European Banks Daily 15 July 2026

研报英文原文证据摘录

European Banks Daily 15 July 2026

J P M O R G A N Europe Equity Research

15 July 2026

European Banks Daily

Daily Valuation Sheet | Banks Analyser & Global Banks and Fintech Valuation European Banks

ACWeekly sheet | *EMEA Banks 2Q Results Calendar: Jul-Aug 2026* Kian Abouhossein

(44-20) 7134-4575

Highlights kian.abouhossein@jpmorgan.com

Credit Agricole:Model update pre Q2 J.P. Morgan Securities plc

Delphine Lee (44-20) 7134-3971

Specialist Sales contact details:Ahead of Q2 results, we upgrade our EPS by ~2% in 2027-28e, mainly driven by the

increase in the stake in Banco BPM from 22.8% to 29.3%, which more than offsets Gigi Sparling - Specialist Sales -

European Financialsour small earnings downgrades in Specialised Financial Services (related to lower

(44-20) 7134-0355

used car sales results). We also lower our CET1 forecasts in 2026, due to the impact ghislaine.sparling@jpmorgan.com

of acquisitions, but leave our CET1 forecasts for YE27-28 broadly unchanged as we

trim our dividend payout to ~51%. Our Dec-27e SOP-based TP increases to €17.8

(from €17.6), mostly driven by our small upgrades.

Bankinter:Unloved and undervalued. Reiterate Overweight into 2Q26

Marta Sanchez Romero (44-20) 3493-2517

BKT’s shares have gone nowhere in three months: +5% in total return terms, -10%

against the SX7E. The underperformance is hard to square with earnings, since

consensus EPS for 2027-28E has risen 2% over the same period (Figure NaN), in line

with the index. Part of the blame may lie with a strategy the market has struggled to

read: winning Spanish customers through the bank’s interest-paying digital account,

and buying growth abroad, most recently a mortgage broker in the Netherlands. We

think those concerns may be overdone. Still, we believe management should make its