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

Analysts

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/06/2020

A sector hard hit by COVID-19, with EPS estimates slashed by 35% and target prices by >25%; many high-risk stocks (e.g. Haulotte, Manitou, Exel Industries …) and few safe profiles (e.g. Albioma, Rubis and GTT). - ...

Jean Sassus ...
  • Steven Gould

ODDO : Loans to households – Last data before the lockdown

>Pick-up in growth - before the pandemic - Banque de France yesterday reported figures for lending to households at the end of February 2020:Total lending to households at the end of February came to € 1,277bn, pointing to y-o-y growth of 6.8% vs 6.1% at the end of January. Housing loans were up +7.1% y-o-y, with a pick-up in growth after a break in January (6.3% y-o-y). Outstanding housing loans came to € 1,089bn, higher than the € 1,077bn of January 2020. ...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/04/2020

Un secteur très impacté par COVID-19 avec une révision en baisse de ~35% des BPA et >25% de nos OC – De nombreux dossiers à risque élevé (Haulotte, Manitou, Exel Industries…) et rares sont les profils assez safe (Albioma, Rubis, GTT). - ...

Jean Sassus ...
  • Steven Gould

ODDO : Crédits aux particuliers – Dernières données pré-confinement

>La croissance reprend – en attendant la pandémie - La Banque de France a publié hier les chiffres des crédits aux particuliers à fin février 2020 :L’encours total de crédit aux particuliers à fin février ressort à 1 277 Md€, soit une croissance YoY de 6.8%, vs 6.1% à fin janvier. Crédits à l’habitat +7.1% YoY, reprise de la croissance après une pause en janvier (6.3% YoY). L’encours de crédits à l’habitat s’élève à 1 089 Md€, au-dessus des 1 077Md€ de janvi...

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 3/21...

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

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 : Loans to households – Last data before the lockdown

>Pick-up in growth - before the pandemic - Banque de France yesterday reported figures for lending to households at the end of February 2020:Total lending to households at the end of February came to € 1,277bn, pointing to y-o-y growth of 6.8% vs 6.1% at the end of January. Housing loans were up +7.1% y-o-y, with a pick-up in growth after a break in January (6.3% y-o-y). Outstanding housing loans came to € 1,089bn, higher than the € 1,077bn of January 2020. ...

Jean Sassus ...
  • Steven Gould

ODDO : Crédits aux particuliers – Dernières données pré-confinement

>La croissance reprend – en attendant la pandémie - La Banque de France a publié hier les chiffres des crédits aux particuliers à fin février 2020 :L’encours total de crédit aux particuliers à fin février ressort à 1 277 Md€, soit une croissance YoY de 6.8%, vs 6.1% à fin janvier. Crédits à l’habitat +7.1% YoY, reprise de la croissance après une pause en janvier (6.3% YoY). L’encours de crédits à l’habitat s’élève à 1 089 Md€, au-dessus des 1 077Md€ de janvi...

Jean Sassus ...
  • Steven Gould

ODDO : Payment of dividends postponed

>ECB postpones but does not officially cancel dividend payment for 2019 - The ECB has asked banks to suspend dividend payments until at least 1 October 2020. This move concerns dividends for 2019 and 2020. It has also asked banks to refrain from proceeding with share buybacks. We think that the ECB is also aiming at the quarterly provisioning of the 2020 dividends.These recommendations do not apply to dividends already paid. Instead, the ECB is calling for an ame...

Jean Sassus ...
  • Steven Gould

ODDO : Report du paiement des dividendes

>La BCE reporte mais n’annule pas formellement le paiement des dividendes 2019 - La BCE demande aux banques de suspendre le paiement des dividendes au moins jusqu’au 1er octobre 2020. Cela concerne les dividendes 2019 et 2020. Elle demande également aux banques de s’abstenir de mettre en œuvre des rachats d’actions. Nous estimons que la BCE vise aussi le provisionnement trimestriel des dividendes 2020.Ces recommandations ne s’appliquent pas aux dividendes déjà ve...

Credit Agricole: 1 director bought

A director at Credit Agricole bought 3,080 shares at 6.494EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

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...

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.

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/06/2020

A sector hard hit by COVID-19, with EPS estimates slashed by 35% and target prices by >25%; many high-risk stocks (e.g. Haulotte, Manitou, Exel Industries …) and few safe profiles (e.g. Albioma, Rubis and GTT). - ...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/04/2020

Un secteur très impacté par COVID-19 avec une révision en baisse de ~35% des BPA et >25% de nos OC – De nombreux dossiers à risque élevé (Haulotte, Manitou, Exel Industries…) et rares sont les profils assez safe (Albioma, Rubis, GTT). - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/03/2020

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur. AXA...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/18/2020

...

CREDIT AGRICOLE SA 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 SA (FR), active in the Money Center Banks industry. As regards its fundamental valuation, the title now shows 2 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 January 10, 2020, the closing price was EUR 12.88 and its target price was estimated at EUR 11.04.

Ibrahim Firdaus

Credit Agricole

Ibrahim Firdaus

Credit Agricole

Ibrahim Firdaus

Credit Agricole

Charles Pinel

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...

Charles Pinel

Proxy Report - 16/05/2018

Related party agreements (resolutions 4-8): We appreciate that each new agreement is submitted in a separate resolution giving shareholders the flexibility to vote for or against resolutions without having to reject the report in its entirety. However, the Company does not submit previously approved agreements to a vote, which is contrary to best practices. Remuneration (resolutions 19-24): Chairman of the Board: Quantum is reasonable compared to the median non-executive Chairman in the CAC40 Index. CEO and Deputy CEO: Remuneration 2017: Although qualitative criteria weighting for the bo...

Charles Pinel

Proxy Report - 16/05/2018

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. En ce qui concerne les rémunérations du Président du conseil et des deux dirigeants mandataires sociaux, six résolutions sont proposées. Pour le Président, les montants demeure...

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