unsold assets or inventory.

Debt Coverage by Assets: BVA's debt is covered by short term assets (assets are 1.4x debt).


Financial Institutions Analysis

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

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

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

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

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

Level of Bad Loans: BVA has a high level of bad loans (3.87%)


Next Steps

Dividend

What is Banco Bilbao Vizcaya Argentaria's current dividend yield, its reliability and sustainability?

8.37%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 30 2020Ex Dividend DateApr 07 2020Dividend Pay DateApr 09 20202 days from Ex DividendBuy in the next 8 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: BVA's dividend (8.37%) is higher than the bottom 25% of dividend payers in the UK market (2.7%).

High Dividend: BVA's dividend (8.37%) is in the top 25% of dividend payers in the UK market (7.3%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (55.9%), BVA's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BVA's dividends in 3 years are forecast to be well covered by earnings (40.2% payout ratio).


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Onur Genç (45yo)

1.25s

Tenure

€2,807,000

Compensation

Mr. Onur Genç is Chief Executive Officer of BBVA Group. Mr. Genç has been Director at Banco Bilbao Vizcaya Argentaria, SA - Sucursal em Portugal since December 20, 2018 and is its Chief Executive Officer.  ...


CEO Compensation Analysis

Compensation vs Market: Onur's total compensation ($USD3.11M) is below average for companies of similar size in the UK market ($USD5.57M).

Compensation vs Earnings: Insufficient data to compare Onur's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Carlos Torres Vila
Group Executive Chairman1.25yrs€2.79m0.012% 2.4m
Onur Genç
CEO & Director1.25yrs€2.81m0.0049% 1.0m
Jaime Sáenz de Tejada Pulido
Chief Financial Officer5.17yrsno data0.0070% 1.4m
Ricardo Laiseca
Head of Global Financeno datano datano data
Gloria Couceiro Justo
Global Head of Shareholder & IRno datano datano data
María Jesús Arribas de Paz
Global Head of Legal1.25yrsno data0.0015% 316.0k
Paul Tobin
Global Head of Communications & Responsible Business4.83yrsno datano data
Juan Ignacio Apoita Gordo
Head of Human Resources & Services10.5yrsno datano data
José Luis Rodríguez Alvarez
Head of International Subsidiaries Structure - GA&IMno datano datano data
Rafeal Pardo
Head of BBVA Foundationno datano datano data

3.0yrs

Average Tenure

51yo

Average Age

Experienced Management: BVA's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Carlos Torres Vila
Group Executive Chairman1.25yrs€2.79m0.012% 2.4m
Onur Genç
CEO & Director1.25yrs€2.81m0.0049% 1.0m
Sunir Kapoor
Independent Director4yrs€172.00k0.00015% 31.0k
José Maldonado Ramos
External Independent Director20.17yrs€341.00k0.00058% 119.8k
Susana Rodríguez Vidarte
External Independent Director17.83yrs€448.00k0.00041% 84.7k
Lourdes Máiz Carro
Independent Director6yrs€254.00kno data
Belén Garijo López
Independent Director8yrs€349.00kno data
Juan Pi Llorens
Lead Independent Director0.92yr€494.00kno data
José Miguel Andrés Torrecillas
Independent Deputy Chair of the Board0.92yr€484.00k0.00016% 33.0k
Jaime Félix Caruana Lacorte
Independent Director2yrs€527.00kno data

3.0yrs

Average Tenure

62yo

Average Age

Experienced Board: BVA's board of directors are considered experienced (3 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if 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

Banco Bilbao Vizcaya Argentaria, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Banco Bilbao Vizcaya Argentaria, S.A.
  • Ticker: BVA
  • Exchange: LSE
  • Founded: 1857
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €20.651b
  • Shares outstanding: 6.65b
  • Website: https://www.bbva.com

Number of Employees


Location

  • Banco Bilbao Vizcaya Argentaria, S.A.
  • Plaza San Nicolás, 4
  • Bilbao
  • Basque Country
  • 48005
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BBVX.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDOct 1988
BVALSE (London Stock Exchange)YesRegistered SharesGBEUROct 1988
BBVABME (Bolsas y Mercados Espanoles)YesRegistered SharesESEUROct 1988
BOYDB (Deutsche Boerse AG)YesRegistered SharesDEEUROct 1988
BBVABIT (Borsa Italiana)YesRegistered SharesITEUROct 1988
BBVA *BMV (Bolsa Mexicana de Valores)YesRegistered SharesMXMXNOct 1988
BOYXTRA (XETRA Trading Platform)YesRegistered SharesDEEUROct 1988
BBVAEBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBEUROct 1988
BBVAWBAG (Wiener Boerse AG)YesRegistered SharesATEUROct 1988
BBVENXTBR (Euronext Brussels)YesRegistered SharesBEEUROct 1988
BBVANYSE (New York Stock Exchange)ADS EACH REPR 1 ORD EUR0.49USUSDDec 1988
BBVABVL (Bolsa de Valores de Lima)ADS EACH REPR 1 ORD EUR0.49PEUSDDec 1988
BBVADB (Deutsche Boerse AG)ADS EACH REPR 1 ORD EUR0.49DEEURDec 1988
BBVAXTRA (XETRA Trading Platform)ADS EACH REPR 1 ORD EUR0.49DEEURDec 1988
0A2BLSE (London Stock Exchange)ADS EACH REPR 1 ORD EUR0.49GBUSDDec 1988
BBVBASE (Buenos Aires Stock Exchange)CEDEAR EACH REPR 1 ADSARARSDec 2000

Biography

Banco Bilbao Vizcaya Argentaria, S.A., together with its subsidiaries, provides retail and wholesale banking, asset management, and private banking services. The company provides current and savings accounts, term deposits, subordinated deposits, and other accounts. It also offers loan products; deals in securities; manages pension funds; and foreclosed real estate assets. In addition, the company provides credit cards; corporate and investment banking services; and insurance products. It operates in Spain, Mexico, South America, the United States, Turkey, Asia-Pacific, and rest of Europe. Banco Bilbao Vizcaya Argentaria, S.A. was founded in 1857 and is headquartered in Bilbao, Spain. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 21:17
End of Day Share Price2020/03/27 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.