Société Générale Q4 Earnings: All In Line With Its Strategic Plan [Seeking Alpha]
INTESA SANPAOLO S/ADR (ISNPY)
NASDAQ:AMEX Investor Relations:
group.intesasanpaolo.com/scriptisir0/si09/investor_relations/eng_wp_investor_relations.jsp
Company Research
Source: Seeking Alpha
Supportive shareholders' remuneration is a downside protection from current/potential investors. Q4 results show strong financial performance and valuation metrics indicate a buy opportunity. Last week, Société Générale ( OTCPK:SCGLY OTCPK:SCGLF ) (SocGen) released its Q4 and FY 2023 results. The quarter results were better than expected, with a positive RoTE recovery in place and solid performance in the French retail segment; however, we should recall the latest strategic plan, which disappointed investors . Looking back, Wall Street expressed concern over new financial targets, including a RoTE (Return on Tangible Equity) range of 9%-10% and a sales trend of 0%-2%, implying limited portfolio growth. Despite the initial disappointment, we view the new CEO's intention to reset expectations positively, and we believe bank estimates may be overly conservative. In our forward-thinking view, we anticipate 1) higher revenue growth and 2) a positive spread in earnings thanks to higher
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