reports
- Johann Scholtz
Morningstar | BNP Paribas Company Report
BNP Paribas is one of a select few European banks that have remained profitable over the past 15 years, through two major crises. Similar to its European peers, it had to take significant markdowns against the carrying values of its lending book, as well as other financial instruments. However, the diversity of its earnings, combined with a relatively benign outcome in its French home market, meant BNP Paribas had the ability to absorb these losses in its profit and loss statement and still gene...
- Johann Scholtz
Morningstar | BNP Paribas Company Report
BNP Paribas is one of a select few European banks that have remained profitable over the past 15 years, through two major crises. Similar to its European peers, it had to take significant markdowns against the carrying values of its lending book, as well as other financial instruments. However, the diversity of its earnings, combined with a relatively benign outcome in its French home market, meant BNP Paribas had the ability to absorb these losses in its profit and loss statement and still gene...
- Johann Scholtz
BNP Paribas Company Report
No-moat BNP Paribas reported attributable net income of EUR 7.5 billion for the 2018 fiscal year, 3% lower than what it reported for 2017 and in line with consensus and our bottom-line expectations for the quarter. The reported pretax profits of EUR 10.2 billion was, however, below both our estimated pretax profits of EUR 10.9 billion for 2018; consensus expected EUR 10.6 billion. Very weak trading revenue in the final quarter of 2018 was primarily to blame, the sharp sell-off in global markets ...
- Johann Scholtz
Morningstar | UniCredit Reports 2018 Results; Italy and Turkey Resilie...
No-moat UniCredit reported net profits of EUR 3.9 billion for 2018. In the results call, management struck a confident tone and pinned down a EUR 4.7 billion net profit target for 2019, slightly ahead of our EUR 4.5 billion estimate. UniCredit is exposed to two countries where the macroeconomic outlook deteriorated significantly. There is limited immediate evidence of this weakening in the 2018 results. If one scratches below the surface, however, some cracks do start to appear, especially if on...
- Johann Scholtz
Morningstar | UniCredit Reports 2018 Results; Italy and Turkey Resilie...
No-moat UniCredit reported net profits of EUR 3.9 billion for 2018. In the results call, management struck a confident tone and pinned down a EUR 4.7 billion net profit target for 2019, slightly ahead of our EUR 4.5 billion estimate. UniCredit is exposed to two countries where the macroeconomic outlook deteriorated significantly. There is limited immediate evidence of this weakening in the 2018 results. If one scratches below the surface, however, some cracks do start to appear, especially if on...
- Johann Scholtz
Morningstar | Credit Agricole Achieves Its 2019 Targets a Year Ahead o...
No-moat Credit Agricole reported attributable net income of EUR 4.4 billion for the 2018 fiscal year. This is 21% higher than 2017 and ahead of the EUR 4.2 billion we estimated. A solid 4% increase in revenue was supported by a 24% decline in loan-loss provisions and a 15% decline in taxes. We often view preprovision profits as the best indicator of underlying performance, and Credit Agricole generated respectable growth of 11%. We have increased our fair value estimate to EUR 12 per share from ...
- Johann Scholtz
Morningstar | Credit Agricole Achieves Its 2019 Targets a Year Ahead o...
No-moat Credit Agricole reported attributable net income of EUR 4.4 billion for the 2018 fiscal year. This is 21% higher than 2017 and ahead of the EUR 4.2 billion we estimated. A solid 4% increase in revenue was supported by a 24% decline in loan-loss provisions and a 15% decline in taxes. We often view preprovision profits as the best indicator of underlying performance, and Credit Agricole generated respectable growth of 11%. We have increased our fair value estimate to EUR 12 per share from ...
- Johann Scholtz
Credit Agricole Achieves Its 2019 Targets a Year Ahead of Time
No-moat Credit Agricole reported attributable net income of EUR 4.4 billion for the 2018 fiscal year. This is 21% higher than 2017 and ahead of the EUR 4.2 billion we estimated. A solid 4% increase in revenue was supported by a 24% decline in loan-loss provisions and a 15% decline in taxes. We often view preprovision profits as the best indicator of underlying performance, and Credit Agricole generated respectable growth of 11%. We have increased our fair value estimate to EUR 12 per share from ...
- Johann Scholtz
Morningstar | Credit Suisse: Ballooning Tax Rate Mars Otherwise Solid ...
Narrow-moat, Best Idea Credit Suisse reported 2018 profit before tax of CHF 3.4 billion, nearly double the CHF 1.8 billion it reported for the previous year. Profit before tax was ahead of consensus expectations of CHF 3.2 billion and only slightly below our CHF 3.5 billion estimate, however, due to a sharply higher effective tax rate, net profit of CHF 2 billion was substantially below our estimate of CHF 2.4 billion. Mainly in order to reflect what seems to be a structurally higher tax rate, w...
- Johann Scholtz
Morningstar | Credit Suisse: Ballooning Tax Rate Mars Otherwise Solid ...
Narrow-moat, Best Idea Credit Suisse reported 2018 profit before tax of CHF 3.4 billion, nearly double the CHF 1.8 billion it reported for the previous year. Profit before tax was ahead of consensus expectations of CHF 3.2 billion and only slightly below our CHF 3.5 billion estimate, however, due to a sharply higher effective tax rate, net profit of CHF 2 billion was substantially below our estimate of CHF 2.4 billion. Mainly in order to reflect what seems to be a structurally higher tax rate, w...
- Johann Scholtz
Morningstar | Credit Suisse: Ballooning Tax Rate Mars Otherwise Solid ...
Narrow-moat, Best Idea Credit Suisse reported 2018 profit before tax of CHF 3.4 billion, nearly double the CHF 1.8 billion it reported for the previous year. Profit before tax was ahead of consensus expectations of CHF 3.2 billion and only slightly below our CHF 3.5 billion estimate, however, due to a sharply higher effective tax rate, net profit of CHF 2 billion was substantially below our estimate of CHF 2.4 billion. Mainly in order to reflect what seems to be a structurally higher tax rate, w...
- Johann Scholtz
Morningstar | Credit Suisse: Ballooning Tax Rate Mars Otherwise Solid ...
Narrow-moat, Best Idea Credit Suisse reported 2018 profit before tax of CHF 3.4 billion, nearly double the CHF 1.8 billion it reported for the previous year. Profit before tax was ahead of consensus expectations of CHF 3.2 billion and only slightly below our CHF 3.5 billion estimate, however, due to a sharply higher effective tax rate, net profit of CHF 2 billion was substantially below our estimate of CHF 2.4 billion. Mainly in order to reflect what seems to be a structurally higher tax rate, w...
- Johann Scholtz
Credit Suisse: Ballooning Tax Rate Mars Otherwise Solid Results
Narrow-moat, Best Idea Credit Suisse reported 2018 profit before tax of CHF 3.4 billion, nearly double the CHF 1.8 billion it reported for the previous year. Profit before tax was ahead of consensus expectations of CHF 3.2 billion and only slightly below our CHF 3.5 billion estimate, however, due to a sharply higher effective tax rate, net profit of CHF 2 billion was substantially below our estimate of CHF 2.4 billion. Mainly in order to reflect what seems to be a structurally higher tax rate, w...
- Johann Scholtz
Credit Suisse: Ballooning Tax Rate Mars Otherwise Solid Results
Narrow-moat, Best Idea Credit Suisse reported 2018 profit before tax of CHF 3.4 billion, nearly double the CHF 1.8 billion it reported for the previous year. Profit before tax was ahead of consensus expectations of CHF 3.2 billion and only slightly below our CHF 3.5 billion estimate, however, due to a sharply higher effective tax rate, net profit of CHF 2 billion was substantially below our estimate of CHF 2.4 billion. Mainly in order to reflect what seems to be a structurally higher tax rate, w...
- Johann Scholtz
Morningstar | Societe Generale Lowers Guidance
No-moat Societe Generale reported net income of EUR 3.9 billion for the 2018 fiscal year, somewhat stronger than the EUR 3.7 billion we had penciled in. Socgen did, however, reduce its previous guidance through to 2020. After incorporating the reduced guidance, we reduce our fair value estimate to EUR 33 per share from EUR 42 per share previously. In response to Socgen's revised guidance, we reduce our net income estimates for 2019 and 2020 by 8% and 17%, respectively. There are several main dr...
- Johann Scholtz
Morningstar | Societe Generale Lowers Guidance
No-moat Societe Generale reported net income of EUR 3.9 billion for the 2018 fiscal year, somewhat stronger than the EUR 3.7 billion we had penciled in. Socgen did, however, reduce its previous guidance through to 2020. After incorporating the reduced guidance, we reduce our fair value estimate to EUR 33 per share from EUR 42 per share previously. In response to Socgen's revised guidance, we reduce our net income estimates for 2019 and 2020 by 8% and 17%, respectively. There are several main dr...
- Johann Scholtz
Morningstar | Societe Generale Lowers Guidance. See Updated Analyst No...
No-moat Societe Generale reported net income of EUR 3.9 billion for the 2018 fiscal year, somewhat stronger than the EUR 3.7 billion we had penciled in. Socgen did, however, reduce its previous guidance through to 2020. After incorporating the reduced guidance, we reduce our fair value estimate to EUR 33 per share from EUR 42 per share previously. In response to Socgen's revised guidance, we reduce our net income estimates for 2019 and 2020 by 8% and 17%, respectively. There are several main dr...
- Johann Scholtz
Morningstar | Societe Generale Lowers Guidance. See Updated Analyst No...
No-moat Societe Generale reported net income of EUR 3.9 billion for the 2018 fiscal year, somewhat stronger than the EUR 3.7 billion we had penciled in. Socgen did, however, reduce its previous guidance through to 2020. After incorporating the reduced guidance, we reduce our fair value estimate to EUR 33 per share from EUR 42 per share previously. In response to Socgen's revised guidance, we reduce our net income estimates for 2019 and 2020 by 8% and 17%, respectively. There are several main dr...
- Johann Scholtz
Morningstar | Banco Bilbao Vizcaya Argentaria Fiscal-Year 2018: Resili...
Banco Bilbao Vizcaya Argentaria reported net attributable profit of EUR 5.3 billion for the 2018 fiscal year. Unadjusted, this represents a 51% increase on 2017; however, if we exclude some large non-recurring items in both the 2017 and 2018 fiscal years, the underlying earnings growth decreases to 7%. This was in line with our and consensus' estimates. We maintain our narrow moat rating, mainly due to the cost advantages and switching costs that its Mexican operation BBVA Bancomer enjoys in its...
- Johann Scholtz
Morningstar | Banco Bilbao Vizcaya Argentaria Fiscal-Year 2018: Resili...
Banco Bilbao Vizcaya Argentaria reported net attributable profit of EUR 5.3 billion for the 2018 fiscal year. Unadjusted, this represents a 51% increase on 2017; however, if we exclude some large non-recurring items in both the 2017 and 2018 fiscal years, the underlying earnings growth decreases to 7%. This was in line with our and consensus' estimates. We maintain our narrow moat rating, mainly due to the cost advantages and switching costs that its Mexican operation BBVA Bancomer enjoys in its...
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