Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BNP PARIBAS. We currently have 8 research reports from 1 professional analysts.
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Roughly in line with expectations...
07 Feb 17
BNP Paribas has released its Q4 16 earnings: Total revenues were in line with expectations at €10.66bn and 2% higher than our own forecasts. Total expenses at €7.45bn were higher than expected (due to higher restructuring charges at -€342m vs €156m expected) while loan losses at €950m were above the expected €882m. All in all, the operating profit at €2.26bn was 2% lower than expected. The CET1 ratio at 11.5% was 10bp higher qoq. €3bn transformation costs will be incurred in the next three years and are expected to generate €2.7bn in recurrent annual savings starting from 2020.
Trading gains are not sustainable...a positive surprise to come on the dividend?
28 Oct 16
Total revenues at €10.6bn were 3% above consensus as well as versus our own Q3 16 expectations (at €10.25bn) driven by strong trading gains. Operating expenses were therefore mechanically higher than expected at €7.22bn. Loan losses at €764m are €80m better than expected and a bit better than our own forecasts. Operating profit is therefore both 10.5% above expectations and 13% above our own expectations. The CET1 ratio at 11.4% is 30bp higher versus Q2 16.
Positive on global markets and expenses offset by French retail banking
28 Jul 16
BNP Paribas released its Q2 16 earnings this morning. Total revenues were 4% higher than consensus expectations (once adjusted for higher losses than expected on OCA/DVA in the corporate centre). Total expenses were in line with the company-compiled consensus whereas loan losses were 11% better than expectations, leading to a 4% beat in operating income (versus expectations). CET1 ratio at 11.1% is 10bp higher than last quarter.
Earnings much higher due to lower loan losses
03 May 16
BNP Paribas released its Q1 16 earnings: - Revenues at €10.8bn are 2% higher than expectations (looking at the details though, revenues are positively impacted by accounting one-offs, OVA and DVA). - Expenses at €7.6bn are 1.5% better than forecasts. - Cost of risk at €757m is €237m lower due to €30m of write-backs in the capital markets and much lower loan losses in retail banking and especially in personal finance (at €221m versus €297m expected). Profit before tax is therefore 30% higher than expectations. CET1 ratio at 11% is better than expected and better than last quarter’s CET1 ratio (at 10.9%). The share price was 3% higher at the opening.
Earnings in line, positive on capital
05 Feb 16
BNP Paribas's Q4 15 earnings release is roughly in line with expectations after stripping out all exceptional items. Salutary, however remember that the Q4 15 operating income is 10.5% lower than in Q4 14. On top of this, both us and the market had sharply reduced its earnings expectations in the last weeks/months, reflecting market worries in earnings expectations (BNP Paribas' and French banks' share prices have lost roughly 30%). On the solvability side, the CET1 ratio is a bit higher than expectations, at 10.9%, and the leverage ratio at 4% is becoming less of an issue.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
N+1 Singer - Morning Song 23-03-2017
23 Mar 17
eg solutions (EGS LN) Re-focusing on sales is delivering rewards | Futura Medical (FUM LN) FY results: continued clinical, regulatory and commercial progress | Halfords Group (HFD LN) Confidence in FX mitigation grows; stay at BUY | IFG Group (IFP LN) Top line growth but earnings pressures remain | Realm Therapeutics (RLM LN) FY results in line; on track for Phase II start in 2017 | Safestyle UK (SFE LN) Another good full year performance but valuation up with events | WYG (WYG LN) Mixed conclusion to FY17, reassuring FY18 outlook