Report
Olivier Pauchaut

COFACE: Solid Q3 numbers and a share buy-back program | Conviction BUY | EUR10,5(+62%)

COFACE - Conviction BUY | EUR10,5(+62%)
Solid Q3 numbers and a share buy-back program

Solid operating performance despite the crisis
Strong commitment to manage the comfortable capital position
Still a very positive view on the investment case (60% upside)
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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