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
Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

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-Christophe Dourret

BNP Paribas : BNP Paribas - 15 June 2020

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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.

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

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-Christophe Dourret

BNP Paribas : BNP Paribas - 15 June 2020

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Jean-Christophe Dourret

BNP Paribas : Technical Overview - 15 June 2020

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Jean-Christophe Dourret

BNP Paribas : Tour d Horizon - 15 juin 2020

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BNP Paribas: Update following Q1 2020 financial results

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.

BNP Paribas: Q1 20 results: Coronavirus crisis leads to a surge in cost of risk but net operating income shows resilience to shocks

In Q1, BNP Paribas' revenues dropped 2% year-over-year, more than offset by a 4% decline in operating expenses. Surge in cost of risk by 85% leads to a 33% drop in reported profits.

BNP Paribas: Q1 20 results: Coronavirus crisis leads to a surge in cost of risk but net operating income shows resilience to shocks

In Q1, BNP Paribas' revenues dropped 2% year-over-year, more than offset by a 4% decline in operating expenses. Surge in cost of risk by 85% leads to a 33% drop in reported profits.

Arnaud Journois ...
  • Elisabeth Rudman
  • Tomasz Walkowicz

BNPP: Q1 2020 Down on COVID-19 Related Provisions and Revenue Hit in CIB and Insurance

BNP Paribas SA (BNPP or the Group) reported a EUR 1,282 million net attributable profit in Q1 2020, down 33.2% year-on-year (YoY) from EUR 1,918 million net profit in Q1 2019. This was mainly driven by ex-ante provisions to cover the expected deterioration in economic conditions as a result of the Coronavirus Disease (COVID-19) and its impact on revenues in Equity and Prime Services and Insurance. This was partly offset by a strong decrease in operating costs on the back of the Group's cost savings plan, whilst revenues in Domestic Markets (DM) and Corporate and Investment Banking (CIB) were f...

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.

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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Jean Danjou ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/06/2020

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Benoit Valleaux ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/11/2020

Like a phoenix rising from its ashes, the US shale industry weathered the 2014 crisis and even continued to gain market share. Five years on, the sector has to contend with a veritable slump in WTI prices and this time around, there will be “a problem in Houston”. This time shale output is likely to fall and drilling equipment manufacturers will not escape completely unscathed, notably because of the risk of asset impairments. Once again, resilience will be measured by the ability to ...

Thanks to a better fundamental star rating, BNP PARIBAS sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to BNP PARIBAS (FR), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date June 9, 2020, the closing price was EUR 38.16 and its expected value was estimated at EUR 30.33.

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...

Expert Corporate Governance Service (ECGS)

BNP Paribas – AGM 19 May 2020

Press release of 2/4/20 (): cancellation of the dividend ITEM 13 and 14: The Company is not proposing any negative changes to the executive remuneration policy, so we support resolution 13. However, the remuneration policy of the Chairman does not respect our voting policy (see resolution 12: excessive remuneration), as does that of the CEO (see resolution 13: excessive fixed and total remuneration and undemanding performance criteria for long-term remuneration). However, by virtue of paragraph 2 of II of Article L. 225-100 of the French Commercial Code, only the rejection of the resolution t...

Jehanne Leroy

BNP Paribas - Assemblée Générale du 19 mai 2020

Communiqué du 2/4/20 (/sites/default/files/documents/cp_bnpp_ca_02042020_vf3_fr.pdf) : annulation du dividende. RémunérationsLa société ne propose de modification négative de la politique de rémunérations des dirigeants, aussi, nous soutenons la résolution 13. Cependant, la politique de rémunérations du Président ne respecte pas notre politique de vote (cf. résolution 12: rémunération excessive), de même que celle du DG (voir résolution 13 : rémunérations fixe et totale excessives et critère de performance de la rémunération long-terme peu exigeant). Or, en vertu de l'alinéa 2 du II de l'arti...

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...

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