the people’s Bank is a component that capitalizes an amount of 4,550 million euros and that has a large ballast with the so-called sub-prime mortgages. I’m going to try to explain why there has been a recovery on your quote is the opposite of what has happened with the majority of the Spanish banks.
The Banco Popular (MC:) comes from a macroampliación capital a few months ago to clean up its balance sheet and improve its ratios that were very badly damaged by its high exposure to the real estate crisis. This macroampliación made that its price has been penalized nearly a third of its value year-on-year, and even so it is not clear yet that the bank is totally cleaned up.
Me, personally, I think the worst thing for this entity has passed and when you release the ballast housing may be again what it was, a bank with a medium with a great capacity to generate benefits.
The results of this third quarter, published today, 28 we show that if there computaran the losses in his real estate business, its benefits for the main activity of the bank would be 817 million of euros, and however by the burden that he is doing become the worst company of the Ibex35 only obtained a result of 94 million euros from a loss in this evil business of 723 million euros.
For the ratios is improving quite a bit, and it is rumored in the market that is trying to divide its main business of real estate, (is that bad business this that forced the popular to the bursting of the housing bubble and have to stay with thousands of promotions of the construction broken), with the divestment of the brick for the creation of a company that includes all of the assets and its subsequent IPO and ipo. The actions of this new company could be shared between the shareholders of the bank, shareholders who by the way are quite unhappy with the management of its president, Angel Rón.
Another noteworthy aspect is that, given their low capitalization in the current moment and their possible total sanitation when you release the real estate business can be a bank very appealing to some fusion and absorption.
it is, therefore, complicated the issue of the Popular, hard to give a recommendation for, but I think the price is very low and that in the worst case I don’t expect to break the support of the euro, though it is not a technical support if it is psychological.
Little can be seen in his technical analysis, so it is not interesting to your analysis.
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