Credit Suisse Group ADS

  • TickerCSn
  • ISINUS2254011081
  • ExchangeMexican Stock Exchange
  • SectorBanks
  • CountrySwitzerland

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior

Johann Scholtz

Morningstar | Wealth Management Business Earns Credit Suisse a Narrow Moat

The profitability of Credit Suisse’s core businesses comfortably exceeds its cost of capital; we estimate a midcycle return on equity of 12% compared with our cost of capital estimate of 10%. A few issues have concealed the company’s true profitability. As part of the process of derisking the business away from volatile sales and trading, Credit Suisse has run down a massive noncore book of EUR 130 billion to EUR 20 billion since 2015, incurring cumulative before-tax losses of EUR 15 billion in the process. To add insult to injury, Credit Suisse has incurred legal expenses of CHF 7 billion ove...

Johann Scholtz

Wealth Management Business Earns Credit Suisse a Narrow Moat

Credit Suisse reported net profit of CHF 749 billion for the first quarter of 2019, which is 8% higher than the first quarter of 2018 and 11% higher than consensus expectations for the first quarter. The increase was, however, solely the result of a lower tax rate--pretax profits of CHF 1.1 billion was stable compared with the first quarter of 2018. We are looking for a full-year increase of 39% in pretax profits, which may look a bit rich considering the flat first quarter. We do, however, high...

Johann Scholtz

Morningstar | New CSGN Company Report

The profitability of Credit Suisse’s core businesses comfortably exceeds its cost of capital; we estimate a midcycle return on equity of 12% compared with our cost of capital estimate of 10%. A few issues have concealed the company’s true profitability. As part of the process of derisking the business away from volatile sales and trading, Credit Suisse has run down a massive noncore book of EUR 130 billion to EUR 20 billion since 2015, incurring cumulative before-tax losses of EUR 15 billion in the process. To add insult to injury, Credit Suisse has incurred legal expenses of CHF 7 billion ove...

Johann Scholtz

New CSGN Company Report

Credit Suisse reported net profit of CHF 749 billion for the first quarter of 2019, which is 8% higher than the first quarter of 2018 and 11% higher than consensus expectations for the first quarter. The increase was, however, solely the result of a lower tax rate--pretax profits of CHF 1.1 billion was stable compared with the first quarter of 2018. We are looking for a full-year increase of 39% in pretax profits, which may look a bit rich considering the flat first quarter. We do, however, high...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Downgrading Manufacturing and Materials; Large-cap Financials at critical support Sector Relative Strength Rankings. Heightened trade war concerns and related China growth worries have fueled the recent risk-off Sector rotations. Cap-weighted Materials and Manufacturing have fallen to the bottom of our ranks and relative strength is breaking down, as they would likely be hardest-hit if retaliatory tariffs come to fruition. Due to relative strength breakdowns, we are downgrading both Materials and Manufacturing to underweight... see below and page 2. Market internals. So far the S&P 500 has ...