ENXTPA:KN

Stock Analysis Report

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Executive Summary

Natixis S.A. provides asset and wealth management, corporate and investment banking, insurance, and payment services primarily in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa.


Snowflake Analysis

Undervalued with reasonable growth potential.


Similar Companies

Share Price & News

How has Natixis's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

6.7%

KN

5.9%

FR Capital Markets

6.4%

FR Market


1 Year Return

-43.9%

KN

-23.4%

FR Capital Markets

-4.4%

FR Market

Return vs Industry: KN underperformed the French Capital Markets industry which returned -26.7% over the past year.

Return vs Market: KN underperformed the French Market which returned -6.6% over the past year.


Shareholder returns

KNIndustryMarket
7 Day6.7%5.9%6.4%
30 Day12.1%11.0%13.0%
90 Day-29.9%-15.8%-5.7%
1 Year-43.9%-43.9%-23.0%-23.4%-2.7%-4.4%
3 Year-50.8%-60.8%-25.1%-38.0%8.2%-0.5%
5 Year-50.1%-65.2%-19.5%-40.9%27.0%10.8%

Price Volatility Vs. Market

How volatile is Natixis's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Natixis undervalued compared to its fair value and its price relative to the market?

18.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: KN (€2.3) is trading below our estimate of fair value (€2.83)

Significantly Below Fair Value: KN is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: KN is good value based on its PE Ratio (9.6x) compared to the Capital Markets industry average (18x).

PE vs Market: KN is good value based on its PE Ratio (9.6x) compared to the French market (14.9x).


Price to Earnings Growth Ratio

PEG Ratio: KN is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: KN is good value based on its PB Ratio (0.4x) compared to the FR Capital Markets industry average (1.4x).


Next Steps

Future Growth

How is Natixis forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

52.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KN's forecast earnings growth (52.8% per year) is above the savings rate (0.6%).

Earnings vs Market: KN's earnings (52.8% per year) are forecast to grow faster than the French market (13.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: KN's revenue (4.8% per year) is forecast to grow faster than the French market (3.9% per year).

High Growth Revenue: KN's revenue (4.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KN's Return on Equity is forecast to be low in 3 years time (6%).


Next Steps

Past Performance

How has Natixis performed over the past 5 years?

7.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KN has high quality earnings.

Growing Profit Margin: KN's current net profit margins (8.9%) are lower than last year (19.2%).


Past Earnings Growth Analysis

Earnings Trend: KN's earnings have grown by 7.2% per year over the past 5 years.

Accelerating Growth: KN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: KN had negative earnings growth (-61.3%) over the past year, making it difficult to compare to the Capital Markets industry average (-21.3%).


Return on Equity

High ROE: KN's Return on Equity (6.4%) is considered low.


Next Steps

Financial Health

How is Natixis's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: KN's Assets to Equity ratio (25.2x) is very high.

Allowance for Bad Loans: KN has a low allowance for bad loans (46%).

Low Risk Liabilities: 78% of KN's liabilities are made up of primarily higher risk sources of funding.

Loan Level: KN has an appropriate level of Loans to Assets ratio (25%).

Low Risk Deposits: KN's Loans to Deposits ratio (120%) is appropriate.

Level of Bad Loans: KN has a high level of bad loans (2.5%).


Next Steps

Dividend

What is Natixis's current dividend yield, its reliability and sustainability?

7.67%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate KN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate KN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if KN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if KN's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: KN is not paying a notable dividend for the French market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of KN's dividend in 3 years as they are not forecast to pay a notable one for the French market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.9yrs

Average management tenure


CEO

François Riahi (46yo)

2yrs

Tenure

€1,950,646

Compensation

Mr. François Riahi serve as Chief Executive Officer of Natixis SA since June 1, 2018. He served as Head/Chief Executive Officer in charge of finance, strategy and legal affairs, Supervisory Board secretary ...


CEO Compensation Analysis

Compensation vs Market: François's total compensation ($USD2.18M) is below average for companies of similar size in the French market ($USD3.16M).

Compensation vs Earnings: François's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
François Riahi
Chief Executive Officer2yrs€1.95m0.00060% 43.5k
Nathalie Bricker
Chief Financial Officer1.83yrsno datano data
Véronique Sani
Head of Ops. & Information Systems and Chief Technology & Transformation Officer for Asset Manager1.75yrsno datano data
Richard Vinadier
Head of Accounting & Ratios1.58yrsno datano data
Luc Barnaud
Head of Digital & Technology Office2.17yrsno datano data
Damien Souchet
Head of IRno datano datano data
Christian Le Hir
Chief Legal Officerno datano datano data
Alain Bruneau
Global Head of Compliance1.25yrsno datano data
Benoît Gausseron
Head of Communications2yrsno datano data
Julian Chinnick
Director of Wholesale Sales5.42yrsno datano data

1.9yrs

Average Tenure

51yo

Average Age

Experienced Management: KN's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Henri Proglio
Non-Voting Director1.17yrs€35.82k0.000030% 2.2k
Nicolás Bellet de Tavernost Abel
Independent Director6.92yrs€50.00k0.000030% 2.2k
Laurent Mignon
Chairman of the Board of Directors2yrs€300.00k0.0049% 353.5k
Catherine Halberstadt
Representative Director10.83yrsno datano data
Bernard Roger Oppetit
Independent Director10.58yrs€61.00k0.000030% 2.2k
Anne Lalou
Independent Director5.33yrs€44.00k0.000030% 2.2k
Diane de Saint Victor
Independent Director1.17yrs€31.63k0.000030% 2.2k
Alain Condaminas
Director8.08yrs€33.80k0.000030% 2.2k
Catherine Pariset
Independent Director3.5yrs€60.00k0.000030% 2.2k

5.3yrs

Average Tenure

63yo

Average Age

Experienced Board: KN's board of directors are considered experienced (5.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Natixis S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Natixis S.A.
  • Ticker: KN
  • Exchange: ENXTPA
  • Founded: 1919
  • Industry: Diversified Capital Markets
  • Sector: Diversified Financials
  • Market Cap: €7.245b
  • Shares outstanding: 3.15b
  • Website: https://www.natixis.com

Number of Employees


Location

  • Natixis S.A.
  • 30, avenue Pierre Mendès France
  • Paris
  • Ile-de-France
  • 75013
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NBPDB (Deutsche Boerse AG)YesCommon StockDEEURJan 1986
KNENXTPA (Euronext Paris)YesCommon StockFREURJan 1986
NTXF.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJan 1986
0IHKLSE (London Stock Exchange)YesCommon StockGBEURJan 1986
KNPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJan 1986
KNSWX (SIX Swiss Exchange)YesCommon StockCHCHFJan 1986
NBPETLX (Eurotlx)YesCommon StockITEURJan 1986
NTXF.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDFeb 2009

Biography

Natixis S.A. provides asset and wealth management, corporate and investment banking, insurance, and payment services primarily in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company offers asset and wealth management services in the areas of savings, investment, risk management, and advisory; and mergers and acquisitions, primary equity and loan markets, acquisition and strategic finance, financial transactions on shares, capital, and rating advisory services; structured financing. It also provides capital market services, including fixed income, credit, forex, equity derivatives, and research; and trade finance, liquidity management, and cash management for corporations and financial institutions. In addition, the company offers life insurance, investment solutions, wealth planning, pensions, accidental death insurance, disability insurance, and borrower insurance products; and motor-vehicle insurance, multi-risk home insurance, complementary health insurance, accidental damage, multi-media equipment insurance, legal protection, non-bank insurance, remote surveillance, and insurance for professionals. The company was formerly known as Natexis Banques Populaires SA and changed its name to Natixis S.A. in 2006. The company was founded in 1919 and is headquartered in Paris, France. Natixis S.A. operates as a subsidiary of BPCE SA. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/03 21:48
End of Day Share Price2020/06/03 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.