Natixis is a player in the European banking industry. As the banking partner of large companies in France, Co. also plays an active role in serving financial institutions (banks, insurance companies, pension funds, etc.). Co.'s activities are divided into in three main business lines: Wholesale Banking, Investment Solutions (Asset Management, Private Banking, Insurance, and Private Equity) and Specialized Financial Services. Co. operates in four geographical regions: France; other EU countries; North America (Canada, USA); and other OECD countries. As of Dec. 31 2013 Co.'s total assets totaled Euro510,131,000,000.
  • TickerKN
  • ISINFR0000120685
  • ExchangeEuronext Paris
  • SectorBanks
  • CountryFrance
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...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Dive, Testing Major Support Global equities have gone from extreme bullish sentiment and an extended market to panic and fear over coronavirus concerns. It is virtually impossible to predict what will happen regarding the virus or how much further markets could sell off as a result. Below we explain our outlook based on what we do know, which has been dampened but is not yet dire. • Indexes Testing Major Support. Major indexes are testing long-term base support and/or support at their respective 200-day MAs. These include the MSCI ACWI, ACWI ex-US, EAFE, EM, S&P 500, Nikkei 2...

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...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Matthieu DRIOL

Analyse court terme - NATIXIS : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4,758 €. La tendance de fond serait remise en cause en cas de franchissement de 6,148 €.

Matthieu DRIOL

Short term view - NATIXIS : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €4.758. The background trend would be questioned should prices rise above €6.148.

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% ...

Jean Sassus ...
  • Steven Gould

ODDO : Household lending – activity under pressure from lockdown

>Lockdown - initial impact - The Banque de France has reported figures for lending to households at end-April 2020:Total lending to households at the end of April came to € 1,270bn, pointing to y-o-y growth of 5.1% vs 6.1% at the end of March. Housing loans at +6.0% y-o-y (vs 6.6% y-o-y n March), continuing the slowdown in growth (from 7.1% y-o-y in February). Outstanding housing loans stood at € 1,088bn, down very slightly vs end-March. This stems from a sh...

Jean Sassus ...
  • Steven Gould

ODDO : Crédits aux particuliers – Le confinement fait baisser l’activité

>Confinement - Début d’impact - La Banque de France a publié les chiffres des crédits aux particuliers à fin avril 2020 :L’encours total de crédit aux particuliers ressort à 1 270 Md€, soit une croissance YoY de 5.1%, vs 6.1% à fin mars. Crédits à l’habitat +6.0% YoY (vs 6.6% YoY en mars), poursuivant le ralentissement de la croissance (depuis 7.1% YoY en février). L’encours de crédits à l’habitat s’élève à 1 088 Md€ en très légère baisse par rapport à fin m...

Jean-Christophe Dourret

Natixis : Natixis - 31 May 2018

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Jean-Christophe Dourret

Natixis : Natixis - 31 mai 2018

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Natixis: Semiannual Update

FINANCIAL INSTITUTIONS CREDIT OPINION 28 April 2017 Update RATINGS Natixis Domicile Paris, France Long Term Debt A2 Type Senior Unsecured - Fgn Curr Outlook Stable Long Term Deposit A2 Type LT Bank Deposits - Fgn Curr Outlook Stable Please see the 

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

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Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/12/2020

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NATIXIS sees a downgrade to Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of NATIXIS (FR), active in the Money Center Banks industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date April 17, 2020, the closing price was EUR 2.01 and its target price was estimated at EUR 1.59.

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)

Natixis - AGM 20 May 2020

ITEMS 9 and 5: The new remuneration policy for the Chief Executive Officer is identical to the previous one and does not change the insufficient long-term remuneration with the possibility of acquiring shares in the event of underperformance. The rejection of resolution 9 relating to the new policy would therefore have no effect since it would then be the previous policy, which is identical, that would apply. We therefore support the absence of a negative change in resolution 9. The only way to compel the Board to propose an amended policy is to reject the resolution relating to the remunerat...

Jehanne Leroy

Natixis - Assemblée Générale du 20 mai 2020

RémunérationsLa nouvelle politique de rémunération du Directeur général est identique à la précédente et ne vient pas modifier une rémunération insuffisamment de long-terme avec la possibilité d'acquisition d'actions en cas de sous-performance. Le rejet de la résolution 9 relative à la nouvelle politique n’aurait donc aucun effet puisque ce serait alors la précédente politique, qui est identique, qui s’appliquerait. Nous soutenons ainsi l’absence de changement négatif de la résolution9. Le seul moyen de contraindre le conseil à proposer une politique amendée est de rejeter la résolution relat...

Natixis - Assemblée générale des actionnaires du 28 mai 2019

GOUVERNANCE Le 1er juin 2018, Laurent Mignon a quitté ses fonctions de Directeur Général pour devenir Président du Directoire de BPCE, principal actionnaire de Natixis avec 71% du capital. Il a succédé à François Pérol à la présidence du conseil d'administration de Natixis et François Riahi est devenu le nouveau Directeur Général. Le conseil demeure composé d'une majorité de membres non libres de conflits d'intérêts potentiels, ce qui ne permet pas de soutenir la plupart des nombreux cooptations et renouvellements proposés (résolutions 12 à 22). REMUNERATION En raison des évolutions de gou...

Expert Corporate Governance Service (ECGS)

Natixis - AGM and EGM 28 May 2019

GOVERNANCE  On 1 June  2018, Laurent Mignon left his position as Chief Executive Officer to become Chairman of the Management Board of BPCE, Natixis' main shareholder with 71% of the capital. He succeeded François Pérol as Chairman of the Board of Directors of Natixis and François Riahi became the new Chief Executive Officer.  The Board remains composed of a majority of members who are not free of potential conflicts of interest, which makes it impossible to support most of the many co-optations and renewals proposed (resolutions 12 to 22).  REMUNERATION  Due to changes in governance, in a...

Natixis – 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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