Portuguese banks
Additional capital needed, but no systemic crisis in
sight - BCP not discounting a likely rights issue
Banks
Ignacio CerezoAC
(44-20) 7325-4425
ignacio.cerezo@jpmorgan.com
Andrea Unzueta
(44-20) 7325-7454
andrea.e.unzueta@jpmorgan.com
J.P. Morgan Securities Ltd.
See page 42 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision.
For Specialist Sales advice,
please contact;
Oliver Doeltl
(44-20) 7779 2187
oliver.doeltl@jpmorgan.com
Nick Gough
(44-20) 7325-9459
nick.c.gough@jpmorgan.com
Justine Shih
(44-20) 7779 2149
justine.shih@jpmorgan.com
Table 1: J.P. Morgan's valuations under
a post rights issue scenario
BCP BES BPI
Total value 4,251 4,864 1,951
NOSH (mn) 6,641 726 1,234
Price target 0.6 6.7 1.6
vs share price -20% 10% -4%
vs. current PT -9% -16% -12%
NAV 09E 4,720 4,957 1,894
NAV/sh 09E