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Is it time to invest in banks?

Mar 9, 2022

Redacción Mapfre

In our central scenario in Europe, with high inflation and moderate growth (after the Russia-Ukraine conflict), we believe it is a good time to start considering investing in banks after the sharp falls in the stock market experienced by the sector.

The European banking sector is better positioned than in previous crises to cope with the current situation (healthy balance sheets with low levels of non-performing loans and excess capital). Despite the fact that interest rate hikes could be more moderate than expected or could be delayed due to a slowdown in economic growth, we believe that at current valuations (PER23E of 6.5x; price/book value of 0.7x and dividend yield of 6.5%) we could find investment opportunities within the sector.

However, in a situation like the current one, the sector is not risk-free, especially if the conflict is prolonged and leads to a revision of our central scenario. To that end and to minimize risks, we would be very selective in our choice of stocks, looking for defensive business models, with diversified sources of income (banks with insurance and asset management businesses), capital buffers (that do not put the dividend policy at risk) and low default rates.

Cristina Benito, Head of Equities at MAPFRE AM

What if you win? Keys for investing your Christmas Lottery winnings

On December 22, as is tradition in Spain, millions of citizens will closely follow the Extraordinary Christmas Lottery Draw. The odds of winning are not very high, specifically one in 100,000. Despite this somewhat discouraging fact, it is inevitable to get excited and ask yourself the question: what would you do with the money if you won?

MAPFRE acquires the iconic Ombú Building in Madrid

MAPFRE Inmuebles, the MAPFRE Group’s investment arm for alternative assets, has completed the acquisition of the Ombú Building, a landmark property located in Méndez Álvaro, one of the city’s most promising areas. This purchase reinforces the company’s commitment to investing in sustainable, strategically located offices.

MAPFRE strengthens its asset manager to assert its leadership in financial planning in Spain

The reorganization of MAPFRE AM includes the creation of new departments and the redefinition of responsibilities, changes aimed at promoting the growth of the Group's financial advice business and the evolution from a “product factory” to a “service factory.”