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BNP Paribas Act. Cat.A BNP

Rating as of

Morningstar’s Analysis

Valuation
Currency in EUR
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

We Assign BNP Paribas a Standard Capital Allocation Rating

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

We assess BNP Paribas’ capital allocation as Standard. BNP has been one of the few European banks not to suffer the ignominy of accepting a government bailout, nor did it have to make a dilutive capital call. BNP does however, have one of the weaker balance sheets of the European banks we cover. We would prefer a more focused geographical strategy, but we are supportive of BNP's countercyclical push into investment banking. We believe BNP’s shareholder distribution policy is appropriate. We maintain our no moat rating and EUR 63/share fair value estimate.

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Company Profile

Business Description

The merger of Banque Nationale de Paris and Paribas created BNP Paribas in 2000, making it the largest publicly traded bank in France. Although BNP Paribas has operations in about 80 countries, it considers France, Italy, and Belgium to be its home markets. It owns regional bank--BancWest--in the United States.

Contact
16, Boulevard Des Italiens
Paris, 75009, France
T +33 140144546
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 193,319

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