Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NATIXIS. We currently have 7 research reports from 1 professional analysts.
|15Feb17 06:58||GNW||NATIXIS :STATEMENT FEBRUARY 15, 2017|
|09Feb17 16:35||GNW||NATIXIS :FOURTH-QUARTER 2016 and FULL-YEAR 2016 RESULTS|
|09Dec16 13:44||GNW||NATIXIS :Number of shares and voting rights at 30 November 2016|
|09Nov16 14:47||GNW||NATIXIS :Number of shares and voting rights at October 31, 2016|
|08Nov16 16:35||GNW||NATIXIS :THIRD-QUARTER 2016 AND NINE-MONTH 2016 RESULTS|
|12Oct16 16:37||GNW||NATIXIS :Preparation of the Q3-2016 financial disclosures: CIB restated quarterly series|
|10Feb16 16:35||GNW||NATIXIS : FOURTH-QUARTER AND FULL YEAR 2015 RESULTS|
Frequency of research reports
Research reports on
Strong beat in terms of P&L; capital and dividend in line
09 Feb 17
Natixis has just released its Q4 16 earnings. Total revenues at €2.52bn were 6% higher than expectations (and 5% higher than our own expectations). Total expenses were therefore mechanically higher than expectations at €1.65bn (versus €1.57bn expected by the consensus and us). Loan losses at -€60m were also better than expected (-€80m as for the consensus). All in all, operating profit at €801m was 8% higher than expectations and 7% higher than our forecasts. The CET1 ratio at 10.8% (fully-loaded except for DTA which remains phased-in) is 20bp lower qoq (to the benefit of an (expected) €0.10 exceptional dividend). Total dividend at €0.35 is in line with expectations.
CIB again and again...
09 Nov 16
Natixis has just released its Q3 16 results. Total income is roughly in line with expectations at €1.92bn but 2.6% higher versus our own expectations (once adjusted for corporate centre revenues). Total expenses are, however, 2.1% above consensus expectations and 2% above our expectations. Loan losses at €69m are below consensus expectations (at €81m) and above our €58m forecasts. All in all, operating revenues at €408m are 2.5% short of expectations but 4% higher than our numbers. The CET1 ratio at 11.2% is 20bp higher qoq and 60bp higher versus Q4 15.
Mixed P&L results, capital generation going on
29 Jul 16
Natixis released its Q2 16 earnings. Total revenues are 4% higher than expectations. With costs 4% higher than consensus forecasts and total loan losses in line with expectations, the operating profit is 4% higher than expectations. CET1 ratio at 11% (after accrual dividend) is 20bp higher than Q1 16 and 225bp above the ratio required by regulators.
Earnings miss expectations on the back of higher expenses...
10 May 16
Natixis released its Q1 16 earnings this morning. Total revenues at €2.08bn are 0.5% short of expectations. Expenses were 2% higher than forecasts due to a higher contribution to the Single resolution fund and expenses in the CIB. Cost of risk at €88m, although higher than the Q1 15 number of €78m, is in line with expectations. Reported profit before tax at €407m (of which -€13m non-operating items) is therefore 8% lower than forecasts. The fully-loaded CET1 ratio (after payment of the dividend – a 50% pay-out ratio) is 20bp higher than in the last quarter at 9.9%.
Strong set of results
11 Feb 16
Natixis' Q4 15 earnings release: Strong results versus expectations as revenues are higher than expectations and the cost of risk much better than expected, profit before tax is 20% ahead of consensus. Natixis has just still proven its ability to create value for shareholders as the CET1 ratio is at 12.2% (phased-in and before dividends). The payout ratio is 50% and a €0.10ps dividend has been announced.
Capital back in shareholders' hands...
05 Nov 15
Natixis' Q3 earnings release was quite strong. Total revenues were a bit lower than expected (at €1,956m), 2% short of expectations. Total expenses were roughly in line with expectations and cost of risk a bit lower than expected. PBT is therefore roughly in line with expectations. CET1 ratio is 20bp higher than Q2 15 (11.2% vs 11%).
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.
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.
Panmure Morning Note 16-03-2017
16 Mar 17
OneSavings bank’s FY2016 underlying PBT of £137.0m (up 29% YoY) is 6% ahead of consensus (and 5% ahead of our forecast of £135.1m) with good underlying trends across the board. Customer loans grew by 16% YoY to £5.9bn, with NIM at 3.14% being better than PG forecast of 3.1%. Loan origination was up 28% to £2.3bn, with both BTL and Residential mortgage volumes remaining robust, up 27% and 14% respectively. Credit quality remained good with cost of risk of 16bp, down 7bp YoY. Cost income ratio remained very low at 27% helping the group to achieve an underlying RoTE of 29%, ahead of our forecast of 28.8%. Balance sheet was strong with TNAV increasing by 33% YoY to 161p and CET1 ratio was 13.3% (Cf. PG at 13.0%), with DPS of 10.5p being ahead of consensus forecasts of 10.1p. Overall these are a solid set of results but largely reflected in the 22% YTD share price rally. OSB trades on reported P/TBV of 2.6 with underlying RoTE of 29%.
M&A coming to a company near you?
16 Mar 17
Markets have retained their relative strength over the last fortnight. We have seen a mixed reaction to the Budget last week, the passing of the Brexit Bill earlier in the week and the first interest rate hike by the Federal Reserve in the US yesterday. Against this backdrop, we have seen some notable M&A activity across a range of sectors which may move down the market capitalisation scale. We now face an extended period of heightened speculation but “no running commentary” regarding Brexit in the UK after Article 50 is triggered at the end of the month.
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