Credit Agricole : The next plan should aim to accelerate the group's growth
Crédit Agricole SA (CASA) is due to present its new strategic plan out to 2028 on 18 November. We estimate that CASA should be able to generate net income of € 8.6bn in 2028 (vs the consensus at € 8.2bn) with a RoTE of 13.4%.The group should seek to accelerate growth at its various businesses and could take strategic development initiatives (BforBank, European markets), including a possible operation in Italy (the sale of Crédit Agricole Italy to Banco BPM, about which we are sceptical, could have an accretive impact of 1-4% in 2028). Neutral rating maintained as other banking stocks retain greater upside.Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.