September 25, 2024 08:27 GMT
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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