Renta 4 | BBVA will proceed to adjust the exchange ratio according to the dividends announced by both entities, Sabadell for an amount of €0.12/share to be paid on 28 March, and the payment to be made by BBVA on 8 April (ex-date) for an amount of €0.41/share.The new exchange ratio is set at: 1 newly issued BBVA ordinary share and €0.70 in cash for every 5.3456 Banco Sabadell ordinary shares.
BBVA has also sent an updated document to the SEC indicating the new implications of the offer if it goes ahead, taking into account the 2024 figures. Thus, BBVA now calculates the generation of a ‘badwill’ of just over $1,800 million (against a previous estimate of between €365 and €730 million) and a capital impact of 51 bp (which includes restructuring costs, supplementary dividends and BBVA’s share buyback programme).
Assessment: As with the first adjustment, the exchange ratio maintains the economic conditions of the initial offer, including the cash payment derived from the dividend payments that were also included in the offer.
With regard to the impact of the operation based on the data at the end of 2024, we also do not identify anything that should have implications for the share price.
BBVA. HOLD. P.O €11.57/share. SABADELL. OVERWEIGHT. P.O €2.5/share.
