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    How Exane’s Shift From Outperform To Neutral At Bankinter (BME:BKT) Has Changed Its Investment Story

    Simply Wall St·12/12/2025 04:47:18
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    • Earlier this week, Exane BNP Paribas cut its rating on Bankinter from “outperform” to “neutral,” saying European banks no longer offer a uniform upside and that it now prefers other names in the sector.
    • The downgrade marks a shift from more than four years of consistent optimism toward European banks and signals that investors may need to be more selective when comparing Bankinter with peers such as HSBC and UniCredit.
    • We’ll now examine how Exane’s move to a neutral stance affects Bankinter’s previously balanced risk‑reward investment narrative and sector positioning.

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    Bankinter Investment Narrative Recap

    To own Bankinter, you need to believe its strong profitability, digital focus and Iberian franchise can keep offsetting its dependence on Spain and rising regulatory pressures. Exane BNP Paribas’s downgrade to “neutral” does not materially change the near term catalyst around earnings momentum, but it does highlight the risk that investors become more selective if Spanish macro conditions or credit quality weaken.

    The most relevant recent update is Bankinter’s Q3 2025 results, with net income of €269.82 million and €811.51 million for the first nine months. These figures keep the earnings story in focus, but also sharpen attention on whether the bank’s asset quality and cost discipline can support that performance if sentiment toward European banks, and particularly domestically focused lenders, turns more cautious.

    Yet despite the solid recent earnings, one risk investors should be aware of is how a downturn in Spain could...

    Read the full narrative on Bankinter (it's free!)

    Bankinter's narrative projects €3.3 billion revenue and €1.2 billion earnings by 2028. This requires 7.7% yearly revenue growth and about a €200 million earnings increase from €982.2 million today.

    Uncover how Bankinter's forecasts yield a €13.78 fair value, in line with its current price.

    Exploring Other Perspectives

    BME:BKT 1-Year Stock Price Chart
    BME:BKT 1-Year Stock Price Chart

    Two Simply Wall St Community fair value estimates span from €13.78 to €19.02, showing how far apart individual views can be. Set against the sector downgrade and Bankinter’s reliance on the Spanish economy, this spread underlines why it can help to compare several independent viewpoints before forming an opinion.

    Explore 2 other fair value estimates on Bankinter - why the stock might be worth as much as 38% more than the current price!

    Build Your Own Bankinter Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.