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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.