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BNP realized an outstanding Q1 22 thanks to a strong beat in Global Markets as the bank benefited from the volatile market environment over the quarters. Strong growth also occurred in retail banking (above expectations) while IPS (asset gathering) was flat yoy with the insurance revenue decline offsetting growth in AM & WM. Expenses were a tad disappointing, as the C/I ratio deteriorated slightly. The cost of risk declined considerably thanks to the release of provisions made by Bancwest. The 2
Companies: BNP Paribas (BNP:EPA)BNP Paribas S.A. Class A (BNP:PAR)
BNP delivered mixed results in Q4 21, beating consensus regarding its net result and pre-tax income thanks to lower LLPs allowed by some provision releases. Yet, revenues were slightly disappointing with a negative surprise in CIB due to faltering FICC trading while costs rose far above expectations, resulting in a worsening cost/income ratio. Despite these snags, management unveiled its 2025 strategic plan with ambitious growth and profitability targets.
According to Reuters, BNP Paribas has hired US investment banks regarding the sale of its US retail banking subsidiary Bank of the West. BNPP is looking for a price of about €13bn, twice as much as our valuation in our SOTP and equal to a P/E of 28x (2022 consensus estimates).
Thist has been in the air since the sale of BBVA US in November 2021 and it is now becoming reality (especially considering the price mentioned).
BNP Paribas released this morning its numbers for Q3 21. These were overall better than expected at the P&L level (higher than expected revenues leading to an higher gross operating income) with a beat in almost all operating divisions. Guidance is unchanged.
The bank also announced a €900m share buy-back programme which leads to an equivalent 60% pay-out ratio for 2021 (in line with what is expected to be announced at the February 2022 CMD). We will slightly adjust upwards our expectations.
BNP Paribas released its numbers for Q2 21. These were above expectations across-the-board and, more importantly, of good quality. Retail banking activities’ revenues were indeed well above expectations (driven by France and Belgium). The share price reaction is limited despite a positive change in the guidance (revenues expected to be higher than previously anticipated) as investors were maybe expecting more colour/numbers on the guidance. The CET1 ratio at 12.9% is comfortably above requiremen
BNP Paribas released this morning its numbers for Q2 20. The results were good at all levels with revenues above expectations and costs under control in retail and international banking. Loan losses were also below expectations and in line with Q1 20, underlining an implicit 65bp cost of risk guidance for FY2020. Net income guidance for FY2020 is unchanged at -15% to -20% vs FY2019. The CET1 ratio was 50bp above expectations and 40bp higher qoq.
Companies: BNP Paribas S.A. Class A
BNP Paribas released its Q1 20 numbers this morning. Overall these were better than expected despite higher loan losses. Guidance is also above expectations with a 15-20% decrease in 2020 net income (vs 2019) expected by the bank vs -30% for the consensus.
The capital ratio has remained solid at 12% (the allocation of the 2019 dividend has indeed offset the increase in total RWA due to COVID-19).
BNP Paribas released its numbers for Q42019 this morning. Adjusted profit before loan losses was 4.5% higher than expected driven by both retail banking and the CIB. Management revised its ROTE expectations downwards for 2020 at 10% (vs. 10.5% previously). That was still in line with consensus expectations.
CET1 ratio at 12.1% was solid, while some measures to come could alleviate the impact of Basel IV.
This morning BNP Paribas released its numbers for Q319. The beat in revenues versus expectations was mostly driven by a decent quarter in investment banking (both financing and capital markets). Costs were under control with a limited 2% increase YoY (despite revenues 5% higher). The CET1 ratio at 12% this quarter was in line with BNP Paribas’ quarterly capital generation (10bps).
BNP Paribas released this morning its numbers for Q2 19. Profit before loan losses was 6% above expectations, driven by better than expected activities in the capital markets division. The CET1 ratio at 11.9% is 20bp higher qoq (and only 10bp short of the 2020 target).
BNP Paribas’ P&L numbers were better than expected as the CIB showed some comforting signs.
Guidance for 2020 is reiteriated regarding ROE (9.5%) and cumulated cost-savings.
This morning BNP Paribas released its numbers for Q318.
Total revenues at €10.35bn were disappointing as these are 1.3% below expectations and 3.2% below our own forecasts. The CIB and Domestic Markets divisions led the miss (the IFS division posted revenues above expectations).
Total expenses were roughly in line with expectations and above our own numbers. Hence profit before loan losses at €3.075bn was 4.5% below expectations and about 10% below our forecasts.
Capital generation was quite
BNP Paribas’ share price is down more than 3% this morning on fears in Turkey. Due to US sanctions, Turkey’s currency has plunged by more than 30% this year. BNP Paribas has an exposure via the Turkish bank TEB (of which it owns about 80%).
We are using a currency risk approach, EBA’s last stress tests and BNP Paribas’ annual report to put some colour on the bank’s risk in Turkey.
BNP Paribas has released its numbers for Q2 18.
Total revenues at €11.2bn were 2.7% above expectations (1.5% below our own forecasts) mainly driven by the International and Financial Services division.
Total expenses at €7.37bn were 0.8% higher than expected (in line when adjusting for higher expenses in the corporate centre) and 1.5% above our forecasts.
Profit before loan losses at €3.85bn was therefore 6% above expectations.
The CET1 ratio at 11.5% is slightly below expectations and 10bp
BNP Paribas announced this morning its numbers for Q4 17.
Total income at €10.53bn was 0.5% higher than expected while total expenses were 2.8% above expectations.
Adjusted for higher than expected expenses in the corporate centre, total expenses were just 0.5% short of expectations.
(Adjusted) profit before loan losses and taxes at €3.085bn is therefore 0.6% above expectations.
Guidance for 2020 was reiterated and the CET1 ratio was flat qoq at 11.8%.
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Companies: H&T Group plc
Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E
Companies: Urban Logistics REIT plc
Singer Capital Markets
Mercia Asset Management reported FY22 results, with a significant uplift in adj. operating profit to £8.4m, driven by strong management fee margins of >2% on stable FuM as well as strong finance income during the year. Group AuM has grown to >£1bn post period end, driven by fundraises across the Northern VCTs. The Group is well set to achieve its Mercia 20:20 Vision, with ~£27m (~46%) of its cumulative three-year PBT target delivered in year one. We increase our adj. EBITDA forecasts by 1-26% on
Companies: Mercia Asset Management PLC
1 July 2022
Status of this Note and Disclaimer
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives
Companies: VTU ADME ARCM LVCG MANO NMT PGH SLE
Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini
Companies: UKOG TXP SQZ BLOK AOI 88E ZPHR GPRK GPRK CEG AXL
Augmentum Fintech has delivered a strong finish to FY22, with NAV per share up 19% YoY and +9% HoH to 155.2p, driven by both investments and positive fair value changes across the majority of its portfolio companies. The 23% IRR since IPO is above the Group’s 20% Internal Target Return, demonstrating overall attractive investment performance. Post-period end The Group has invested £4.0m in new portfolio company Kenbi and the £43m proceeds from the sale of its stake in ii strengthens AUGM’s cash
Companies: Augmentum Fintech
Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including
Companies: Marlowe Plc
Companies: Real Estate Investors plc
Dish of the day
Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators).
No Leavers Today.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan
Companies: VAST TSTL 7DIG AHT CMX JADE
Further to its strategic review, Palace Capital intends to focus on becoming an ESG driven, regional office market specialist. To that end the company has announced a new £46.5m property disposal programme including its entire industrial property portfolio with the proceeds to be reinvested into the office sector. Palace Capital has also announced a buyback for up to 5% of its shares and continues to review its cost base. The outcome of the strategic review is to sharpen the focus on themes mana
Companies: Palace Capital plc
The final decision on CRB III (see below) on streaming revenues is positive for Songwriters, Music publishing and Hipgnosis (SONG). The decision will result in addition revenues being paid to SONG over the coming periods. We view the ruling as positive and evidence of a continuing shift in the understanding of the value of a Songwriter’s contribution to a hit record and the willingness of industry stakeholders to recognise it. YTD SONG has de-rated significantly and currently trades on a 23.8% d
Companies: Hipgnosis Songs Fund Limited Shs GBP
Companies: D4T4 NTQ FEN IOG PMG SAV SCE
Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears
Companies: Personal Group Holdings Plc
NESF has extended one of its revolving credit facilities giving it £48m of additional lending. The fund has created several new areas for potential asset growth including co-investment alongside NPIII in international projects, stand alone battery projects with Eelpower and co-located battery projects at its existing solar sites. The new facility gives the fund the firepower to capture these opportunities.
Companies: NextEnergy Solar Fund Ltd