Credit Agricole Continues to Benefit From Low Credit Costs
Our fair value estimate for Credit Agricole SA, or Credit Agricole, remains unchanged at EUR 11, which is 0.8 times its year-end 2017 tangible book value and 8 times our 2018 earnings estimate. We are decreasing our economic moat rating for Credit Agricole to none from narrow.ÂWe do not believe that Credit Agricole, on a consolidated basis, justifies a moat rating. We view asset manager Amundi--of which Credit Agricole owns 70%--as moaty, with high switching costs coming from its diversified as...
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.
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.
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