Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CREDIT AGRICOLE SA. We currently have 9 research reports from 1 professional analysts.
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CREDIT AGRICOLE SA
CREDIT AGRICOLE SA
Strong beat in the P&L
08 Nov 16
Reported total revenues at €3.75bn are 7% above company-compiled consensus and our own expectations. Total expenses are 2.5% better as well (versus consensus) and 1% better than our expectations. Despite loan losses (driven by a €50m legal charge) being higher than expected, the strong beat in revenues and expenses led to an operating income (after cost of risk) of €556m, 40% above our expectations. In terms of the CET1 ratio, this is now at 12% (after the inclusion of the €0.6 dividend per share for FY 2016), 80bp higher qoq especially thanks to the sales of CASA’s stakes in “Les caisses regionales”.
Good set of results...French retail banking still the key
03 Aug 16
CASA has released its Q2 16 earnings. Adjusted revenues (for the sales of VISA Europe) were 3% above expectations whereas total expenses were in line with expectations. Loan losses (once adjusted for litigation costs) were in line with consensus forecasts with operating income being therefore 7% above consensus. Based on H1 16, our revenue expectations for FY2016 look a bit optimistic especially as we had expected a potential catch-up in LCL. Weakness in net interest income should stay for much longer than expected (as mortgage rates are collapsing a bit more every day in France and deposits-financed LCL has to align itself with the competition).
French retail banking increasingly under pressure...
12 May 16
CASA released its Q1 16 earnings this morning. Total revenues are higher than expectations at €3.8bn versus €3.73bn. Looking deeper into the details, revenues from operating expenses were in line with expectations and were driven by a better than expected CIB. Retail banking, be it French or international retail banking, has therefore strongly disappointed. Expenses are, however, higher than forecasts at €3,176m versus €3,105m. Cost of risk is €40m lower than consensus. The CET1 ratio is at 10.8%, or 10bp higher than in the last quarter (as a reminder, the pro forma fully-loaded CET1 ratio, after the completion of the 25% disposal in Les Caisses Régionales, is 11%).
Post CASA's 2020 strategic plan...
10 Mar 16
CASA had its investors day on 9 March at which it presented its 2020 strategic plan. The main points are: - Revenue CAGR at 2.5% - €900m cost savings by 2019 - Roughly stable risk-weighted assets - Fully-loaded CET1 ratio above 11% - ROTE above 10% (versus 12% expected in the 2014-16 plan)
Eventually, we get our simplification!
17 Feb 16
CASA's earnings release were roughly in line with (Bloomberg) expectations. Revenues of €17.2bn are indeed just 0.6% short of expectations. Profit before tax at €4.9bn is a bit higher than consensus. But the attention was more on corporate governance and solvability.
Towards more streamlined governance?
19 Jan 16
According to Bloomberg, CASA and the Regional banks are working on a potential sale of CASA’s 25% stakes in the Regional banks. These would moreover be purchased by the regional lenders. This information was confirmed this morning by CASA via a press release confirming “CA Group is working on the improvement of its organization, in particular of its capital structure, to enable CASA to benefit from an ambitious project...”
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.