Credit Suisse : The recent newsflow is not conducive to a rapid rally for the share
>Persistent discount that is hard to reduce rapidly - Credit Suisse is trading at a discount to UBS with investors applying a CoE that is around 150bp higher. This is reflected in the P/E 2022e of 6.6x vs 8.8x for UBS and 7.7x for the sector median (consensus). The recent negative surprises (York and RMBS) will not help to narrow this discount. Moreover, the group’s ability to reduce costs in line with targets without hurting the revenue outlook cannot really be verif...Credit Suisse is a financial services provider based in Switzerland. Co. is active as an integrated bank. Co. operates through two global divisions, Private Banking and Corporate & Institutional Banking. Co. offers comprehensive advice and a broad range of financial solutions to private, corporate and institutional clients primarily domiciled in Switzerland. Co. maintains operations in three regionally focused divisions: Swiss Universal Bank, Asia Pacific and International Wealth Management serving Western Europe, Central and Eastern Europe, Latin America and Africa.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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