Company Reports

10K Takes Huntington: Blows FCF Brains Out, a de-Merit

02/27/2017

Huntington Bancshares was in the growth desert and drank the wrong M&A fountain of youth flask with Merit deal. Big shareholder value destruction hole to dig out of. So, sell across capital stack, although fair value in Series C Pfd. HBAN HBAN HBAN Huntington Huntington Huntington


10K Takes Citigroup: Hacksaw Ridge Survivor, Now What?

02/27/2017

Citi needs to breakup the bank to get to attractive ROICs. It will try to skate by with bigger shareholder payouts, but risks getting mauled by legacy players and new entrants. Still Buy some of cap structure; risk-regulatory contained. c c c citigroup citigroup citigroup citi citi citi


10K Takes Bank of America: ROIC Escape Velocity?

02/27/2017

BAC has done a good full body makeover, but still needs to amp up its escape velocity if it wants to generate attractive ROICs. Big swaps book and little consumer volumes growth shows that big deposits not being invested well. Buy Cap Stack, risk-regulatory contained. BAC BAC BAC Bank of America Bank of America Bank of America


10K Takes Comerica: Full Value, Cyclically Driven

02/24/2017

​Comerica is a cyclical commercial loan company. But energy recovering, auto/technology still strong. Sell capital stack except for sub.debt. Risk-reg fine


10K Takes Discover Fin: “Trump” Card in Generational Race

02/23/2017

Discover not worried as much about FinTech as it never mentions it. Still, we believe DFS' fat margins are sustainable leading to our Buy on the capital stack and comfort level on the risk-regulatory stack. DFS DFS DFS Discover Discover Discover


10K Takes RF: Yield Starved in Deep South

02/23/2017

Regions Financial suffers from regional bank-itis from its name to its operations. Poor positioning in "Deep South" leads to various whipsaw cycles whether weather-related (Katrina), man-made oil-rig disasters (Deep Water Horizon), or economic like condos on Gulf and 2015 energy pull-back in TX. Sell capital stack as fully valued. Low risk-regulatory profile. RF RF RF Regions Regions Regions


10K Takes AmEx: FinTech Flogging?

02/21/2017

AmEx kicks off 10K season for specialty finance and has a litany of payment system worries. Plus comments on Brexit, the Euro & Euro Zone & immigration barriers. Sell capital structure, low counterparty and systemic risk.AXP AXP AXP AmEx AmEx AmEx American Express American Express American Express


10K Takes State Street: Shackled By Regs, Core Biz Jammed

02/21/2017

State Street is at strategic cross-roads as its hallmark businesses are shunted by bigger bank players, pricing pressures from low rates and big customers, shift to low margin funds management and regulatory costs that hurt its income statement more. Sell stock and overpriced bonds. Hold counterparty & regulatory exposures. State Street State Street State Street


SocGen 4Q16: Structured Notes Soaring, Reg Debt Too

02/10/2017

SocGen is the #1 Equities Derivatives player, and we diagnose the risk factors that could add to volatility in its systemic bank risk story. Sell across the Stakeholder Stack.


BNP 4Q16: Ou est la croissance?

02/08/2017

BNP showed little operating unit growth in retail banking and capital markets. International finance was growth driver. Still no transparency on equity derivatives and contribution to trading. Sell across capital stack as it is the most systemic bank in Europe. bnp bnp bnp bnp bnp bnp


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