SoGen Reports Decent Results Due to International While French Banking Remains Weak
SoGen reported solid third-quarter results and we plan to maintain our $8/EUR 36 fair value estimate and no moat rating. Similar to peer BNP, the bank’s results saw weakness in French retail banking and strength elsewhere, where net profits fell 15% to EUR 353 million due to low interest rates pressuring net interest margins. SoGen is undergoing a EUR 850 million cost reduction program, which includes closing about 20% of its branches to address the issue by 2020. In contrast, fixed-income, cur...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.
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