BNP Paribas Act. Cat.A
BNP: XPAR (FRA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€44.00 | Tlhz | Tqhsrzvp |
BNP Paribas: Increase Fair Value Estimate by 11%; Long-Term Earnings Trend Remains Intact
We increase our fair value estimate for BNP Paribas by 11% to EUR 85/share, which equals its net tangible book value at the end of 2023 and 9.5 times what we expect it to earn for 2023. We believe BNP can generate a midcycle return on tangible equity of around 10%—in line with our cost of equity estimate.