Socgen 2Q 2018: Decent Results, Interesting Internal M&A Activity
No-moat Societe Generale reported net income of EUR 1.2 billion for the first quarter of 2018, which represents a 9% increase year on year. This was also 15% ahead of the EUR 1 billion consensus pencilled in for the quarter. At the end of first-half 2018, Socgen had attained half of our full-year 2018 net income estimate of EUR 3.6 billion. While our full-year estimate represents a 36% increase year on year, this is a reflection of Socgen's soft second-half 2017. We view the announcement that So...
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