The BBVA share
Number of shareholders
Number of shares issued
Daily average number of shares traded
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 30-6-09 P/E is calculated taking into consideration the median of the analysts' estimates (June 2009).
(3) Dividend yield at 30-6-09 is calculated taking into consideration the median of analysts' estimates (June 2009).
and the decline in costs. Other positive notes were
provided by the fall in net additions to
non-performing assets at Group level, particularly in
the Spain & Portugal Area.
During the second quarter of 2009 BBVA’s share
price varied between €5.88 and €9.10, ending on
30-Jun-09 at €8.94. This put market capitalisation
at €33,507m, an increase of 46.3% compared to
30-Mar-09 and up 3.2% on 31-Dec-08. Based on the
above closing price, the price to earnings ratio
Market capitalisation
(Million euros)
45,613
32,457 33,507
June
2008 December
2008 June
2009
+3.2%
30-06-09
923,005 919,195 903,897 886,407
3,747,969,121 3,747,969,121 3,747,969,121 3,747,969,121
53,941,268 58,814,357 55,548,033 52,379,128
30-06-09
399 399 676 740
9.10 9.33 12.35 15.40
5.88 4.45 7.04 12.05
8.94 6.11 8.66 12.17
7.84 7.40 7.09 6.90
5.88 5.36 5.02 5.03
33,507 22,900 32,457 45,613
(PER), calculated on 2009 profit as estimated by the
analysts, is 7.3. In 2008 PER was 6.5, calculated on
the actual figures at the end of that year. In terms of
P/E, BBVA trades with a significant discount to the
European banking sector. At the closing of June
2009, the BBVA share price showed a 46% discount
over the P/E of the Stoxx Banks Index (13.5x), thus
offering an attractive valuation. The price-to-book
multiple is now greater than one (1.1) and the
price-to-net-tangible-book multiple continues to be
higher (1.5). Lastly, the dividend yield (calculated on
average dividends estimated by analysts for 2009) is
4.0%.
In the second quarter BBVA’s shares continue to
enjoy high liquidity and the average daily traded
value (€399m) is the same as the previous quarter.
The Group maintains its customary calendar in
respect of shareholder remuneration. A first interim
dividend of €0.09 per share in cash was paid against
2009 earnings on 10th July. This equates to a payout
of €337m at a time when most banks have cancelled
such payments.
31-03-09
31-03-09
1.1 0.8 1.2 1.8
1.5 1.1 1.7 2.4
7.3 4.8 6.5 9.1
4.0 6.1 7.1 5.0
2Q09 GROUP INFORMATION
The BBVA share
31-12-08
31-12-08 30-06-08
30-06-08
21
To view a Ceros magazine you need to have JavaScript enabled in your browser and have the flash player 8 or higher installed. To install the latest flash player, click the icon above, install the flash plugin and then click here to refresh this page.