>We reiterate our Buy recommendation on BNPP - Following the change of analyst covering the stock (Alex Koagne vs. Jean Sassus) and the release of Q2 2018 results, we have edged up our 2018 EPS forecast (+0.6%) and cut our 2019 EPS forecast (-7.7%). We reiterate our Buy recommendation on the stock based on a target price of € 71.2 vs. € 73, giving upside potential of 28%. Besides its solid fundamentals, the bank is well placed to capitalise on economic growth in the ...
>Opinion Achat réitérée - Suite au changement d’analyste couvrant la valeur (Alex Koagne vs Jean Sassus) et à la publication des résultats du T2 18, nous ajustons légèrement à la hausse nos estimations de BPA pour 2018 (+0.6%) et à la baisse celles pour 2019 (-7,7%). Nous réitérons notre opinion Achat sur la valeur avec un objectif de cours de 71.20 € vs 73 €, soit un potentiel de hausse de 28%. Au-delà de ses solides fondamentaux, la banque est bien placée pour prof...
>Net profit came in 16.1% above consensus - Reported net profit came at € 2.4bn stable y-o-y and 16.1% above the consensus. The beat is driven by higher revenue (€ 11.2bn +2.5% y-o-y and 2.6% above consensus), thanks to IFS and the contribution of the Corporate Center, and lower provisions (€ 567m -14.4% y-o-y and 25% below expectations). Note that the cost of risk stood at 29bp, down 3bp q-o-q as the group continues to enjoy writebacks in CIB, Belgium retail banking ...
>Net profit came in 16.1% above consensus - Reported net profit came at € 2.4bn stable y-o-y and 16.1% above the consensus. The beat is driven by higher revenue (€ 11.2bn +2.5% y-o-y and 2.6% above consensus), thanks to IFS and the contribution of the Corporate Center, and lower provisions (€ 567m -14.4% y-o-y and 25% below expectations). Note that the cost of risk stood at 29bp, down 3bp q-o-q as the group continues to enjoy writebacks in CIB, Belgium retail banking ...
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