Banco Bilbao Vizcaya Argentaria S.A. - ADR
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+ FollowMarket Cap$150.28B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong earnings momentum & value creation (core driver: NII / activity growth)
- Q3 net attributable profit: ~EUR 3bn, +19.1% YoY; EPS ~+23.9% YoY (buyback-supported).
- First 9M: net attributable profit EUR 9.07bn, +13.6% YoY.
- Core revenues: Net interest income (NII) +16.5% YoY (and +5.7% QoQ in constant terms) as the main profitability driver; fees also up +12.4% YoY and trading income +5.7% YoY.
- Management highlights Tangible book value per share + dividends +14.3% YoY; excluding buyback impact implies ~20%+ underlying growth.
Profitability & efficiency: “best-in-class” maintained
- ROTE ~22% and ROE 20.8% (first 9M); reiterated as most profitable large bank in Europe.
- Efficiency: cost discipline with positive jaws—gross income +16.3% YoY vs expenses +16% YoY, efficiency ratio 37.9% (improved ~9 bps YoY; ex-nonrecurring improvement ~81 bps).
Capital & capital markets items: CET1 down despite strong results
- CET1 ~12.21% vs 12.41% in June (pro forma), due to earnings being more than offset by:
- RWAs growth from strong lending (~44 bps impact, net of SRTs),
- lower impact of SRT due to summer seasonality and market factors,
- market movements (interest-rate curve and FX), ~ -22 bps embedded in “other”.
- Dividend + buybacks: record interim dividend EUR 0.37/share (paid Oct 15); continuing EUR 2bn extraordinary buyback with second EUR 1bn tranche under execution.
- Forecast stance: they maintain positive outlook and see upside potential for ROTE guidance (group target updated to >20%, already at ~22%).
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$11.83
54.4% downside
Current Fair Value
54.4% downsideOvervalued by 54.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $150.28 Billion |
|---|---|
| Enterprise Value | $207.03 Billion |
| Annual dividend | $1.12 |
| Dividend yield | 4.27% |
| Earnings per Share | $1.69 |
| Beta | 0.87 |
| Outstanding Shares | 5,797,787,000 |
Return
| Return on Equity | 33.53% |
|---|---|
| Return on Assets | 1.96% |
| Return on Invested Capital | 12.76% |
Valuation & Multiples
| P/E Ratio | 11.14 |
|---|---|
| PEG | 58.27 |
| Price to Sales | 2.36 |
| Price to Book Ratio | 1.99 |
| Enterprise Value to Revenue | 3 |
| Enterprise Value to EBIT | 5.61 |
| Enterprise Value to Net Income | 10 |
| Total Debt to Enterprise | 0.8 |
| Debt to Equity | 2.82 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS
$0.61
Est. $0.62Revenue
$12.18 B
Est. $12.08 BNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$0.55
Consensus analyst estimateRevenue Estimate
$12.64 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 5.70% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.61%▼ 2.51% |
|---|---|
| Total Invested | $973.67M▼ 78.41% |
| Investors Holding | 291▼ 248.00% |
About Banco Bilbao Vizcaya Argentaria.
127,174 employees
CEO: Onur Genc
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), founded in Bilbao, Spain, in 1857, operates as a global financial services group offering a comprehensive range of retail, wholesale, and asset management solutions. The bank's diverse offeri...