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)
Yield (Dividend/Price; %)
(1) Net of goodwill.
Banks fell 6.1%. The share price varied between
€11.39 and €13.28, closing at €12.73 on 31-Dec-09
and bringing market capitalisation to €47,712m. At
that point the price-earnings ratio (P/E) was 11.3
compared to 6.5 a year earlier (both ratios calculated
on the actual figures at year-end). Nonetheless BBVA
still trades at a significant discount to the European
banking sector in terms of P/E. For example, based on
analysts’ forecasts for 2010, BBVA trades at a discount
31-12-09
884,373 896,433 923,005 919,195 903,897
3,747,969,121 3,747,969,121 3,747,969,121 3,747,969,121 3,747,969,121
51,014,696 50,638,534 48,989,582 58,814,357 61,864,657
631 535 399 399 579
13.28 12.83 9.10 9.33 12.35
11.39 8.51 5.88 4.45 7.04
12.73 12.13 8.94 6.11 8.66
7.83 8.00 7.84 7.40 7.09
6.27 6.17 5.88 5.36 5.02
47,712 45,463 33,507 22,900 32,457
31-12-09
30-09-09
30-09-09
of 55% compared to the Stoxx Banks Index (BBVA’s
P/E is 9.36 vs 20.79 for Stoxx Banks). The
price-to-book ratio is 2.0 compared to a multiple of
1.7 at the end of 2008.
The Group is maintaining the dividend policy it
announced in January 2009 in terms of shareholder
remuneration. On 28-Dec-09 it paid a third interim
dividend in cash of €0.09 per share against 2009
earnings. BBVA moved the usual date for this
dividend forward so shareholders can take advantage
of lower taxes. BBVA has paid 3 interim dividends so
far against 2009 earnings totalling €0.27 (gross),
requiring a total disbursement of €1,012m, at a time
when many banks have cut back or even cancelled
cash dividends.
Lastly, BBVA’s shares continued to enjoy high
liquidity during the final quarter of 2009. The
average number of shares traded each day was 51
million (unchanged from the previous quarter) and
the average value (€631m) was higher owing to the
increase in the share price.
30-06-09 31-03-09
1.6 1.5 1.1 0.8 1.2
2.0 2.0 1.5 1.1 1.7
11.3 9.1 7.3 4.8 6.5
3.3 3.3 4.0 6.1 7.1
4Q09 GROUP INFORMATION
The BBVA share
30-06-09 31-03-09 31-12-08
31-12-08
23
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