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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Banco Bilbao Vizcaya Argentaria, S.A.    BBVA   ES0113211835


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Spanish stocks, financials tumble on Catalan separatist gains

12/22/2017 | 11:59am EST
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

LONDON (Reuters) - Spanish stocks fell on Friday after Catalan separatists won a slim majority in a regional election, deepening a political crisis which has hurt the economy and caused a business exodus from the region.

Spain's IBEX <.IBEX> fell 1.2 percent after voters backed separatist parties in a rebuke to Prime Minister Manuel Rajoy and European Union leaders. The IBEX, however, ended above its morning lows.

"This is Groundhog Day, we have been here," said Christopher Peel, chief investment officer at Tavistock Wealth. "I just don't think the Spanish government can do anything other than come to the table now."

Thin liquidity due to the holidays could be accentuating a kneejerk reaction on the IBEX, Peel added. "Likely there's some hedge funds leaning on it, but in terms of long-only money, I don't think there will be much movement now," he said.

Banco Sabadell (>> Banco de Sabadell) and Caixabank (>> CaixaBank), which have the biggest exposure to Catalonia and moved headquarters after October's independence referendum, both fell more than 3 percent, leading losers. Santander (>> Banco Santander), Bankia (>> Bankia SA), and BBVA (>> Banco Bilbao Vizcaya Argentaria) also dropped.

Stocks across sectors exposed to Spain's economy were hit, including telecoms firm Telefonica (>> Telefonica), real estate investment trust Merlin Properties (>> Merlin Properties) and airport operator AENA (>> Aena).

"The environment remains difficult for Catalonia's economy and investments," said Carsten Hesse, economist at Berenberg.

As political risk reared its head again, financial stocks were the biggest drag on European markets. The euro zone banks index <.SX7E> fell 1 percent.

Spanish stocks dominated fallers on the euro zone STOXX index <.STOXXE>, which dipped just 0.1 percent, confirming analyst expectations that any shake-out from the Catalonia vote would be mostly confined to Spain.

Germany's DAX <.GDAXI> edged down 0.3 percent and France's CAC 40 <.FCHI> dipped 0.4 percent.

"You always have to keep political risk in mind but it's the underlying fundamentals that are driving European equities," said Peel.

"The euro zone and Spanish economies are recovering, interest rates are going to stay low, and most investors are only looking at those fundamentals."

Spanish stocks were Europe's best-performing benchmark for much of the year, but political risk has held them back from the broader market's recent rally. The IBEX is 9 percent down from its May peak.

Among the risers on Friday, French telecoms firm Eutelsat Communications (>> Eutelsat Communications) jumped 4.4 percent after Kepler Cheuvreux raised its rating on the stock to 'buy' from 'hold'.

Germany-listed shares in South African retailer Steinhoff <SNHG.DE> fell 1 percent. The stock had earlier gained after the company, mired in an accounting scandal, said a court decision on whether to allow an investigation into its accounts is expected by Jan. 22.

(Reporting by Helen Reid and Danilo Masoni; Editing by Alison Williams)

By Helen Reid

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AENA S.M.E., S.A. -0.28% 141.3 Delayed Quote.-0.63%
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. -2.06% 4.088 Delayed Quote.1.31%
BANCO DE SABADELL, S.A. -5.43% 0.3813 Delayed Quote.7.71%
BANCO SANTANDER, S.A. -2.87% 2.7205 Delayed Quote.7.19%
BANKIA, S.A. -3.99% 1.5265 Delayed Quote.5.35%
BEST INC. -3.83% 2.01 Delayed Quote.-1.47%
CAC 40 -1.22% 5611.69 Real-time Quote.1.09%
CAIXABANK, S.A. -4.80% 2.223 Delayed Quote.5.81%
DAX -1.44% 13787.73 Delayed Quote.0.50%
EUTELSAT COMMUNICATIONS -0.09% 9.396 Real-time Quote.1.47%
IBEX 35 -1.69% 8230.7 Delayed Quote.1.94%
LETS HOLDINGS GROUP CO., LTD. 1.58% 7.72 End-of-day quote.-0.77%
LOOK HOLDINGS INCORPORATED -1.07% 921 End-of-day quote.-3.76%
MERLIN PROPERTIES SOCIMI, S.A. -1.32% 7.875 Delayed Quote.1.22%
STEINHOFF INTERNATIONAL HOLDINGS N.V. -8.40% 1.09 End-of-day quote.4.81%
TELEFONICA S.A. -2.22% 3.75 Delayed Quote.15.56%
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Sales 2020 23 129 M 27 929 M 27 929 M
Net income 2020 760 M 917 M 917 M
Net Debt 2020 - - -
P/E ratio 2020 35,9x
Yield 2020 1,30%
Capitalization 27 136 M 32 808 M 32 766 M
Capi. / Sales 2020 1,17x
Capi. / Sales 2021 1,26x
Nbr of Employees 124 110
Free-Float 99,8%
Duration : Period :
Banco Bilbao Vizcaya Argentaria, S.A. Technical Analysis Chart | BBVA | ES0113211835 | MarketScreener
Technical analysis trends BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 4,06 €
Last Close Price 4,09 €
Spread / Highest target 34,5%
Spread / Average Target -0,68%
Spread / Lowest Target -51,7%
EPS Revisions
Managers and Directors
Onur Genç Chief Executive Officer & Director
Carlos Torres Vila Group Executive Chairman
Jaime Saenz de Tejada Pulido Chief Financial Officer & Global Head-Finance
Carlos Loring Martínez de Irujo External Director
José Maldonado Ramos External Director