Equity analysts

Analysts consensus

The information contained herein either has been provided by analyst or is available to the public and BBVA make no representation or warranty, express or implied, as to the accuracy or completeness of the referred information.

BBVA reserves the right to modify or supplement the information provided without prior notice.

This data, that is not under the obligation to disclose information required by the Comisión Nacional del Mercado de Valores (CNMV), is provided as a courtesy and for convenience and informational purposes only and is not intended to imply any endorsement of or provide any investment advice.

BBVA shall have no liability whatsoever (in negligence or otherwise) for any damage or loss howsoever arising from any use of this information.

 

Consensus of estimated annual results

 

Consolidated

Consensus (EUR m) (*)202120222023
Net Interest Income
14,19714,43914,791
Gross Income19,39419,73120,204
Operating Income10,45010,70111,023
Net Attributable Profit from ongoing operations2,9443,3483,703
Results from corporate operations (US sale)
(**)
30200
Restructuring costs post tax (***)-118-320
Net Attributable Profit3,1283,3163,703
BIS3 FL CET1 (%)14.0613.7613.79

Notes: Data updated as of 26/02/2021. This is the first consensus gathered after the sale of the US business. Starting in 1Q21, the US perimeter under the agreement with PNC will be reported in the “Results from Corporate Operations“ P&L line of the Corporate Center, together with the capital gain from the US sale. Following this change, the NY branch and Rest of Eurasia will start being reported together in a new unit called “Rest of Business.” (*) The consensus calculated with the contribution of 20 analysts (**) From the contribution of 12 analysts (results from the US business sold until the closing of the deal and the capital gain from the sale) (***) Only 5 out of 20 analysts provide their estimates on restructuring costs. Considering only this 5 analysts, the average expected amount net of taxes is -471 Mn€ in 2021 and -128 Mn€ in 2022 (fully allocated in Spain)

Business areas

Net Attributable Profit (EUR m) (*)202120222023
Spain (results from ongoing operations)9091,0761,210
Spain (results including the estimated restructuring costs) (**)7921,0441,210
Mexico1,8702,0452,215
Turkey497520541
South America438493522
Rest of Business199205218
Corporate Center (results from ongoing operations)-969-991-1,003
Corporate Center (including results from the US business sold and the capital gain from the sale) (***)-667-991-1,003

Notes: Data updated as of 26/02/2021. This is the first consensus gathered after the sale of the US business. Starting in 1Q21, the US perimeter under the agreement with PNC will be reported in the “Results from Corporate Operations“ P&L line of the Corporate Center, together with the capital gain from the US sale. Following this change, the NY branch and Rest of Eurasia will start being reported together in a new unit called “Rest of Business.” (*) The consensus calculated with the contribution of 20 analysts for all the business units except for "Rest of Business" (10 contributions) (**) The net attributable profit consensus for Spain includes -118 Mn€ of restructuring cots in 2021 and -32 Mn€ in 2022 net of taxes. Only 5 out of 20 analysts provide their estimates on restructuring costs. Considering only this 5 analysts, the average expected amount is -471 Mn€ in 2021 and -128 Mn€ in 2022 (***) The net attributable profit consensus for the Corporate Center includes 302 Mn€ of results from corporate operations (US sale) in 2021.

To our best knowledge, the following analysts and companies follow BBVA on a regular basis. BBVA takes no responsibility for their opinions.

CompanyAnalyst
Alantra EquitiesFrancisco Riquel
Autonomous ResearchBritta Schmidt
Banco SabadellMaría Paz Ojeda
BankinterRafael Alonso
Barclays Fernando Gil De Santivañes
BerenbergAndrew Lowe
BofA-MLMarta Sánchez
CaixaBank BPICarlos Joaquim Peixoto
CitigroupStefan Nedialkov
Credit SuisseJon Peace
Deutsche BankFlora Benhakoun
Exane BNP ParibasIgnacio Ulargui
FidentiisMario Ropero
Goldman SachsJermej Omahen
GVC GaescoMarisa Mazo
HSBCDomenico Santoro
JB CapitalMaksym Mishyn
JefferiesBenjie Creeland-Sandford
JP MorganSofie Peterzéns
KBWDaragh Quinn
Kepler CheuvreuxJacques-Henri Gaulard
MediobancaAndrea Filtri
Morgan StanleyÁlvaro Serrano
Morningstar Johann Scholtz
NorbolsaNagore Díez
RBCBenjamin Toms
RedburnGonzalo López
Renta 4Nuria Álvarez
Société GénéraleCarlos Cobo
UBSIgnacio Cerezo

Including equity analyst recommendation on BBVA.

Analyst recommendations

CompanyRecommendationP.O.Date
Alantra EquitiesBUY5.5002/10/2021
AutonomousHOLD5.1004/07/2021
BankinterHOLD3.1007/30/2020
BarclaysHOLD4.4003/04/2021
BerenbergSELL2.1011/03/2020
BestinverBUY5.2503/18/2021
BoAMLBUY4.7001/22/2021
Caixabank BPIBUY5.8003/15/2021
CitigroupBUY5.0002/05/2021
Credit SuisseHOLD3.9002/01/2021
Deutsche BankBUY4.9002/12/2021
Exane BNP ParibasBUY5.6002/08/2021
FidentiisBUY4.3311/16/2020
Goldman SachsNANA11/18/2020
GVC GaescoHOLD4.4002/08/2021
HSBCHOLD4.4002/01/2021
JB CapitalHOLD4.9002/10/2021
JefferiesBUY5.5002/25/2021
JP MorganNANA02/02/2021
Keefe B&WHOLD4.6202/12/2021
Kepler CheuvreuxHOLD4.0802/01/2021
MediobancaHOLD4.6002/01/2021
Morgan StanleyHOLD4.9004/09/2021
MorningstarBUY5.9002/03/2021
NorbolsaBUY4.8112/15/2020
RBCBUY    5.1003/11/2021
RedburnHOLD3.7811/26/2020
Renta 4HOLD4.6102/17/2021
SabadellBUY4.3011/16/2020
Societe GeneraleHOLD4.1002/01/2021
UBSHOLD4.5002/25/2021

The information contained herein either has been provided by analyst or is available to the public and BBVA make no representation or warranty, express or implied, as to the accuracy or completeness of the referred information.

BBVA reserves the right to modify or supplement the information provided without prior notice.

This data, that is not under the obligation to disclose information required by the Comisión Nacional del Mercado de Valores (CNMV), is provided as a courtesy and for convenience and informational purposes only and is not intended to imply any endorsement of or provide any investment advice.

BBVA shall have no liability whatsoever (in negligence or otherwise) for any damage or loss howsoever arising from any use of this information.

 

Consensus of estimated annual results

 

Consolidated

Consensus (EUR m) (*)202120222023
Net Interest Income
14,19714,43914,791
Gross Income19,39419,73120,204
Operating Income10,45010,70111,023
Net Attributable Profit from ongoing operations2,9443,3483,703
Results from corporate operations (US sale)
(**)
30200
Restructuring costs post tax (***)-118-320
Net Attributable Profit3,1283,3163,703
BIS3 FL CET1 (%)14.0613.7613.79

Notes: Data updated as of 26/02/2021. This is the first consensus gathered after the sale of the US business. Starting in 1Q21, the US perimeter under the agreement with PNC will be reported in the “Results from Corporate Operations“ P&L line of the Corporate Center, together with the capital gain from the US sale. Following this change, the NY branch and Rest of Eurasia will start being reported together in a new unit called “Rest of Business.” (*) The consensus calculated with the contribution of 20 analysts (**) From the contribution of 12 analysts (results from the US business sold until the closing of the deal and the capital gain from the sale) (***) Only 5 out of 20 analysts provide their estimates on restructuring costs. Considering only this 5 analysts, the average expected amount net of taxes is -471 Mn€ in 2021 and -128 Mn€ in 2022 (fully allocated in Spain)

Business areas

Net Attributable Profit (EUR m) (*)202120222023
Spain (results from ongoing operations)9091,0761,210
Spain (results including the estimated restructuring costs) (**)7921,0441,210
Mexico1,8702,0452,215
Turkey497520541
South America438493522
Rest of Business199205218
Corporate Center (results from ongoing operations)-969-991-1,003
Corporate Center (including results from the US business sold and the capital gain from the sale) (***)-667-991-1,003

Notes: Data updated as of 26/02/2021. This is the first consensus gathered after the sale of the US business. Starting in 1Q21, the US perimeter under the agreement with PNC will be reported in the “Results from Corporate Operations“ P&L line of the Corporate Center, together with the capital gain from the US sale. Following this change, the NY branch and Rest of Eurasia will start being reported together in a new unit called “Rest of Business.” (*) The consensus calculated with the contribution of 20 analysts for all the business units except for "Rest of Business" (10 contributions) (**) The net attributable profit consensus for Spain includes -118 Mn€ of restructuring cots in 2021 and -32 Mn€ in 2022 net of taxes. Only 5 out of 20 analysts provide their estimates on restructuring costs. Considering only this 5 analysts, the average expected amount is -471 Mn€ in 2021 and -128 Mn€ in 2022 (***) The net attributable profit consensus for the Corporate Center includes 302 Mn€ of results from corporate operations (US sale) in 2021.

Updated page 26 May 2020