Goldman Sachs reiterates its BUY rating for Banco Comercial Portugues, raising the price target to €1.08 after a Q1 earnings beat and upgraded revenue forecasts.
Key Takeaways
- 1.Goldman Sachs maintains a BUY rating on BCP, raising the 12m price target by 14% to €1.08 following a net profit beat in Q1 results.
- 2.NII estimates are upgraded through the forecast period, with Group NII expected to grow 5% y/y in 2026E, primarily driven by Portugal.
- 3.The bank exhibits strong capital return potential with a projected 90% payout ratio over 2026-27E, split between dividends and share buybacks.
Table of Contents
- NII
- Costs and asset quality
- Capital and profitability
- Estimate changes and valuation
- Disclosure Appendix
- Reg AC
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Regulatory disclosures
- General disclosures
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Authors
Sofie PeterzensChris HallamBenjamin Caven-Roberts
Securities
BCP.LS
Themes
Earnings OutperformanceShareholder ReturnsMonetary Policy Impact
Regions
EuropePortugalPoland