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FONDOS CAJA MADRID SELECCIÓN FINANCIERA
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FONDOS CAJA MADRID SELECCIÓN FINANCIERA

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Operation and profitability of the fund CAJA MADRID SELECCIÓN FINANCIERA, comparative advantages and investment opportunities

Operation and profitability of the fund CAJA MADRID SELECCIÓN FINANCIERA, comparative advantages and investment opportunities

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FONDOS CAJA MADRID SELECCIÓN FINANCIERA FONDOS CAJA MADRID SELECCIÓN FINANCIERA Presentation Transcript

  • PRESENTATION DEC. 2006 www.gesmadrid.es
    • European Financial Sector
    • Basket of stocks
    • How it works
    • Reasons
    CAJAMADRID SELECCIÓN FINANCIERA: INDEX
    • SECTOR ENJOYING BEST IMAGE.
    • NON PERFORMING LOAN RATIO COMING DOWN.
    • RECORD M&A ACTIVITY
    • ONE OF THE BEST WAYS TO CAPTURE POSITIVE SENTIMENT AND EXPECTATIONS OF EUROPEAN ECONOMY.
    A CAPITAL-PROTECTED FUND IN THE EUROPEAN FINANCIAL SECTOR?
  • DJ Euro Stoxx Banks DJ Euro Stoxx Utilities IBEX-35 diferential EUROPEAN FINANCIAL SECTOR
    • GOOD MOMENTUM TO INVEST IN THE SECTOR.
    • EXPECTED IMPROVEMENT IN EFFICIENCY OF EUROPEAN BANKS
    • ATTRACTIVE VALUATIONS (PER 07: 11x, EXCL. UK BANKS).
    • ROBUST BALANCE SHEETS GENERATING EXCESS CASH FLOW LEADING TO:
      • MORE M&A ACTIVITY (CONSOLIDATION IN FINANCIAL MARKET).
      • HIGHER DIVIDENDS.
    WHY THE FINANCIAL SECTOR?
  • ATTRACTIVE VALUATIONS: EUROSTOXX SECTORS PER 21.9x 20.9x 16.6x 12.4x 11x Banks show attractive ratios
  • STOCKS BASKET: COUNTRIES
  • *UPDATED DEC. 19TH 2006 STOCKS BASKET 2.5% 10.7 18.537 ALE COMMERZBANK 10.88x European mean 11.95x 9.8 12.5 12.5 8.7 11.1 PER 07 - 278.367 TOTAL 5.8% 58.966 FRA SOCIÉTÉ GÉNÉRALE 10% 69.460 ITA UNICREDITO 12.6% 65.214 ESP BBVA 10.2% 46.388 HOL ABN AMRO 17% 19.802 IRL ALLIED IRISH BANKS WEIGHT IN COUNTRY MAIN INDEX CAPITALIZATION (million Eur) COUNTRY NAME
  • BASKET CAPITALIZATION VERSUS SIX MAIN STOCKS OF IBEX-35
    • BASKET IS A GOOD PROXY OF FUTURE EVOLUTION OF EUROPEAN BANKS IN 6 COUNTRIES: IRELAND, FRANCE, GERMANY, ITALY, SPAIN AND THE NETHERLANDS.
    • MARKET CAP OF BASKET AMOUNTS EUR 275 BILLION.
      • 40% MORE THAN SPANISH TOP 7
    • MARKET CAP OF BASKET REPRESENTS 35% OF EUROSTOXX BANKS INDEX (RELEVANT BASKET).
    BASKET OF STOCKS
    • IDENTIFIED TAKE-OVER CANDIDATES IN THE BASKET.
    • BANK SECTOR IS AMONG THE PREFERRED ONES OF CAJAMADRID BOLSA. THEREFORE EUROZONE BANKS WITH SOUND FUNDAMENTALS HAVE BEEN CHOSEN.
    • INDIVIDUAL RECOMMENDATIONS:
      • HOLD (ABN-AMRO)
      • ACCUMULATE (BBVA, SOCIÉTÉ GÉNÉRALE)
      • BUY (UNICREDITO, COMMERZBANK, ALLIED IRISH BANKS)
    BASKET OF STOCKS
    • REPUBLIC OF IRELAND (Market Cap: EUR 19.8 bln)
    • MAIN ACTIVITY: COMMERCIAL BANKING.
    • FOCUSED ON IRELAND & UK. GROWING PRESENCE IN POLAND AND RUSSIA.
    • THE NETHERLANDS (Market Cap: EUR 46.4 bln)
    • MAIN ACTIVITY: RETAIL BANKING (OVER 50%).
    • 40% OF ITS INCOME IS GENERATED IN THE NETHERLANDS, ANOTHER 40% IN THE REST OF EUROPE AND THE US.
    • SPAIN (Market Cap: EUR 65.2 bln)
    • SECOND LARGEST BANK IN SPAIN.
    • ABOUT 40% OF ITS INCOME COMES ITS LATIN AMERICAN OPERATIONS.
    • GERMANY (Market Cap: EUR 18.5 bln)
    • OPERATING PROFIT IS EXPECTED TO GROW AT MORE THAN 10% IN 2007.
    • LIKELY TAKEOVER CANDIDATE.
    • MAIN ACTIVITIES: GOOD POSITION IN RETAIL BANKING AS WELL AS IN SME.
    • FRANCE (Market Cap: EUR 59.0 bln)
    • MAIN ACTIVITIES: CORPORATE & INVESTMENT BANKING AND ASSET MANAGEMENT.
    • INCOME MAINLY GENERATED OUTSIDE OF FRANCE (ALMOST 50%) .
    • ITALY (Market Cap.: EUR 69.5 bln)
    • MAIN ACTIVITIES: RETAIL BANKING (40%), CORPORATE BANKING, NEW INITIATIVES AND PRIVATE BANKING.
    • INCOME MAINLY GENERATED IN ITALY (70%) AND INCREASINGLY IN THE REST OF EUROPE (20%).
    • MATURITY DATE: JAN. 2010 (3 years)
    • CAPITAL GUARANTEE: 100%
    • PAY OUT
      • 100 % OF CAPITAL
      • +110% AVERAGE PERFORMANCE OF BASKET, INDIVIDUAL PERFORMANCE OF SHARES CAPPED AT 20%
      • + EXTRA BONUS OF 10%, IF EACH INDIVIDUAL PERFORMANCE EXCEEDS 20%.
    • FEE STRUCTURE:
      • MANAGEMENT FEE: 1.3%
      • CUSTODY FEE: 0.1%
      • REDEMPTION FEE: 0% DURING INITIAL COMMERCIALIZATION PERIOD. AFTER THAT, 3%.
        • ANNUAL ONE REDEMPTION FREE-TRADE DATE
      • SUSCRIPTION FEE: 0% DURING INITIAL COMMERCIALIZATION PERIOD. AFTER THAT, 5%
    HOW IT WORKS
  • KEY POINTS IN CAJAMADRID SELECCIÓN FINANCIERA: RETURN UP TO 30% PROFIT BET ON OUR OWN SECTOR WE CAN TRIPLE RETURN WITHOUT RISK (DUE TO GUARANTEE) “ ANNUAL WINDOWS ” (ONCE A YEAR, NO FEES CHARGED ON REDEMPTIONS) PRODUCT WITH CAPITAL GUARANTEE REASONS