First Read: Bankinter "Best of Europe Virtual Conference 2026 - Feedback"

研报英文原文证据摘录

First Read: Bankinter "Best of Europe Virtual Conference 2026 - Feedback"

Forecast returns

Forecast price appreciation 11.8%

Forecast dividend yield 5.1%

Forecast stock return 16.9%

Market return assumption 7.8%

Forecast excess return 9.1%

Company Description

Bankinter S.A. is a Spain-based financial institution, primarily engaged in the banking sector.

The bank offers a range of services and products, such as current accounts, fixed-term

deposits, investment funds and retirement plans, mortgages, insurance policies, as well as

other banking operations to businesses and individuals. The bank is the parent of Grupo

Bankinter, which comprises businesses that are also active in the financial sector, such as an

asset management business and Bankinter Portugal.

Valuation Method and Risk Statement

We use the traditional Gordon growth methodology for valuation. We are advocates of ROTE

being the main driver for valuation multiples. We clean profits from non-recurrent items and

deduct AT1 coupons to get to our adjusted returns. COE used is 10% for BKT. We use a

12.5% fully loaded CET1 threshold to determine whether banks have excess or shortfall of

capital, and value that at 1x PTBV. Risks: BKT, as a financial entity, is exposed to macro risks,

unexpected changes in interest rates, risk from insurance activities, and potential M&A

activity with positive or negative implications for minority shareholders.

CABK - We use the traditional Gordon growth methodology for valuation. We are advocates

of ROTE being the main driver for valuation multiples. We clean profits from non-recurrent

items and deduct AT1 coupons to get to our adjusted returns. COE used is 10.54% for CABK.

We use a 12.5% fully loaded CET1 threshold to determine whether banks have excess or