At the end of the day .. BNC is still a leveraged play on the Euro/UKP exchange rate and the IBEX ... took some profits today ... average price down to 350 with 20% cash waiting for a re-test of 270 or below.
FinWaves, how much exposure do BNC have to the Brazil Olympics or their effects on the economic success / failure of the wider economy, the Zika virus is likely going to wipe out the attendances re. spectators and athletes - your thoughts.
BNC is rock bottom, just about as low as it possibly can get...
P/B = 0.8 P/E = 7.5 and below 6 for 2017 at today's SP CET1 = above 12% Bad loans are minus 20% from 2015 Interest rate at near 0 in EU Div Yield above 5% (not bad and growing to 9% in next 2 years!) 60% off peak -10% off lowest PL ever CAN'T get much worst !
Risk: largest EU Bank by market cap and good diversity in terms of geos and products.
Only a financial meltdowm ala 2008 could get this lower in my opinion. got to be a target for +50% SP in less than 18 months but you've got to hang in there for a while as a key institutional is divesting right now (since Nov 1st) bucket load of shares... (they must be mad to divest right now !) This is the best financial stock potential with least risk around afaik.
One thing for sure is this is about the worst time ever to let go.
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