Morningstar - BNP Paribas (BNPQY) BNP Paribas Posts Disappointing 3Q; Weak Trading Revenue Weighs on Results

Report

Morningstar

Johann Scholtz

EUR 101.80 For Business Accounts Only

BNP Paribas Posts Disappointing 3Q; Weak Trading Revenue Weighs on Results

Narrow-moat BNP Paribas had a disappointing third quarter, as attributable income excluding exceptional items declined by 7% to EUR 2 billion. Revenue pulled back by 2% compared with the third quarter of 2016, with trading revenue in particular under pressure. We retain our EUR 67.50 fair value estimate and our narrow moat rating.
Corporate and institutional banking (29% of pretax profits) had a disappointing quarter with a 9% decline in revenue, mainly due to weak trading activity for fixed-inc...

31/10/2017 13 EN

Underlying

BNP Paribas

See profile

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

See profile

Analysts

Johann Scholtz

Other Reports on these Companies

Morningstar

Morningstar | BNP Paribas 1Q 2019: Solid Beat With Investment Banking Revenue Defying Dire Expectations

No-moat BNP Paribas reported attributable net income of EUR 1.9 billion for the first quarter of 2019, 22% higher than the EUR 1.6 billion it reported for the first quarter of 2018.Â Consensus expectations were for attributable net income of EUR 1.8 billion. The results are somewhat distorted by nonrecurring items; profit before tax, excluding nonrecurring items, came out at EUR 1.9 billion, unchanged compared with the prior year but 14% ahead of consensus. Most striking to us was the good revenue growth of 3% year on year to EUR 11.1 billion, solidly beating consensus expectations of EUR 10.7...

EUR 850.00

May 2, 2019 May 2, 2019 3 EN

Morningstar

BNP Paribas 1Q 2019: Solid Beat With Investment Banking Revenue Defying Dire Expectations

EUR 100.00

May 2, 2019 May 2, 2019 13 EN

Morningstar

Morningstar | BNP Paribas Company Report

BNP Paribas is one of a select few European banks that have remained profitable over the past 15 years, through two major crises. Similar to its European peers, it had to take significant markdowns against the carrying values of its lending book, as well as other financial instruments. However, the diversity of its earnings, combined with a relatively benign outcome in its French home market, meant BNP Paribas had the ability to absorb these losses in its profit and loss statement and still generate a profit.Fundamentally, we believe BNP is the best French bank. The only problem is that we do ...

EUR 850.00

March 7, 2019 March 7, 2019 22 EN

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

EUR 100.00

July 25, 2019 July 25, 2019 13 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

BNP Paribas Posts Disappointing 3Q; Weak Trading Revenue Weighs on Results

Morningstar | BNP Paribas 1Q 2019: Solid Beat With Investment Banking Revenue Defying Dire Expectations

BNP Paribas 1Q 2019: Solid Beat With Investment Banking Revenue Defying Dire Expectations

Morningstar | BNP Paribas Company Report

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe