Societe Generale : Still tough to narrow the relative-to-sector discount, for now
>The ROE / CoE profile continues to hurt SG relative to the sector - With a market capitalisation of less than € 15bn and a price to book of only 0.25x, the valuation as applied to SG by the market may seem to be an aberration. However, it may well be for a good portion of the sector too with a median price to book of 0.45x. SG’s relative-to-sector discount reflects a weaker outlook for ROE (-200bp) plus a business mix that justifies a higher CoE. Based on our target ...Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.
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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