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CREDIT UPDATE: Criteria Caixa (CAIXAB: Baa1 pos / BBB+): Fair Value

CREDIT UPDATE
  • IPT: €500m WNG 5yr ms+155a
  • We see FV ms +120
  • Manages the assets of La Caixa foundation including stakes in Naturgy, ACS, Colonial, Puig
  • Recently upgraded and left positive by Moody's
  • New business plan sees Gross Assets growing from €27bn to €40bn by 2030
  • Net debt target (% of assets) is to fall from 15% to 10% over that period (limited at 20%)
  • No obvious comps here so used JABHOL and CABKSM
  •  
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  • IPT: €500m WNG 5yr ms+155a
  • We see FV ms +120
  • Manages the assets of La Caixa foundation including stakes in Naturgy, ACS, Colonial, Puig
  • Recently upgraded and left positive by Moody's
  • New business plan sees Gross Assets growing from €27bn to €40bn by 2030
  • Net debt target (% of assets) is to fall from 15% to 10% over that period (limited at 20%)
  • No obvious comps here so used JABHOL and CABKSM
  •