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
Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/08/2020

The future European taxonomy should prove advantageous to groups like Schneider Electric, for which “green sales” already represent 70% and help its clients save an average of 40 Mt in CO2 per annum. On our reckoning, this is equivalent to € 8.3bn in “hidden green value” (€ 15 per share) which could result in more robust future growth. Apart from this ESG impact, the group should see a marked rebound in its results in 2021-2022 with FCF reaching a new threshold thus confirming the ong...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/09/2020

La future taxonomie européenne devrait avantager des groupes comme Schneider Electric, dont 70% du chiffre d’affaires est déjà « vert » et qui permet à ses clients d’économiser chaque année 40 Mt CO2 en moyenne. Ceci équivaut, selon nous, à 8.3 Md€ de « valeur verte cachée » (15 €/action) qui pourrait se retrouver dans une croissance future plus soutenue. Outre cet impact ESG, le groupe devrait connaître un net rebond de ses résultats en 2021-22 et le FCF a franchi un nouveau seuil co...

Jean Sassus ...
  • Steven Gould

ODDO : Next please!

>Conclusion – Domestic consolidation via share swaps - The planned tie-up between CaixaBank/Bankia has revitalised the theme of consolidation. However, we think that the likelihood of major deals remains limited with Deutsche Bank/Commerzbank at the top of the list:Domestic operations are still the most likely due to persistent obstacles to major cross-border deals. It is these deals that offer the greatest potential for tangible and rapidly achievable cost-cutti...

Jean Sassus ...
  • Steven Gould

ODDO : Au suivant ?

>Conclusion – Consolidations domestiques par échanges de titres - Le projet de rapprochement CaixaBank/Bankia relance le thème de la consolidation. Nous estimons cependant que le potentiel pour des opérations majeures reste limité avec DBK/CBK en tête de liste :Les opérations domestiques restent les plus probables compte tenu des obstacles persistants aux grandes opérations transfrontalières. Ce sont celles qui offrent le potentiel de réductions de coûts le plus ...

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...

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/...

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.)...

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.

Jean Sassus ...
  • Steven Gould

ODDO : Next please!

>Conclusion – Domestic consolidation via share swaps - The planned tie-up between CaixaBank/Bankia has revitalised the theme of consolidation. However, we think that the likelihood of major deals remains limited with Deutsche Bank/Commerzbank at the top of the list:Domestic operations are still the most likely due to persistent obstacles to major cross-border deals. It is these deals that offer the greatest potential for tangible and rapidly achievable cost-cutti...

Jean Sassus ...
  • Steven Gould

ODDO : Au suivant ?

>Conclusion – Consolidations domestiques par échanges de titres - Le projet de rapprochement CaixaBank/Bankia relance le thème de la consolidation. Nous estimons cependant que le potentiel pour des opérations majeures reste limité avec DBK/CBK en tête de liste :Les opérations domestiques restent les plus probables compte tenu des obstacles persistants aux grandes opérations transfrontalières. Ce sont celles qui offrent le potentiel de réductions de coûts le plus ...

Jean Sassus ...
  • Steven Gould

Natixis : Wagers on the transformation not yet priced in

>Transformation – Tempting bets but not yet priced in - The new strategic plan will not be unveiled before June 2021. This opens up a period conducive to rumours and speculation on “transformative” deals. As BPCE has officially denied any plans to buy out minority interests, market rules block this possibility for a period of six months, barring major events. The new CEO reiterated BPCE’s stance. For the sake of simplicity, we group the possible options into three cat...

Jean Sassus ...
  • Steven Gould

Natixis : Paris sur la transformation mais pas encore valorisés

>Transformation – Paris tentant mais pas encore valorisé - Il faudra attendre juin 2021 pour connaître le nouveau Plan Stratégique. Cela ouvre donc une période propice aux spéculations sur des opérations « transformantes ». BPCE ayant officiellement démenti tout projet de rachat des minoritaires, les règles de marché bloquent cette option pendant 6 mois, sauf évènement majeur. Le nouveau CEO a réitéré le démenti de BPCE. Nous regroupons, par simplification, les option...

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...

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 

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/08/2020

The future European taxonomy should prove advantageous to groups like Schneider Electric, for which “green sales” already represent 70% and help its clients save an average of 40 Mt in CO2 per annum. On our reckoning, this is equivalent to € 8.3bn in “hidden green value” (€ 15 per share) which could result in more robust future growth. Apart from this ESG impact, the group should see a marked rebound in its results in 2021-2022 with FCF reaching a new threshold thus confirming the ong...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/09/2020

La future taxonomie européenne devrait avantager des groupes comme Schneider Electric, dont 70% du chiffre d’affaires est déjà « vert » et qui permet à ses clients d’économiser chaque année 40 Mt CO2 en moyenne. Ceci équivaut, selon nous, à 8.3 Md€ de « valeur verte cachée » (15 €/action) qui pourrait se retrouver dans une croissance future plus soutenue. Outre cet impact ESG, le groupe devrait connaître un net rebond de ses résultats en 2021-22 et le FCF a franchi un nouveau seuil co...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/10/2020

...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/08/2020

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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...

NATIXIS sees a downgrade to Slightly 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 2 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 Slightly Negative. As of the analysis date July 24, 2020, the closing price was EUR 2.21 and its target price was estimated at EUR 1.26.

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 we...

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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