ab 15 July 2026 BBVA trades at 10.1x P/E27E, <2.1x PTBV for 21% ROTE 27E. SOP PT up to €22/share (old €20.5) on 2% higher EPS, 3-month rollover and modestly higher SOP multiples. Stable outlook, no clear catalyst, valuation looks fair We remain Neutral on BBVA and raise our 26-28E EPS estimates by 1-4% ahead of 2Q results on 30 July. Upgrades are mainly driven by better FX assumptions in Mexico/ Latam, but we also see general stability in the messaging around key earnings debates, both those with a positive ...