Event in Progress:
Discover the latest content that has just been published on Research Tree
BNP posted unexciting results, with in line top-line growth and a bottom-line beat supported by lower than anticipated costs and cost of risk. Trends among the divisions continued in this quarter with retail banking and specialised business ex Personal Finance leading the bank’s growth, while CIB saw normalising activity in Global Markets and asset gathering suffered from real estate and principle investments. The bank kept its 2025 targets, while the second tranche of the share buy-back program
Companies: BNP Paribas (BNP:EPA)BNP Paribas S.A. Class A (BNP:PAR)
AlphaValue
BNP realized a good underlying Q2, when excluding the exceptional negative items within revenue (mainly TLTRO hedge unwinding). The underlying topline growth was driven by CPBS this quarter, as CIB suffered in Global Markets and IPS was flat. Opex were a positive surprise, helped by the bank’s strong cost discipline. Cost of risk was better too. Capital redeployment from the Bancwest sale proceeds and higher rates should help the bank’s top line over the long-term.
BNP realized a mixed Q1 as the bank’s top-line growth was eaten away by the flat performance of Investment & Protection Services (IPS) and the negative impact from the adjustments of hedges related to changes in TLTRO terms. Costs were also negatively impacted by inflation and exceptional costs partly linked to the Personal Finance transformation.
BNP realised a mixed Q4 as the bank’s results were impacted by higher costs, more than offsetting the positive surprise on LLPs and the top-line growth. Still, the main outstanding elements came from the upgraded long-term guidance given by management (€5bn vs initial 2025 targets) on the back of higher rates and additional growth and better cost efficiency resulting from the reinvestment of €7.6bn of the Bancwest capital release, as the business was sold in Q1 23.
BNP realized a good Q3 with beats on both revenue and pretax income. The results were supported by all divisions. NII tailwinds strengthened further in retail banking thanks to higher interest rates and healthy volume growth, leading the management to upgrade its 2025 NII target vs the previous assumptions. Global Markets was again the standout performance in CIB helped by strong FICC activity. The management continued to sound very confident in the company’s ability to achieve its 2025 targets.
BNP realized a strong quarter with high contributions from all segments excluding AM, Italian retail banking, Bancwest and investment banking. Global markets and French retail banking were again the growth engines. Costs were a slight miss but a positive jaws effect allowed pretax income to outpace the consensus by 17%. The CET1 ratio remained at a comfortable level consistent with the bank’s distribution policy. The management’s targets were maintained. Tailwinds from interest rates and the rei
BNP realized an outstanding Q1 22 thanks to a strong beat in Global Markets as the bank benefited from the volatile market environment over the quarters. Strong growth also occurred in retail banking (above expectations) while IPS (asset gathering) was flat yoy with the insurance revenue decline offsetting growth in AM & WM. Expenses were a tad disappointing, as the C/I ratio deteriorated slightly. The cost of risk declined considerably thanks to the release of provisions made by Bancwest. The 2
BNP delivered mixed results in Q4 21, beating consensus regarding its net result and pre-tax income thanks to lower LLPs allowed by some provision releases. Yet, revenues were slightly disappointing with a negative surprise in CIB due to faltering FICC trading while costs rose far above expectations, resulting in a worsening cost/income ratio. Despite these snags, management unveiled its 2025 strategic plan with ambitious growth and profitability targets.
According to Reuters, BNP Paribas has hired US investment banks regarding the sale of its US retail banking subsidiary Bank of the West. BNPP is looking for a price of about €13bn, twice as much as our valuation in our SOTP and equal to a P/E of 28x (2022 consensus estimates). Thist has been in the air since the sale of BBVA US in November 2021 and it is now becoming reality (especially considering the price mentioned).
BNP Paribas released this morning its numbers for Q3 21. These were overall better than expected at the P&L level (higher than expected revenues leading to an higher gross operating income) with a beat in almost all operating divisions. Guidance is unchanged. The bank also announced a €900m share buy-back programme which leads to an equivalent 60% pay-out ratio for 2021 (in line with what is expected to be announced at the February 2022 CMD). We will slightly adjust upwards our expectations.
BNP Paribas released its numbers for Q2 21. These were above expectations across-the-board and, more importantly, of good quality. Retail banking activities’ revenues were indeed well above expectations (driven by France and Belgium). The share price reaction is limited despite a positive change in the guidance (revenues expected to be higher than previously anticipated) as investors were maybe expecting more colour/numbers on the guidance. The CET1 ratio at 12.9% is comfortably above requiremen
Research Tree provides access to ongoing research coverage, media content and regulatory news on BNP Paribas. We currently have 11 research reports from 1 professional analysts.
In the most difficult market conditions in more than a decade, Foxtons after adopting new strategic priorities, delivered an impressive turnaround in performance, and regained its position as London’s leading Estate Agent. Our analysis recognises the logic which underlies current consensus, see scope for upgrades and justifies valuations materially above current values.
Companies: Foxtons Group Plc
Zeus Capital
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: PMG DUKE CMCL BOOM
Cavendish
Companies: Gore Street Energy Storage Fund PLC
Shore Capital
Companies: Duke Capital Limited
Canaccord Genuity
Today's announcement from JIM reflects a year which saw challenges both in underlying terms and in relation to the ongoing Section 166 process. Trading volumes have remained under pressure against a choppy economic backdrop. Voluntary requirement (VREQ) restrictions placed on “Model B” clients have led to a reduction in client numbers in this category, although numbers have remained stable since the Q3 completion of assessments. The company did benefit from rising interest rates, a significant p
Companies: Jarvis Securities plc
WHIreland
Companies: Vanquis Banking Group PLC
Gresham House Energy Storage Fund (GRID) is the largest UK fund investing in utility-scale battery energy storage systems (BESS). A recent sharp decline in gas prices, a ‘disappointing’ start to the Energy System Operator’s (ESO’s) new energy trading platform and systemic delays connecting completed projects to the national grid have raised concerns about the revenue generating capacity of the BESS sector. This has placed significant downward pressure on the share prices of GRID and others in th
Companies: Gresham House Energy Storage Fund Plc GBP
Edison
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l
Companies: ENI XOM ADX AXL ITH BCOW EME CASP MEN PHAR ENQ CNE CORO I3E ZPHR PMG CRCL TETY GENL CNE XOM ENI TETY VLE BCOW EGY
Auctus Advisors
The new strategic vision set out by the CEO is gaining significant momentum, driven by investment in staff and in best-in-class bespoke IT and data platforms, and implies that medium-term targets are now coming into focus. Market share is being gained in all divisions, which is likely to be boosted if the sales market stabilises in 2024. We have modestly raised forecasts and our valuation to 132p/share and believe that if interest rates stabilise or ease further, there are upside risks to our fo
Companies: Real Estate Investors plc
Liberum
Companies: Secure Trust Bank Plc
ATT offers significantly discounted exposure to the technology sector…
Companies: Allianz Technology Trust PLC
Kepler | Trust Intelligence
Murray International Trust’s (MYI’s) managers are transitioning smoothly from a team of three to two, ahead of Bruce Stout’s retirement at the end of June 2024. The two remaining managers, Martin Connaghan and Samantha Fitzpatrick, have worked closely with Stout since 2001, so MYI’s shareholders can have confidence that it will be ‘business as usual’ in H224 and beyond. Regardless of the market environment, the managers strive to fulfil their objectives of generating income and capital growth hi
Companies: Murray International Trust PLC
HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively. This has been mostly driven by robust earnings momentum across its portfolio. HgT defied the tough private equity exit environment, generating £345.9m of total realisation proceeds excluding carried interest in FY23. Moreover, it has a healthy commitment coverage ratio of 73% (based on current pro forma
Companies: HGCapital Trust PLC
Share: