BNP Paribas S.A.

BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.
  • TickerBNP
  • ISINFR0000131104
  • ExchangeEuronext Paris
  • SectorBanks
  • CountryFrance

Analysts

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...

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...

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...

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...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Overweight Global Technology & Industrials The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM. Below we highlight attractive and actionable themes within developed int'l markets: • Technology and Industrial Manufacturing. Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account fo...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leadersh...

Matthieu DRIOL

Analyse court terme - BNP PARIBAS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 45,725 €, puis 42,294 €. Le franchissement de 55,251 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - BNP PARIBAS : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €45.725, then €42.294. Passing €55.251 would question the continuation of the fall.

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...

BNP Paribas: 1 director bought

A director at BNP Paribas bought 12,450 shares at 27.130EUR and the significance rating of the trade was 87/100. 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 board ...

Charles Lepetitpas ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Hela Zarrouk
  • Jean Sassus
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas Thorez
  • Nicolas David
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 03/18/2020

...

Jean Sassus ...
  • Steven Gould

ODDO : Corporate lending – limited risk of a credit crunch

>Total lending – continued growth in January - According to Banque de France data at end-January 2020, outstanding loans to companies continued to enjoy growth, driven more by long-term financing:Total outstanding financing for companies for December stood at around € 1.694tn with € 1.063tn of bank loans and € 630bn of bond financing. This figure is down on its maximum in October 2019 but up y-o-y (+5.4%). The slight slowdown on the trend in Q3 2019 (+6.1% to +6....

BNP Paribas: Q4 19 results: Strong recovery in investment banking and steady execution of transformation plan benefit performance

In Q4 2019, revenues rose 12% mainly boosted by investment banking revenues. Operating expenses rose 5% due to business growth but transformation plan supported positive JAWS effect.

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 10/12/2019 - Secteur bancaire

Secteur bancaire : Vers un peu plus de souplesse pour verser des dividendes via l’article 104a sous CRD5 Rallye (Vente) : Un plan de sortie de sauvegarde sur 10A Télécoms (Surpondérer) : De multiples opérations de cession de tours télécoms en 2019 Banco BPI : Annonce son exigence de capital réglementaire (SREP) 2020 Alstom (Conserver) : Contrat à €800m en Australie Valeo (Conserver) : Vise un cash-flow libre entre €1,3 md et  €1,5md en 2022 Azimut (Achat) : Fitch dégrade sa note à BBB-, la perspective est stable BNP Paribas (Conser...

BNP Paribas: Update following rating affirmation

Our credit view of BNP Paribas, reflecting a well-diversified business model generating stable earnings, improving capitalisation and liquidity, partly offset by high wholesale funding.

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

...

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 – COMMENTAIRES DETAILLES 18/03/2020

...

Benoit Valleaux ...
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2020

Investors are desperately trying to determine a floor for the valuation of indices. Until this is achieved the risk/opportunity ratio cannot be calculated and volatility will persist. We therefore understand that the winning “Buy the Dip” mantra since March 2009 is no longer a magic utterance. We propose four scenarios (weak shock, moderate shock, strong shock, and crisis) and five methods to calculate the Stoxx 600 target. In short, if you believe the epidemic will be rapidly brought...

BNP PARIBAS reduced its risk exposure resulting in an upgrade to Slightly Positive

BNP PARIBAS (FR), a company active in the Money Center Banks industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as moderately risky. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date December 31, 2019, the closing price was EUR 52.83 and its potential was estimated at EUR 57.18.

Ibrahim Firdaus

BNP Paribas SA

Ibrahim Firdaus

BNP Paribas

Ibrahim Firdaus

BNP Paribas

Expert Corporate Governance Service (ECGS)

BNP Paribas - AGM 23 May 2019

ITEM 12: ECGS supports the 2019 executives’ remuneration policy as the company proposes 2 positive changes: the addition of a CSR criterion distinct from the other qualitative criteria and the confirmation by the Board and the CEO that he could not benefit from his non-compete agreement if he retires or after 65 years old, in accordance with the Afep/Medef code as revised in June 2018. ITEMS 14 and 15: Likewise, we support the amounts granted in 2018 to executives as they are acceptable. We note however that more disclosure, mainly on targets to achieve and vesting scales, could improve shareh...

Jehanne Leroy

BNP Paribas - Assemblée générale des actionnaires du 23 mai 2019

Proxinvest ne fournit pas de services au groupe BNP Paribas à l'exception de la fourniture de recherche, conseils de vote ou service de conseil relatif au suivi des franchissements de seuils statutaires fournis à une ou plusieurs entités de gestion d'actifs du groupe. Proxinvest soutient la politique de rémunération 2018 des dirigeants en raison des 2 améliorations proposées qui rendent cette nouvelle politique de rémunération préférable à la précédente : l'inclusion d'un critère de RSE distinct des critères qualitatifs et la confirmation apportée par le conseil et le Directeur général que c...

BNP Paribas – 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...

Jehanne Leroy

Proxy Report - 24/05/2018

ITEM 13: Proxinvest supports the 2018 executives’ remuneration policy as the overall structure is acceptable and as the company discontinued the option to grant exceptional remuneration. ITEMS 15 and 16: Likewise, we support the amounts granted in 2017 to executives as they are acceptable. We note however that more disclosure could improve shareholders' understanding of amounts granted.

Jehanne Leroy

Proxy Report - 24/05/2018

Proxinvest soutient la politique de rémunération 2018 des dirigeants en raison de la structure équilibrée de celle-ci, mais surtout en raison de la suppression de la possibilité d’attribuer une rémunération exceptionnelle. De la même façon, nous soutenons également les rémunérations attribuées en 2017 au regard de leurs montants et structure acceptables. Cependant, nous encourageons la société à améliorer sa communication afin que l'actionnaire puisse avoir une parfaite compréhension des montants attribués et de leur lien avec les performance effectuées.

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