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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/07/2020

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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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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 ...

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

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

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 ...

Jean Sassus ...
  • Steven Gould

Crédit Agricole : CASA bien positionnée face à la crise

>Evolution du CdR : pas de guidance chiffrée mais des éléments d’appréciation rassurants - Le groupe se refuse toujours à ce stade à fournir une guidance chiffrée sur le CdR pour l’exercice 2020 compte tenu de la persistance d’importantes incertitudes (notamment sur l’évolution des politiques publiques en France/Italie en matière de mesures de soutien et de relance économique post-crise). Il est toutefois probable que celui-ci augmente au cours des prochains trimestre...

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

Jean Sassus ...
  • Steven Gould

ODDO : Corporate debt – accelerating growth

>Total debt – marked growth in corporate debt - According to Banque de France data at end-April 2020, growth in outstanding corporate financing is accelerating:Total outstanding corporate financing for April came in at around € 1,802bn, with € 1,127bn in bank loans and € 674bn in bond financing. The pace of growth (+9.3% y-o-y) and the total amount set new records.Bank lending up +8.6% y-o-y, which marks an increase on the pace in March (6.8%). The faster p...

Jean Sassus ...
  • Steven Gould

ODDO : Endettement des entreprises – Accélération de la croissance

>Endettement total – Forte croissance de l’endettement des corporates - Selon les données de la Banque de France à fin avril 2020, la croissance des encours de financement aux entreprises accélère:L’encours total des financements aux entreprises pour le mois d’avril ressort à environ 1 802 Md€ dont 1 127 Md€ de crédits bancaires et 674 Md€ de financement obligataire. La croissance (+9.3% YoY) et le montant total établissent un record.Crédits bancaires +8.6% ...

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...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/07/2020

...

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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Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2020

The cost-cutting plan helps address the group’s underlying weaknesses, but we do not think it is enough given the prospect of volumes remaining under persistent pressure. Our 2022 estimates, which are ~20% below the consensus, are still well short of the already weak 2019 level for most metrics, particularly the auto margin and FCF. Against this backdrop, the valuation argument alone does not carry enough weight and we are maintaining our Neutral rating, as we prefer Volkswagen and Pe...

Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2020

Le plan de réduction de coûts répond, certes, aux faiblesses du constructeur mais ne nous semble pas suffisamment tenir compte d’un environnement volumes durablement dégradé. Ainsi, nos estimations 2022, ~20% inférieures au consensus, restent largement inférieures à 2019 sur la plupart des agrégats, notamment la MOP Auto et le FCF. Dans ce contexte, l’argument de la valorisation ne nous semble pas, seul, pertinent et nous maintenons notre opinion Neutre, préférant Volkswagen et Peugeo...

Jean Danjou ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/09/2020

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An increasingly favourable environment allows CREDIT AGRICOLE SA to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of CREDIT AGRICOLE SA (FR), a company active in the Money Center Banks industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date June 5, 2020, the closing price was EUR 9.10 and its expected value was estimated at EUR 7.28.

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 week...

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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