The Gabelli Global Financial Services Fund on Crédit Agricole S.A.
Thesis
Crédit Agricole has compounded revenue and net income faster than the economies in its core markets since 2019. Management's 2028 targets call for more than EUR 8.5 billion of net income and a 14% return on tangible equity. Gabelli views the shares as inexpensive at roughly tangible book value, a low earnings multiple, and a high dividend yield.
“The common stock trades at only 1.0 times TBV, 7.5 times expected 2026 EPS and a 6.4% dividend yield.”