CREDIT AGRICOLE : UBS reiterates recommendation ahead of earnings announcement
July 17, 2023 at 06:24 am EDT
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UBS reiterates its neutral recommendation on the stock, with a target of E11.7, ahead of the announcement of Q2 2023 results on August 4.
The analyst points to slowing momentum in several areas and obstacles in international retailing.
We forecast total sales of 5.9 billion euros (down 4% on the previous quarter and 7% year-on-year) and pre-tax profit of 2.1 billion euros. The pressure on sales comes mainly from French retailing (LCL), consumer credit (CACF)... indicates UBS.
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Crédit Agricole S.A. is one of the leading European banking groups and is the leading financial backer of the French economy. Net Banking Product breaks down by activity as follows:
- retail banking (30.1%): activities in France (Crédit Lyonnais) and abroad. Furthermore, the group is present in France via its 39 regional networks of branches (making it the biggest French banking network);
- finance, investment and market banking (30.1%): standard and specialized bank financing activities (financing for acquisitions, projects, aeronautical and maritime assets, etc.), stock operations, consulting in mergers and acquisitions, investment capital, etc.;
- asset management, insurance and private banking (25.9%);
- specialized financial services (13.9%): consumer loan, leasing and factoring (No. 1 in France).
At the end of 2023, Crédit Agricole S.A. managed EUR 835 billion in current deposits and EUR 516.3 billion in current credits.
NBP is distributed geographically as follows: France (46%), Italy (20%), European Union (14.3%), Europe (7.2%), North America (6%), Japan (1.3%), Asia and Oceania (3 .5%), Africa and Middle East (1.3%), Central America and South America (0.4%).