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[外行报告] 2010年3月欧洲银行业研究报告 [推广有奖]

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bigfoot0516 发表于 2010-4-13 15:25:39 |显示全部楼层 |坛友微信交流群
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【出版时间及名称】:2010年3月欧洲银行业研究报告
        【作者】:德意志银行
        【文件格式】:pdf
        【页数】:148
        【目录或简介】:
European Banks
Running the Numbers: Spring
edition
Matt Spick
Research Analyst
(+44) 20 754-57895
matt.spick@db.com
Spring edition of the banks Running the Numbers book
In this report we are publishing our half-yearly update on European banking sector
data. The report covers aggregated data by country for the quoted banks,
individual bank data on a standardised basis, and macro-economic data by major
country. The data are extracted from our Running the Numbers database, which
covers European banking sector data from 1989 to date.
Deutsche Bank AG/London
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local
exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche
Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm
may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.
MICA(P) 106/05/2009
Running The Numbers
Companies featured
Credit Suisse Group (CSGN.VX),CHF53.55 Buy
2009A 2010E 2011E
EPS Adjusted (CHF)6.25 6.69 7.04
P/E Adjusted (x) 8.2 8.0 7.6
P/B 1.6 1.5 1.3
Barclays (BARC.L),GBP367.55 Buy
2009A 2010E 2011E
EPS Adjusted (GBP)37.52 34.56 44.21
P/E Adjusted (x) 7.4 10.6 8.3
P/B 0.7 0.9 0.8
Credit Agricole SA (CAGR.PA),EUR13.02 Buy
2009A 2010E 2011E
EPS Adjusted (EUR)0.43 1.30 2.08
P/E Adjusted (x) 28.5 10.0 6.3
P/B 0.6 0.6 0.6
Global Markets Research Company
Valuation: 1.2x price to tangible book value in 2011E
At the sector level, we believe that the bulk of the normalisation of credit costs is
now priced in, even in late-cycle economies such as the UK. The sector valuation
now comfortably includes above cost of capital returns. In our view, to justify a
materially higher move (leading to outperformance), growth will be required, and
we see preparation for Basel 3 and CRD IV as likely to impede growth, even with a
delayed implementation.
Top picks: capital markets focused
Our top picks are focused on capital markets plays, as we see long-run growth as
being concentrated in asset gathering and investment banking, as part of a multiyear
disintermediation of European retail and commercial banks. We like Credit
Suisse (Buy, Target Price CHF 72), Barclays (Buy, Target Price GBp 380) and Credit
Agricole (Buy, Target Price Euro 16). Our targets are set on a sum-of-the-parts
basis.
Key risks
The key risks to our top picks include a sharp correction in the real economy,
perhaps as a consequence of early withdrawal of monetary or fiscal stimulus. In
addition, our top picks are also all plays on capital markets activity (investment
banking and / or asset gathering) to a greater extent than the European banks
average, making a correction in capital markets asset prices a particular threat.
European Banks Page number
Aareal Bank* 22
Allied Irish Banks* 24
Alpha Bank* 26
Banca Popolare di Milano* 28
Banco Pastor* 30
Banco Popolare* 32
Banco Popular* 34
Banco Sabadell* 36
Banco Santander* 38
Banesto* 40
Bank of Ireland* 42
Bankinter* 44
Barclays* 46
BBVA* 48
BCP* 50
BES* 52
BNP Paribas* 54
Commerzbank* 56
Credit Agricole* 58
Credit Suisse 60
Credito Emiliano* 62
Danske Bank* 64
Dexia* 66
DnB NOR* 68
EFG Eurobank* 70
EFG International* 72
Erste Bank* 74
HSBC* 76
Intesa Sanpaolo* 78
Julius Baer 80
KBC* 82
Lloyds Banking Group* 84
MPS* 86
National Bank of Greece* 88
Nordea* 90
Royal Bank of Scotland* 92
SEB* 94
Societe Generale* 96
Standard Chartered* 98
Svenska Handelsbanken* 100
Swedbank AB* 102
UBI Banca* 104
UBS 106
Unicredito* 108
Vontobel 110
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关键词:行业研究报告 研究报告 行业研究 银行业 standardised 研究报告 银行业 欧洲

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freya-lanlan 在职认证  发表于 2010-4-13 15:34:03 |显示全部楼层 |坛友微信交流群
楼主,不要和房地产商争相辉映啊。东西是好东西,可这个泡沫也太大了点吧。
:)

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vicivic 发表于 2010-6-8 15:09:32 |显示全部楼层 |坛友微信交流群
。。。。。。。。。。。。

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512661101 发表于 2023-1-8 17:39:39 |显示全部楼层 |坛友微信交流群
谢谢分享!!!!!

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512661101 发表于 2023-1-8 17:39:56 |显示全部楼层 |坛友微信交流群
谢谢分享!!!!!

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512661101 发表于 2023-1-24 16:32:54 |显示全部楼层 |坛友微信交流群
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