Credit Agricole S.A.

Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.
  • TickerACA
  • ISINFR0000045072
  • ExchangeEuronext Paris
  • SectorBanks
  • CountryFrance

CREDIT AGRICOLE sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of CREDIT AGRICOLE (FR), active in the Money Center Banks industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date September 11, 2020, the closing price was EUR 8.52 and its target price was estimated at EUR 6.61.

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/08/2020

The future European taxonomy should prove advantageous to groups like Schneider Electric, for which “green sales” already represent 70% and help its clients save an average of 40 Mt in CO2 per annum. On our reckoning, this is equivalent to € 8.3bn in “hidden green value” (€ 15 per share) which could result in more robust future growth. Apart from this ESG impact, the group should see a marked rebound in its results in 2021-2022 with FCF reaching a new threshold thus confirming the ong...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/09/2020

La future taxonomie européenne devrait avantager des groupes comme Schneider Electric, dont 70% du chiffre d’affaires est déjà « vert » et qui permet à ses clients d’économiser chaque année 40 Mt CO2 en moyenne. Ceci équivaut, selon nous, à 8.3 Md€ de « valeur verte cachée » (15 €/action) qui pourrait se retrouver dans une croissance future plus soutenue. Outre cet impact ESG, le groupe devrait connaître un net rebond de ses résultats en 2021-22 et le FCF a franchi un nouveau seuil co...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/...

Matthieu DRIOL

Analyse court terme - CREDIT AGRICOLE : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 11,105 €, puis 10,598 €. Le franchissement de 13,120 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - CREDIT AGRICOLE : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €11.105, then €10.598. Passing €13.120 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - CREDIT AGRICOLE : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 11,105 €, puis 10,598 €. Le franchissement de 13,120 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - CREDIT AGRICOLE : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €11.105, then €10.598. Passing €13.120 would question the continuation of the fall.

Jean Sassus ...
  • Steven Gould

ODDO : Next please!

>Conclusion – Domestic consolidation via share swaps - The planned tie-up between CaixaBank/Bankia has revitalised the theme of consolidation. However, we think that the likelihood of major deals remains limited with Deutsche Bank/Commerzbank at the top of the list:Domestic operations are still the most likely due to persistent obstacles to major cross-border deals. It is these deals that offer the greatest potential for tangible and rapidly achievable cost-cutti...

Jean Sassus ...
  • Steven Gould

ODDO : Au suivant ?

>Conclusion – Consolidations domestiques par échanges de titres - Le projet de rapprochement CaixaBank/Bankia relance le thème de la consolidation. Nous estimons cependant que le potentiel pour des opérations majeures reste limité avec DBK/CBK en tête de liste :Les opérations domestiques restent les plus probables compte tenu des obstacles persistants aux grandes opérations transfrontalières. Ce sont celles qui offrent le potentiel de réductions de coûts le plus ...

Jean Sassus ...
  • Steven Gould

Credit Agricole : A solid Q2 2020 overall

>Fairly reassuring performance at the operating/balance sheet level in the absence of clear guidance - Crédit Agricole SA (CASA) reported a broadly solid set of Q2 2020 results at the underlying level, confirming the favourable trend in operating jaws (revenues – costs) and therefore the capacity to absorb the cost of risk. Reported net profit came in well ahead of expectations at € 954m, +37% vs the consensus, -22% y-o-y) despite the high level of the cost of r...

Jean Sassus ...
  • Steven Gould

Crédit Agricole : Un T2 2020 globalement solide

>Opérationnel/bilanciel plutôt rassurant faute de guidance claire - CASA publie des chiffres au T2 2020 globalement solide sur l’underlying, confirmant l’orientation favorable en matière de levier opérationnel (revenus – coûts) et donc la capacité d’absorption du coût du risque. Le RN publié ressort assez nettement supérieur aux attentes à  954 M€, +37% vs cons, -22% yoy) malgré le niveau élevé du CdR sur la période (0.9 Md€ soit x2.5 yoy) grâce à :Une bonne...

Jean Sassus ...
  • Steven Gould

Credit Agricole : Well placed to deal with the crisis

>CoR trend: no detailed guidance but some reassuring elements - The group still has not provided detailed guidance on the CoR for 2020 given persistent and significant uncertainties (particularly as regards the situation on government policy in France/Italy for support and economic stimulus measures after the crisis). But it is likely to rise over the coming quarters due, this time, to bucket 3 provisioning (proven NPL) and ongoing provisioning for buckets 1 & 2. The ...

Credit Agricole S.A.: Update to credit analysis

Our credit view of CASA, reflecting the mutualist group's dominant retail banking and insurance franchises in France, with highly diversified sources of income.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/02/2020 - Crédit Agricole

Crédit Agricole (Achat) : RN de €4,8 mds (+10,1%) en 2019 KBC Group (Achat): RN de €2,5 mds (-3,2%) en 2019 Unipol (Achat) : RN de €903m (+124,9%) en 2019 Renault (Conserver) : Perte nette de -€141m (vs 3,3 mds) en 2019 Wirecard (Achat) : EBITDA préliminaire de €785m (+40%) en 2019 Vivendi (Conserver) :  RN de €1,6 md (vs €127m) en 2019 Bombardier (Achat) : Cède ses parts dans le partenariat ACLP avec Airbus   Emetteurs : Crédit Mutuel Arkea, Zone Euro - Prévisions, Rabobank, KBC Group, Barclays, Unipol, Renault, Eutelsat, Wirecar...

Elisabeth Rudman ...
  • Vitaline Yeterian

European Banking: Key Themes in 2020

With prolonged ultra-low interest rates affecting European banks’ revenues, in 2020 it will be key for banks to reduce operating costs further, while maintaining necessary investments in IT, regulatory and compliance requirements. Other key themes that DBRS Morningstar considers important in 2020 include the importance of banks having adequate controls in place to manage operational risks, regulators and investors making increasing demands on banks to recognise the impact of climate change, and further reductions in non-performing loans (NPLs) in high NPL countries.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 18/12/2019 - FedEx- FR

Fedex (Vente vs Conserver) : Nouvel avertissement sur les résultats JAB Holding : Envisage une introduction en bourse de son activité café Crédit Agricole (Achat) : Dépréciation de l'écart d'acquisition sur sa filiale LCL d’environ €600m Peugeot PSA (Achat) et Fiat Chrysler Automobiles (Achat) : Feu vert pour la fusion Takko Fashion (Conserver vs Achat) - 9M-19 : EBITDA de €132m (+25,6%) Hema (Vente) - 9M-19 : EBITDA de €70m (-3,8%) Atlantia (Conserver) : L'Etat italien prévoit de repousser à début 2020 sa décision sur la concession itali...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/08/2020

The future European taxonomy should prove advantageous to groups like Schneider Electric, for which “green sales” already represent 70% and help its clients save an average of 40 Mt in CO2 per annum. On our reckoning, this is equivalent to € 8.3bn in “hidden green value” (€ 15 per share) which could result in more robust future growth. Apart from this ESG impact, the group should see a marked rebound in its results in 2021-2022 with FCF reaching a new threshold thus confirming the ong...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/09/2020

La future taxonomie européenne devrait avantager des groupes comme Schneider Electric, dont 70% du chiffre d’affaires est déjà « vert » et qui permet à ses clients d’économiser chaque année 40 Mt CO2 en moyenne. Ceci équivaut, selon nous, à 8.3 Md€ de « valeur verte cachée » (15 €/action) qui pourrait se retrouver dans une croissance future plus soutenue. Outre cet impact ESG, le groupe devrait connaître un net rebond de ses résultats en 2021-22 et le FCF a franchi un nouveau seuil co...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/10/2020

...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/08/2020

...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/06/2020

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CREDIT AGRICOLE sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of CREDIT AGRICOLE (FR), active in the Money Center Banks industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date September 11, 2020, the closing price was EUR 8.52 and its target price was estimated at EUR 6.61.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Crédit Agricole – AGM 13 May 2020

Disclaimer: ECGS does not provide any service to the Company, except assistance on managing their voting guidelines and governance data (provided by Proxinvest, the French partner of ECGS).       In the context of the Covid-19 crisis and in line with the recommendations of the European Central Bank expressed on 27 March, the bank doesn not pay dividends as long as the coronavirus crisis persists and "at least until the beginning of October 2020" (resolution 3). ECGS would have appreciated that the resolution relating to shares cancellation be withdrawn for the sake of consistency (resolution ...

Crédit Agricole SA- Assemblée Générale des actionnaires du 13 mai 2020

L'assemblée générale se tiendra à huis clos en raison de la crise du Covid-19. Dans ce contexte, et conformément à la recommandation de la BCE, la société a renoncé à verser un dividende, ce qui semble être une sage décision au regard des circonstances actuelles (résolution 3). En revanche, Proxinvest aurait apprécié, dans un souci de cohérence et en raison du rôle particulier des banques dans le financement de l'économie, que la résolution portant sur la réduction de capital soit retirée (résolution 38). GouvernanceDe nombreuses résolutions portent sur des nominations et renouvellements de m...

Crédit Agricole - Assemblée générale des actionnaires du 21 mai 2019

Comme chaque année, la société propose l'approbation de chaque nouvelle convention réglementée dans des résolutions spécifiques, ce qui permet aux actionnaires de les approuver une par une. En revanche, les anciennes qui continuent de poursuivre leurs effets ne sont pas soumises au vote des actionnaires alors que l'assemblée générale doit statuer sur le rapport spécial selon le Code de commerce, ce qui est regrettable. Le faible taux d'indépendance d'un conseil trop nombreux nous empêche de soutenir le renouvellement des mandats de trois administrateurs. Cependant, la séparation des fonctions...

Expert Corporate Governance Service (ECGS)

Crédit Agricole - AGM and EGM 21 May 2019

Disclaimer: ECGS does not provide any service to the Company, except assistance on managing their voting guidelines (provided by Proxinvest, the French partner of ECGS).  As in previous years, the Company proposes the approval of each new regulated agreement in specific resolutions, which allows shareholders to approve them one by one. However, ECGS regrets that the former ones that continue to have an effect are not submitted to the vote of shareholders.  Given the size and lack of independence on board, ECGS will not support the re-appoints of: Véronique Flachaire, Jean-Pierre Gaillard and...

Crédit Agricole – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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