French Banks: Clear Risks Not Reflected in Valuations
We have recently updated our economic moat ratings and fair value estimates for the French banking sector. We have downgraded our moat ratings for BNP Paribas and Credit Agricole to no-moat, we maintain our no-moat rating for Societe Generale, and we initiate coverage on Natixis with a no-moat rating. We maintain our respective fair value estimates for BNP Paribas and Credit Agricole at EUR 60, or 0.9 times tangible book value, and EUR 11, or 0.8 times tangible book value. We reduce our fair val...BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.
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