Societe Generale

Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.
  • TickerGLE
  • ISINFR0000130809
  • ExchangeEuronext Paris
  • SectorBanks
  • CountryFrance
Research Department

INFORME DIARIO 13 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CELLNEX, MELIA HOTELS, TECNICAS REUNIDAS, TELEFONICA. EUROPA: SECTOR LUJO, SOCIÉTÉ GÉNÉRALE A la espera de acontecimientos La jornada del viernes fue de relativa estabilidad (con subidas) en una sesión sin referencias macroeconómicas importantes y a la espera de que los jefes de Estado y de Gobierno de la UE debatan en la cumbre del 17 de julio una nueva propuesta para el Fondo de recuperación económica que contempla un mayor control para el desembolso de las ayudas al requerir el visto bueno previo de una mayoría de los países. Así, en el Euro S...

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...

Matthieu DRIOL

Analyse court terme - SOCIETE GENERALE-A : 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 31,967 €, puis 30,642 €. Le franchissement de 38,400 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - SOCIETE GENERALE-A : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €31.967, then €30.642. Passing €38.400 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - SOCIETE GENERALE-A : 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 31,967 €, puis 30,642 €. Le franchissement de 38,400 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - SOCIETE GENERALE-A : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €31.967, then €30.642. Passing €38.400 would question the continuation of the fall.

Research Department

INFORME DIARIO 13 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CELLNEX, MELIA HOTELS, TECNICAS REUNIDAS, TELEFONICA. EUROPA: SECTOR LUJO, SOCIÉTÉ GÉNÉRALE A la espera de acontecimientos La jornada del viernes fue de relativa estabilidad (con subidas) en una sesión sin referencias macroeconómicas importantes y a la espera de que los jefes de Estado y de Gobierno de la UE debatan en la cumbre del 17 de julio una nueva propuesta para el Fondo de recuperación económica que contempla un mayor control para el desembolso de las ayudas al requerir el visto bueno previo de una mayoría de los países. Así, en el Euro S...

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 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% ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 29/11/2019 - Zurich Insurance - EN

Zurich Insurance (O/P): A Targeted Acquisition, But No Interest In Major Cross Border Mergers Société Générale (O/P): Plans To Raise €120bn For Energy Transition (2019-2023) CNH Industrial (O/P): Announces A €300m Bond Tender Offer Louis Dreyfus (M/P): Will Overhaul Its Operations And Cut Costs Grupo Antolin (U/P) - 9M-19: Operating Income of €89m (-19.5%) Matterhorn Telecom - 9M-19: EBITDA of CHF385m (+7.4%) Petrobras (M/P): Plans To Reduce Its Net Debt / EBITDA ratio

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 29/11/2019 - Zurich Insurance - FR

Zurich Insurance (Achat) : Une acquisition ciblée, mais pas d’intérêt pour des fusions importantes Société Générale (Achat): Prévoit de lever €120 mds pour la transition énergétique (2019-2023) CNH Industrial (Achat) : Annonce un rachat obligataire de €300m sur 3 souches Louis Dreyfus (Conserver) : S'engage dans une réduction de ses coûts Grupo Antolin (Vente) - 9M-19 : Résultat opérationnel de €89m (-19,5%) Matterhorn Telecom - 9M-19 : EBITDA de CHF385m (+7,4%) Petrobras (Conserver) : Prévoit de réduire son levier dette nette / EBITDA

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - FR

Intesa SanPaolo (Achat) : RN en hausse de +9,9% à €3,3 mds (soit le niveau le plus élevé depuis 2008) sur les 9M-19 Hannover Re - 9M-19 : Résultat opérationnel de €1,4 md (+20,6%) Société Générale (Achat) - 9M-19 : RN de €2,6 mds (-24,5%) Casino (Achat CT, Conserver LT) : Lance son offre de rachat obligataire sur les souches 2020 Avis (Achat) - 9M-19 : EBITDA de $645m (+1%) Hertz Global Holdings (Vente) - 9M-19 : EBITDA de $595m (+54,9%) Orpea (Achat) : Relève son objectif pour 2019 et attend une croissance du CA de +9,2% Bureau ...

Alain LOPEZ ...
  • Christine KAM
  • Gilles de BOURROUSSE
  • Jan PATTEYN
  • Louis GUINTRANGE NONCHEZ

*** Octo - Creditorial - 05 June 2018 ***

Octo - Creditorial - 05 June 2018

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

...

Jean Danjou ...
  • Jean Sassus
  • Steven Gould

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

...

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 ...

An increasingly favourable environment allows SOCIETE GENERALE SA to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of SOCIETE GENERALE 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 16, 2020, the closing price was EUR 14.89 and its expected value was estimated at EUR 14.17.

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...

Jehanne Leroy

Société Générale - Assemblée Générale des actionnaires du 19 mai 2020

RémunérationsLa part qualitative du bonus des dirigeants est trop élevée et la société devrait mieux expliquer comment elle a été déterminée (bien que la communication concernant les critères RSE s’améliore). Cependant, la performance de la société sur l’exercice est plutôt bonne, et les montants sont en ligne avec les pratiques. De plus, le critère de TSR de la rémunération long-terme ne permet plus l’acquisition en cas de performance inférieure à la médiane. Pour ces raisons, nous soutenons les rémunérations 019 des dirigeants (résolutions 10 à 14). Toutefois, les rémunérations du Président...

Expert Corporate Governance Service (ECGS)

Société Générale – AGM 19 May 2020

Notice of meeting of 15/4/20 (): - Change of meeting venue - No dividend ITEM 8: The compensation of the Chairman of the Board is excessive (157% of the median total compensation of CAC 40 chairmen) and ECGS is calling for a change in the Chairman's compensation policy. Pursuant to paragraph 2 of II of Article L. 225-100 of the French Commercial Code, only the rejection of the resolution to approve the information report on compensation (resolution 8) would oblige the Board to present a revised compensation policy to the general meeting of shareholders. ECGS would like to see the Board prop...

Expert Corporate Governance Service (ECGS)

Société Générale - AGM 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). ITEMS 9 to 13: the company proposes some improvements on post-employment benefits. We support these changes. ITEM 15: the 2019 remuneration policy proposes 2 major changes which correspond to criticisms ECGS made on previous years: firstly, the LTI TSR criterion will no longer allow vesting in case of performance below the median. Secondly, the company proposes to add a solvency ratio among the annual bonus criteria. As this ...

Jehanne Leroy

Société Générale - Assemblée générale des actionnaires du 21 mai 2019

Note : Proxinvest ne fournit aucun conseil à la société hors l'assistance pour la gestion de la politique de vote des actions détenues. Rémunérations :La politique de rémunérations 2019 propose 2 modifications majeures répondant à des critiques de Proxinvest : la grille d’acquisition du critère TSR de l’intéressement à long-terme ne permettra plus l’acquisition en cas de performance inférieure à la médiane et la société a ajouté un critère de solvabilité à ses critères quantitatifs du bonus annuel. En raison de ces modifications, nous soutenons cette politique de rémunération, préférable à la...

Société Générale – Proxinvest Corporate Governance Rating ® : B

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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