Societe Generale: Oddo BHF raises TP after results

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Société Générale shares, with a target price raised from E36 to E42.


Société Générale published its 2024 NP yesterday. Q4 revenues were E6,621m (+11.1%), 3.2% above consensus and 2.3% above Oddo BHF's forecast, with a particularly strong performance in CIB (corporate and investment banking).

In addition, CET1 was 13.3% at end 2024 (vs. 13.2% at end-September and expectations of 13.2%). The Group remains ahead of schedule on its capital trajectory, forecasting CET1 > 13% by 2025.

Our price target corresponds to 0.59x expected tangible equity at the end of 2025, which seems reasonable given the RoTE 2026 target (9-10%) and our forecast (8.9%e), the analyst concludes.


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