After Good Results, Bankinter EP+4-6%, T.P. 7,30-7,70 Eur/Shr, Equalweight


Morgan Stanley | We are revising upwards our EPS estimates for Bankinter by between 4-6% after the good results (Q3) released on Thursday. This translates into a rise in our Target Price to 7,70 euros/share.

+ NII rose 16% QoQ, beating consensus estimates by 9%.

+Now we expect the NII to grow 15% in 2022 and 25% in 2023 (13% above consenus).

+Our new TP implies an upside of 24% from current levels, but we maintain our Equalweight stance because we see more upside in other stocks.

+Bankinter is trading at 1.1x TBV for a ROTE of 13% in 2023.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.