BNP Paribas: Oddo’s earnings forecasts


(CercleFinance.com) – BNP Paribas will publish its net income for the 4th quarter of 2022 on February 7. Before this publication, Oddo reiterates its Outperformance recommendation on the share, with a price target of €74.

Oddo expects revenues of 12,049 ME (+7.3%) marginally lower than the consensus (12,103 ME).

‘ We are counting (like the consensus) on sustained revenue growth: 1/ in commercial banks (+8.1%e) driven by good commercial momentum reinforced by favorable exchange rate effects, 2/ in specialized businesses (+9.1%) and 3/ in CIB (+7.8%) with expected strong growth in income from market activities (in particular trading)’ indicates the analysis office.

‘ We expect costs to rise by 1.6% (vs 3.5%e by the consensus), with a very positive scissor effect between revenue and cost growth implying a sharp rise in gross operating income to 3,989 ME (+20.8 %), 2.4% above the consensus (3,893 ME)’ adds Oddo.

The analyst is targeting a net result of 2,185 ME in the 4th quarter of 2022 (-5.2% compared to the 4th quarter of 2021), very slightly below the consensus (2,215 ME, -3.9%e).

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