SoGen Reports Weak Fourth Quarter but Decent Full-Year Results; Shares Fairly Valued
Societe Generale reported decent full-year results, while the company faces headwinds from a challenging retail banking environment in France. We plan to maintain our $8/EUR 36 fair value estimate and no-moat rating. Despite a weak fourth quarter and group profits declining 33% compared with fourth-quarter 2015, SoGen achieved solid growth of 18% in adjusted net income for the full year. It made improvements on the net cost of risk, which declined 31% on an adjusted and constant exchange-rate ba...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.
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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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