Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CREDIT AGRICOLE SA. We currently have 10 research reports from 1 professional analysts.
|20May16 10:26||GNW||Eurazeo: Adjustment of the Exchange Ratio of the Bonds Crédit Agricole S.A. exchangeable|
|01Apr16 17:00||GNW||Crédit Agricole Home Loan SFH announces the convening of holders of certain of its Covered Bonds|
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CREDIT AGRICOLE SA
CREDIT AGRICOLE SA
A strong set of results...
15 Feb 17
CASA released its Q4 16 earnings. Total income at €4.58bn is 5% higher than expectations and total expenses at €3bn are 3.5% higher than expected. As loan losses at -€395m were €80m better than consensus’s forecasts, operating profit is therefore 22% higher than expectations. In terms of capital, the dividend is €0.6, or a 50% pay-out ratio, and the CET1 ratio at 12.1% is 10bp higher qoq.
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.
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 - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
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
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.