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Report BFA - Bankia 2014 / Accomplishing our plansThe Bankia share

  • Number of shares in issue11.52 Bn
  • Closing market capitalisation€14.26 Bn
  • Shareholders457,377

Bfa performed the first Bankia share sell-off in february 2014. Demand tripled the share offer and highlighted investor interest in the institution.

Bankia’s share price rose 0.32%, ending 2014 at 1.238 euros, during a year when the Ibex35 climbed 3.7% and the Euro Stoxx Banks Index lost 4.9%. Daily average trading volume reached 44 million shares (63 million euros), excluding the effect of the placement of 7.5% of capital in February. Subsequent to the share offer, BFA held 62.2% of Bankia’s capital at year end, with the remaining 37.8% held by public investors (free-float).

During the year, the group tapped the wholesale market for over 3.3 billion euros (1 billion euros from a senior debt issue, 1.3 billion euros from the sell-off of 7.5% of Bankia’s capital, and 1 billion euros from a subordinated debt issue).

Bankia was listed on the FTSE Developed Europe Index during the year.

First share sell-off by the FROB

BFA (100% owned by the Fund for Orderly Bank Restructuring(FROB)) carried out the first sell-off of Bankia shares in 2014, through an accelerated book-build of 7.5% of the bank’s share capital (864 million shares).

The sell-off was completed on 28 February at a price of 1.51 euros per share, with 99% placed with foreign institutional investors. Demand tripled the volume of shares offer, highlighting the significant interest sparked by Bankia among the investor community. As is commonplace in this type of transaction, BFA agreed to a lock-up period of 90 days, ending on 29 May.

Analysts’ consensus

At year end, 29 analyst firms were actively tracking the share compared to 16 a year earlier, off the back of 14 analysts starting to cover the share in 2014 and one firm’s banking analyst withdrawing from tracking the share.

Analyst sentiment regarding the share improved significantly during the year, with 20.7% of analysts issuing buy recommendations versus 6.3% in 2013. Moreover, 44.8% recommending holding and 34.5% selling, compared to 12.5% and 81.3%, respectively, 12 months earlier. Over this period, the consensus target price shot up from 0.70 €/share to 1.42 €/share.

Variation in consensus target price

Share price performance

Variation in recommendations, target price and closing price

Number of analysts tracking share