Société Générale : La réduction de la décote relative au secteur encore difficile, pour le moment
>Le couple ROE / CoE continue à pénaliser SG par rapport au secteur - Avec une capitalisation inférieure à 15 Md€ et un P/BV de seulement 0.25x, la valorisation appliquée à SG par le marché peut paraître aberrante. Cependant, elle l’est probablement aussi pour une bonne partie du secteur avec un P/BV médian de 0.45x. La décote de SG par rapport au secteur reflète une moindre perspective de ROE (-200 pb) combinée à un business-mix justifiant un CoE majoré. Sur la base ...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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