Natixis: Investment Banking Not Asset Management Drives Superior Profitability
No-moat Natixis reported net profit of EUR 764 million for the first quarter of 2019, however, this includes a gain of EUR 586 million on the disposal of Natixis' retail banking operations to its parent, BPCE. Underlying profit of EUR 192 million is 33% lower than the EUR 288 million Natixis achieved in the first quarter of 2018. We maintain our no-moat rating, and we cut our fair value estimate to EUR 4.60 per share from EUR 5.00 previously to reflect our lower growth estimates.Group revenue d...
Natixis is a player in the European banking industry. As the banking partner of large companies in France, Co. also plays an active role in serving financial institutions (banks, insurance companies, pension funds, etc.). Co.'s activities are divided into in three main business lines: Wholesale Banking, Investment Solutions (Asset Management, Private Banking, Insurance, and Private Equity) and Specialized Financial Services. Co. operates in four geographical regions: France; other EU countries; North America (Canada, USA); and other OECD countries. As of Dec. 31 2013 Co.'s total assets totaled Euro510,131,000,000.
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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