Bankinter convinced the experts with its annual results and therefore, without hardly assimilating the figures or analyzing them more calmly, several investment entities have already launched to improve their target price for the stock.
The increases translate into the average target price, the one that brings together the entire consensus, improves 2 percent, to 5.38 euros for a year from the 5.18 that is listed now.
The improvement means that Bankinter shows a potential of 5 percent for the same period, while before reporting it was practically nil due to the rally that the sector has been developing on the stock market since the beginning of the year.
Potentials are above average if individual improvements are analyzed of each expert. The analyst of GVC Gaesco Securities, Marisa Mazo, raised its target price for Bankinter by 15.83 percent, to 6 euros, with a resulting potential of 15.83 percent.
GVC Gaesco Valores is positioned as one of the most positive houses with the entity commanded by Maria Dolores Dancausa, although among the increases the price improvement of 8.16 percent of Oddo BHF, up to 5.30 euros, for a potential above average.
Barclays Y Mediobanca were other investment entities that improved the price to 12 months with increases of 6.5 percent and 2.2 percent respectively.
Bankinter sees its action at 9 euros
Dancausa assured during the presentation of results that Bankinter can reach 9 euros per share in the medium term, far from the 5.38 euros that experts expect for a year.
Analysts reward Bankinter after exceeding forecasts since the entity closed 2021 with a profit of 1,333 million euros, from the 1,300 million expected by the consensus.
Fourth-quarter earnings were 82.5 million euros, above the 65 that experts had calculated.
The 2021 profit was marked by the capital gains of 895 million euros from excluding the insurer from the group Direct line.
The benefit was 437.4 million, 38 percent more than in 2020, without taking this item into account, except for the first four months of the year where the Direct Line result was added.
The results are still lower than those of 2019, the year before the pandemic, when the entity earned 551 million euros.
2023, the year of pre-pandemic results
Dancausa insisted that in 2023 the same figure will be seen again and defended that it will not be higher since it must be taken into account that in said exercise the benefits provided by Línea Directa were available.
To offset them, the bank will focus on organic growth and rule out using excess capital for corporate operations.
The low interest rates were not an impediment for Bankinter to improve the interest margin again to 1,275 million euros, 2 percent more than in 2020 and 9 percent more than in 2019, in line with the consensus of the market.
The interest margin was the cause of the losses that the value registered when presenting the accumulated results from January to September 2021 and the titles fell again with the annual accounts, although in the following session it recovered twice as much as lost.
The movement of the experts was also equal to that of the first nine months of last year, since at that time their valuations of Bankinter significantly improved.
Attention to ROE
The fully loaded CET1 capital ratio met expectations and closed the year at 12.1 percent, higher than the 11.61 percent of 2019.
Investors are now waiting for the reports that the investment bank makes on the listed companies after the presentation of results.
Bankinter shareholders will focus on the behavior of volumes, after worsening the customer margin in Spain in the last phase of the year, although the greatest interest will be in the return on equity, known as ROE.
Bankinter ended the year with an ROE of 9.6 percent, far from the 13 percent of 2019 and below the 10 percent forecast by the market consensus.
ROE improves from 7 percent in 2020 so evolves favorably to reach the double-digit objective set by the entity for 2023.