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...Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.
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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