ODDO : Poursuite attendue de la croissance des banques privées
Les 3 banque privées suisses cotées EFG International, Julius Baer et Vontobel, bénéficient d’une dynamique opérationnelle favorable, avec, notamment, une collecte nette soutenue en banque privée et une amélioration attendue de leur coefficient d’exploitation (-5.5 points en 4 ans) et de leur RoTE (+1.5 point en 4 ans). Parmi elles, nous préférons Julius Baer (initiation à Surperformance, OC de 68 CHF), pour le redressement de sa rentabilité et la reprise de rachats d’actions à partir de l’année prochaine. Nous initions EFG International avec une recommandation Neutre (OC de 19.3 CHF) et restons à Neutre sur Vontobel (OC de 66 CHF).EFG International is a holding company, engaged in managing private banking and asset management group operating in around 30 locations worldwide. Co. provides private banking, wealth management and asset management services. Co. operates seven business segments: Americas, Asia, United Kingdom, Continental Europe, Switzerland, Investment & Wealth Solutions. Co.'s principal places of business are in Bahamas, Cayman, Channel Islands, Hong Kong, Liechtenstein, Luxembourg, Monaco, Singapore, Spain, Switzerland, Taiwan, the United Kingdom and the U.S.
Julius Baer is engaged in private banking activities primarily in Switzerland, Europe, Asia and South America. Co. focuses in private banking, which includes certain internal supporting functions which serve entirely the core business activities.
Vontobel Holding is a holding company. Through its subsidiaries, Co. is a traditional Swiss private banking group offering financial services to clients around the world. Co. is divided into three business divisions: Private Banking, Investment Banking, and Asset Management, as well as the Corporate Center (comprises Operations, Finance & Risk and Group Services). As of December 31, 2008 Co.'s total assets amounted to SFr15,531,800,000.
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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