Report
Olivier Pauchaut

COFACE: A great risk/reward opportunity | BUY vs. NEUTRAL | EUR7.5 vs. EUR6 (+18%)

COFACE - BUY vs. NEUTRAL | EUR7.5 vs. EUR6 (+18%)
A great risk/reward opportunity

Better-than-expected Q2 numbers and strong solvency
Dealing with this crisis in a very decent way
Buy rating (vs. Neutral), Fair value revised to EUR7.5
Underlying
Coface SA

Coface is a holding company that performs its activities through its primary operating subsidiary, Compagnie franASSaise d'assurance pour le commerce extA(c)rieur and its subsidiaries. Through its subsidiaries, Co. is a provider of credit insurance to businesses with solutions to protect them against the rist of client insolvency on both domestic and export markets.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Olivier Pauchaut

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