Socgen's 3Q Results Flattered by Revaluation
No-moat Societe Generale reported underlying net income of EUR 1.3 billion for the third quarter, which represents a 16% increase year on year. However, the underlying number is flattered by the EUR 271 million revaluation of Socgen's interest in Euroclear, which was booked during the quarter. We maintain our EUR 42 fair value estimate and no-moat rating.French retail banking contributes around 30% of Socgen's net income, and it had flat earnings growth year over year as 2% revenue growth was o...
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