BBVA

Companies 21st November 2025

BBVA presents 2025-2028 targets: cumulative net profit of €48 billion and average ROTE of 22%

Alphavalue/DIVACONS | On Thursday, the financial institution presented its ambitious financial targets for the period 2025-2028. The institution aims to achieve a cumulative attributable net profit of €48 billion, an average ROTE of 22% and a compound annual growth rate of tangible value per share plus dividends of around 15%. During her participation in JP Morgan’s annual investor conference, Luisa Gómez Bravo, BBVA’s chief financial officer, explained that profitability and…

Companies 19th November 2025

BBVA’s New Year’s resolution: €6 billion share buyback

Jefferies | Following the third quarter, we have raised our 2026/2027 earnings forecasts for MSD thanks to improved revenues, mainly in Spain and Mexico, and we believe that BBVA (BBVA) is on track to achieve the medium-term targets announced in the first half of 2025. We are 4% above the 2027 earnings forecasts. We believe BBVA will announce a €6 billion share buyback in its 2025 results (subject to ECB…

Companies 12th November 2025

BBVA covers 23.2% of €993-million share buyback programme

Alphavalue / Divacons | The financial institution executed 23.2% of its share buyback programme, valued at €993 million, as reported yesterday to the Spanish National Securities Market Commission (CNMV). Specifically, between 31 October and 10 November, the entity acquired a total of 13.1 million shares for €231 million at an average price of €17.6 per share.

Companies 4th November 2025

BBVA issues €1 billion in AT1 bonds (Contingent Convertible Bonds/CoCos) at cost of 5.625%

Bankinter | BBVA may redeem the issue in November 2032. Analysis team’s view: Positive impact. Demand exceeded €5.025 billion (bid-to-cover ratio >5.0x), which allowed the financing cost to be reduced to 5.625% (versus 6.125% initially forecast). Most importantly, the bank’s financing cost is significantly lower thanks to excess capital (CET1 ratio ~13.42% in Q3 2025 against a target of 11.5%-12.0%) and strong results (9M 2025 net profit: €7,978 million, up…

Companies 22nd October 2025

Following confusion surrounding BBVA-Sabadell case, CNMV president opens door to review of Takeover Bids Law

Alphavalue/Divacons | The president of the Spanish National Securities Market Commission (CNMV), Carlos San Basilio, has opened the door to supporting a review of the Royal Decree on the takeover bid regime, popularly known as the Takeover Bid Law, following the confusion and difficulties highlighted by the BBVA (BBVA) and Banco Sabadell (SAB) case. San Basilio pointed out that, although the Royal Decree has been useful, ‘perhaps, like any text,…

Companies, Relevant News Item 17th October 2025

Following failure of Sabadell takeover bid for, BBVA to pay interim dividend of €1.8 billion to leave best possible impression

Jefferies | With a low acceptance rate of 25%, BBVA’s takeover bid for Sabadell has reached a deadlock. We now expect management to focus on leaving the best possible impression. This implies the possibility of distributing 15% of market capitalisation in the short term and up to 40% in 2028. We expect the shares to react positively, given the implications that an acceptance level of less than 50% would have…

In Spain 17th October 2025

BBVA Gives Up After Failure of Its Takeover Bid (OPA) for Banco Sabadell, Accepted by Only 25.33% of the Capital

The takeover bid (OPA – Oferta Pública de Adquisición) by BBVA for Banco Sabadell has failed, having been accepted by only 25.33% of the voting shares (25.47% excluding treasury stock), as reported by the two affected entities to the National Securities Market Commission (CNMV). Ultimately, and 17 months after its announcement, BBVA failed to reach the 50% acceptance threshold. It also failed to reach the 30% threshold that would have…

Companies 14th October 2025

Only 2.8% of retail shareholders with shares deposited at Banco Sabadell accept BBVA’s takeover bid

Bankinter | Only 2.8% of retail shareholders who have their shares deposited at Banco Sabadell (SAB) accept BBVA’s takeover bid (BBVA). Bankinter analysis team’s view: This is a very low percentage, implying acceptance of only ~1.1% of the capital, as these shareholders represent ~30.8% of Sabadell’s share capital. We do not yet know the percentage of acceptance among retail investors who have their shares deposited with other entities and among…

Companies 9th October 2025

CNMV to announce outcome of BBVA’s Sabadell takeover bid on 17 October

Link Securities | According to the newspaper Expansión, the Spanish stock market regulator, the National Securities Market Commission (CNMV), will announce the outcome of BBVA’s takeover bid for Banco Sabadell on 17 October. The CNMV has announced the indicative timetable for making public the outcome the outcome of BBVA’s takeover bid for Sabadell, whose acceptance period ends this Friday. The supervisor has also issued a warning ‘in view of the…

Companies, Relevant News Item 6th October 2025

BBVA denies reaching agreement with shareholder David Martínez to participate in takeover bid

Alphavalue/DIVACONS | On Friday, the president of the financial institution, Carlos Torres, denied that an agreement had been reached with Banco Sabadell shareholder and director (add Target Price €3.97/share) David Martínez to participate in the takeover bid for the Catalan institution. Martínez has written an article in El País and Cinco Días in which he states that the consolidation of Sabadell and BBVA will result in an institution that is…

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