22
GROUP INFORMATION 3Q09
The BBVA share
The BBVA share
Number of shareholders
Number of shares issued
Quarter daily average number of shares traded
Quarter daily average trading (million euros)
Maximum price in the quarter (euros)
Minimum price in the quarter (euros)
Closing price for the quarter (euros)
Book value per share (euros)
Tangible book value per share (euros) (1)
Market capitalisation (million euros)
(1) Net of goodwill.
Share performance ratios
Price/Book value (times)
Price/Tangible book value (times) (1)
PER (Price/Earnings; times) (2)
Yield (Dividend/Price; %) (3)
(1) Net of goodwill.
(2) The 30-9-09 P/E is calculated taking into consideration the median of the analysts' estimates (October 2009).
(3) Dividend yield at 30-9-09 is calculated taking into consideration the median of analysts' estimates (October 2009).
BBVA’s good results boosted its share price 18.4%
between the date they were published and 30-Sep-09.
For the entire third quarter BBVA’s shares rose 35.7%,
outpacing the positive performance of the main
reference indices in Spain and the rest of Europe. For
the first nine months BBVA’s shares are up 40.1%,
which compares favourably with the Stoxx50 (up
17.8%) and the Ibex35 (up 27.8%). During the third
quarter the share price varied between €8.51 and
€12.83, closing at €12.13 on 30-Sep-09 and bringing
market capitalisation to €45,463m. At that point the
Market capitalisation
(Million euros)
42,952
32,457
September
December
September
2008 2008 2009
45,463
+40.1%
30-09-09
896,433 923,005 919,195 903,897 886,950
3,747,969,121 3,747,969,121 3,747,969,121 3,747,969,121 3,747,969,121
50,638,534 48,989,582 58,814,357 61,864,657 55,663,963
535 399 399 579 644
12.83 9.10 9.33 12.35 12.58
8.51 5.88 4.45 7.04 10.18
12.13 8.94 6.11 8.66 11.46
8.00 7.84 7.40 7.09 7.09
6.17 5.88 5.36 5.02 5.22
45,463 33,507 22,900 32,457 42,952
30-09-09
30-06-09
30-06-09
price-to-earnings ratio (P/E), calculated on 2009
profits as estimated by analysts, is 9.1 compared to 6.5
in 2008 (calculated on the actual figures at the end of
that year). BBVA trades at a significant discount (35%)
compared to the European banking sector in terms of
P/E and therefore its current price is relatively
attractive. At the end of September 2009 the P/E of the
Stoxx Banks Index was 14.1. The price-to-book value
multiple is 1.5 compared to 1.2 at the end of 2008 and
the price-to-net-tangible-book multiple has risen to
2.0. Lastly, the dividend yield (calculated on average
dividends estimated by analysts for 2009) is 3.3%.
In the third quarter of 2009 BBVA’s shares continued
to enjoy high liquidity and the average number of
shares traded each day was 51 million, an increase
compared to the previous quarter. The daily average
value traded was also higher (€535m).
The Group maintains its customary calendar in respect
of shareholder remuneration. A second interim
dividend of €0.09 per share in cash was paid against
2009 earnings on 12-Oct-09. This equates to a
disbursement of €337m at a time when most banks
have cancelled such payments.
31-03-09 31-12-08
31-03-09 31-12-08 30-09-08
1.5 1.1 0.8 1.2 1.6
2.0 1.5 1.1 1.7 2.2
9.1 7.3 4.8 6.5 8.6
3.3 4.0 6.1 7.1 5.4
30-09-08
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