Company Reports

SocGen 3Q17: Volatility Visage


SocGen's stock takes it on the chin as the volatility wave receded in traditional and derivatives markets. Retail banking in France going nowhere and consumer finance in E. Europe on hyper-growth. Very High systemic risk. Sell Stock, most of debt stack. socgen socgen socgen socgen socgen socgen

CS 3Q17: C-ontinued S-wells of Uplift, Sustainable?


CS saw another swell of revenues, PTI and asset inflows uptick. It claims step-function rise, we see incrementals that may not be sustainable. Sell Stock, Sell most debt stack. CS CS CS CS CS CS

BNP 3Q17: B-anking on N-ew P-rofitability


BNP is the dominant diversified bank in Europe, but still presents latent credit risk in its European consumer finance/auto leasing business and its mysterious equity derivatives biz. Stock falls post earnings, but still not focused on real issues and #1 rank in European systemic risk. Sell across cap. structure. BNP BNP BNP BNP BNP BNP

SYF 10Q-Tips: Synchrony Asynch To Subprime Borrower Behavior?


SYF showed the normalization effect in the card business. We break down the difference in trends between big card prime/superprime players and the specialty finance subprime ones. SYF SYF SYF SYF SYF

UBS 3Q17: U-nleashed B-etter S-ustainability


UBS had a good quarter as its global wealth mgt. strategy performs well. Still, it is a competitive landscape with most of the global asset gatherers engaged. Buy Stock, Sell 10Y Bond on spread tighteness. 

SAN 3Q17: Skating Through a Sketchy Spain


SAN hurdles the Popular deal and takes on Catalonia without a hitch. Diversified across old Spanish empire gives it some resiliency. Still, Stock Sell  as economic margin weakens, But Bond Buy on relative value. santander santander santander santander santander

BARC 3Q17: Barked Up Tree As Street Has Fits


Barclays having a hard time getting its restructuring/repositioning plan across to Street as the consensus loses patience. Barclays doing the best it can, but its a competitive global banking landscape. Sell Stock, Buy Bonds. Barclays Barclays Barclays Barclays Barclays Barclays

DB 3Q17: What Else Can It Say? Radical Restructuring Required


DB trying to perform, but the gravity of its configuration situation holds it back. A radical restructuring and merger is required to possibly make it a German banking champion. Sell capital structure. DB DB DB DB DB DB

COF 3Q17: Card Creep Crawls, But Caution Continues


COF is the card cat with more than 9-lives as it shows a better linked quarter on card loss metrics, but still remains a concern. Auto losses continue to elevate. Sell the Stock, Buy the Bonds. COF COF COF COF COF COF

DFS 3Q17: EPS Misses as Economic Earnings Rise


DFS misses estimates but sees attractive growth across revenues, margins, card revs and non-card revs. Card losses up, but in-line with card peers. Buy Stock, Sell Bonds on tight spreads. DFS DFS DFS DFS DFS DFS

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