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...
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