Natixis : More than ever a growth and yield stock
>Conclusions: we expect the share price to react favourably - Disposal of 85% of operations at SFS division for € 2.7bnReduction in RWA of € 14bn, strengthening the CET1 ratio to >11%Net capital gain of € 450mPotential exceptional dividend of € 1.5bnAcquisition budget of € 2.5bn vs € 1bnROTE 2020e target of 14-15.5% vs 13-14.5% Dilution of 10% on average for our 2019-2021 EPS estimatesWe have raised our target price to €8.3 (vs € 7.6...Natixis is a player in the European banking industry. As the banking partner of large companies in France, Co. also plays an active role in serving financial institutions (banks, insurance companies, pension funds, etc.). Co.'s activities are divided into in three main business lines: Wholesale Banking, Investment Solutions (Asset Management, Private Banking, Insurance, and Private Equity) and Specialized Financial Services. Co. operates in four geographical regions: France; other EU countries; North America (Canada, USA); and other OECD countries. As of Dec. 31 2013 Co.'s total assets totaled Euro510,131,000,000.
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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