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.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Mining the cash
20 Apr 17
The global metals and mining industry is not out of the woods yet. Previously burned investors are not rushing to buy the sector, and sentiment remains subdued. Meanwhile, we think it could be sensible to dip one’s toes in the water at these levels. BRWM has a sizable yield of nearly 4%, albeit a bit lower than a few months ago, as the sector rerated upwards during 2016. In our opinion, the trust offers exposure to skillfully picked global metals and mining businesses, and pays decent dividend which has potential to increase in the next few years. We take comfort in better revenue generation prospects for the fund. While in the past two years BRWM had to pay part of its dividends out of reserves, this year we expect higher income to be sufficient to cover the dividend payment.