Rothschild & Co : Group still buoyed by tailwinds
>Upside of 20% - On the back of the group's solid numbers for H1 2018, we have raised our 2018-2020 EPS forecasts by an average of 7% to reflect the improved operating performance across all the businesses. Accordingly, we have raised our target price to € 44 vs € 34.80, reflecting upside of 20%. We think that the improvement in the operating fundamentals should continue to support the stock’s re-rating. The stock is trading on 1.3x 2019 TBV for an ROTE of 15%. Our t...Rothschild & Co SCA is a holding company. Through its subsidiaries, Co. is engaged in banking activities and private equity. Co.'s banking activities include Investment Banking which comprises advisory services for mergers and acquisitions, advisory services for finance and restructuring, the primary equity capital market and the private placement of loans and shares; Corporate banking which comprises direct loans and structuring of financing packages; Private banking which comprises trust services, asset management and strategic planning; and Merchant Banking. Co.'s private equity activities involve investing in essentially medium-sized French companies, alongside a financial partner.
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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