BBVA - BBVA: A Mexico-Focused Bank With A 5.4% Yield Trading At 0.9 Times TBV

• BBVA is a Spanish bank, but the Spanish operations account for less than 30% of the net income.
• Mexico is the main contributor, and Turkey will become more important as BBVA is expanding its footprint in the country.
• A 3.5B EUR share buyback program is currently underway, which should reduce the share count by about 10%.
• This will further fortify the EPS and FPS going forward.

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