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Wednesday, October 4, 2023 by Christoph.Schmid|Comment 0
within category Societe Generale,SGON,French Banks
The recent weakness of the share price occurred on the back of a decision to boost its capital buffer means its dividends and stock buybacks will likely undershoot consensus. This is compounded by weak results from its investment bank, which has lost market share to global peers, and earnings momentum lagging its closest rival, BNP Paribas. While the underperformance will continue for some time ahead, we expect a turnaround as early as 1st quarter 2024.
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