Oddo BHF has reiterated its 'outperform' rating on Crédit Agricole, with its target price raised from 13.6 to 14.4 euros, following an 'excellent quarterly result', marked by a 'strong increase in revenues' and a 'significant improvement in the cost/income ratio'.
This publication, together with the announcement of an agreement to acquire Degroof Petercam, has led the research department to raise its EPS forecasts by 9.2% and 3.5% in 2023 and 2024 respectively.
"The Group continues to trade at attractive valuation multiples (20% discount to tangible equity, while RoTE was 14.7% in the first half of 2023 and the Group is targeting over 12% in 2025)", the analyst also points out.
Copyright (c) 2023 CercleFinance.com. All rights reserved. The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
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%).
CRÉDIT AGRICOLE S.A. 
