Societe Generale 1Q: Disappointing Results, Announced Restructuring Has Limited Effect
No-moat Societe Generale, or Socgen, reported net profit of EUR 631 million for the first quarter of 2019. This is 26% lower than the EUR 850 million Socgen reported for the first quarter of 2018. Our current earnings estimate calls for flat earnings growth for the full year, and this is starting to look like a challenging target given the poor first-quarter results and the announced restructuring costs for the struggling investment banking franchise. We maintain our no-moat rating and EUR 33 fa...
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.
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