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...
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