Financials BBVA

Equities

BBVA

ES0113211835

Banks

Real-time Estimate Tradegate Other stock markets 05:39:23 2024-06-05 am EDT			5-day change	1st Jan Change
9.475 ^EUR	+0.20%		-3.30%	+14.81%

08:19am	BBVA asks ECB for approval for hostile takeover bid for Sabadell, source says	RE
06:56am	BBVA to Issue EUR750 Million of Convertible Preferred Securities	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	33,146	26,784	34,922	33,440	47,978	54,498	-	-
Enterprise Value (EV) ¹	33,146	26,784	34,922	33,440	47,978	54,498	54,498	54,498
P/E ratio	10.6 x	28.8 x	7.84 x	5.69 x	6.38 x	6.3 x	6.31 x	6.12 x
Yield	5.22%	1.46%	5.9%	7.63%	6.69%	7.23%	7.19%	7.41%
Capitalization / Revenue	1.35 x	1.17 x	1.66 x	1.34 x	1.62 x	1.65 x	1.62 x	1.59 x
EV / Revenue	1.35 x	1.17 x	1.66 x	1.34 x	1.62 x	1.65 x	1.62 x	1.59 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.68 x	0.6 x	0.77 x	0.7 x	0.93 x	0.99 x	0.92 x	0.85 x
Nbr of stocks (in thousands)	6,651,887	6,637,887	6,651,887	5,935,449	5,832,455	5,763,285	-	-
Reference price ²	4.983	4.035	5.250	5.634	8.226	9.456	9.456	9.456
Announcement Date	1/31/20	1/29/21	2/3/22	2/1/23	1/30/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,542	22,974	21,066	24,890	29,542	32,982	33,575	34,363
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	12,639	12,219	11,536	14,130	17,233	19,307	19,356	19,591
Operating Margin	51.5%	53.19%	54.76%	56.77%	58.33%	58.54%	57.65%	57.01%
Earnings before Tax (EBT) ¹	7,716	5,225	8,240	10,490	12,419	13,386	13,041	13,119
Net income ¹	3,512	1,305	4,653	6,420	8,019	8,715	8,545	8,613
Net margin	14.31%	5.68%	22.09%	25.79%	27.14%	26.42%	25.45%	25.06%
EPS ²	0.4700	0.1400	0.6700	0.9900	1.290	1.502	1.498	1.545
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2600	0.0590	0.3100	0.4300	0.5500	0.6838	0.6799	0.7002
Announcement Date	1/31/20	1/29/21	2/3/22	2/1/23	1/30/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	12,045	10,259	5,477	5,939	6,094	11,509	6,857	6,524	6,958	7,189	14,148	7,956	7,438	8,218	8,491	8,146	7,923
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,533	5,661	2,923	3,525	3,464	6,456	4,038	3,636	3,942	4,267	8,209	4,654	4,370	4,835	5,138	4,885	4,674
Operating Margin	54.24%	55.18%	53.37%	59.35%	56.84%	56.1%	58.89%	55.73%	56.65%	59.35%	58.02%	58.5%	58.75%	58.83%	60.51%	59.96%	58.99%
Earnings before Tax (EBT)	-	-	2,058	2,766	2,694	4,921	2,988	2,581	2,944	3,178	6,122	3,365	2,932	3,458	-	-	-
Net income ¹	-1,157	1,911	1,341	1,651	1,675	3,001	1,841	1,578	1,846	2,032	3,878	2,083	2,058	2,200	2,346	2,411	1,856
Net margin	-9.61%	18.63%	24.48%	27.8%	27.49%	26.08%	26.85%	24.19%	26.53%	28.27%	27.41%	26.18%	27.67%	26.77%	27.63%	29.59%	23.42%
EPS ²	-	-	0.2000	0.2400	0.2500	-	0.2800	0.2400	0.2900	0.3300	-	0.3300	0.3300	0.3600	0.3869	0.3842	0.3234
Dividend per Share ²	-	-	0.2300	-	-	-	-	0.3100	-	-	-	-	0.3900	-	-	-	0.7361
Announcement Date	7/30/20	7/30/21	2/3/22	4/29/22	7/29/22	7/29/22	10/28/22	2/1/23	4/27/23	7/28/23	7/28/23	10/31/23	1/30/24	4/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.9%	6.9%	10.4%	14.1%	16.2%	16.2%	15.2%	14.7%
ROA (Net income/ Total Assets)	0.82%	0.53%	0.83%	1%	1.12%	1.08%	1%	1.01%
Assets ¹	428,293	246,226	560,602	642,000	715,982	806,046	854,519	849,575
Book Value Per Share ²	7.320	6.700	6.860	8.010	8.860	9.590	10.30	11.10
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/31/20	1/29/21	2/3/22	2/1/23	1/30/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BBVA

Trading Rating

Investor Rating

ESG Refinitiv

A+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.456 EUR

Average target price

11.29 EUR

Spread / Average Target

+19.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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