(BFM Stock Exchange) – The British bank noted its council to “overlap” this Monday on the action of the Defense Bank. Barclays thinks that the title can climb more than 30%.

In turn, analysts have become more optimistic about Société Générale action, encouraged in particular by convincing results for the third quarter.

Barclays is added to the list of design offices for value purchase. The British bank, this Monday, noted its opinion on Monday to “overlap”, equivalent to “buy” in its terminology, against “online weighting”, before. Barclays also enhanced his course target at 41 euros against 30 euros previously.

During Friday (30.065 euros), this target grants an increase of more than 30% to the action of the Defense Bank.

This change of opinion bears the title company General which takes 1.6% at mid-session on the Paris Stock Exchange, on Monday, signing one of the strongest performances of a CAC 40 in the strings (-0, 9%).

If “the flight has been delayed”, Société Générale “is now ready to fly”, title the British establishment in its note.

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Still time to embark

Barclays acknowledges that action has already progressed well since the publication of third quarter results, with an increase of 27%. “But it is not too late to buy the action, in our opinion,” said the establishment across the Channel.

Barclays judges that Société Générale presents the most promising trajectory, in terms of growth of its profit per share by 2026 (the bank awaits an increase of 22% in 2025 then 21% 2026). This while its action is the cheapest among European banks. Despite his recent progression, Société Générale only trades at 0.4 times the accounting value of his assets, measured by the “Tangible Net Book Value”.

Several elements will support the improvement of the results of Société Générale. Barclays cites the increase in net income of interest in the retail banking in France. The British establishment anticipates an increase of 20% in 2024, 15% in 2025 and 7% in 2026. Recall that net income of interest represents the difference between the interests perceived on the credits and the interest paid on deposits.

Société Générale will benefit from lower rates on booklet A, which will drop to 2.4% against 3% previously, from February 1. Barclays calculates that such a reduction in the rate of the booklet could have a gross positive impact of 120 million euros in 2025 on net income.

Economies and profitability at Boursobank

Net income of interest will also be supported by other elements, such as an increase in mortgage production, as well as the penitification of the rate curve, anticipates the British bank. This penitification means that the difference between short -term and long -term rates increases. However, to simplify, a bank borrows in the short term and long -term ready.

Another engine to improve results: the online bank Boursobank. Barclays believes that it should be able to reach 8 million customers in the summer of 2025, a year’s a year in advance on its objective. This would make Boursobank pass from a “customer acquisition” phase to a phase of “stabilization of customers and profitability, explains the British establishment. This would greatly improve its profitability by reducing the cost of acquiring customers, estimated For the time being at 150 euros per customer by Barclays.

Société Générale will also benefit from savings at Ayvens, its long -term automotive financing division, as well as its discipline on costs in the retail bank in France, anticipates the design office.

Barclays also believes that Société Générale is now sufficiently capitalized to keep its objective of solvency. Consequently, the group, according to her, has no need to operate other than those already announced.

Last point mentioned by Barclays: political risk in France. “The French risk has not disappeared, but it has been sufficiently dissipated in our opinion to represent a more limited risk for Société Générale,” explains the establishment. The British bank mentions as proof to support the fact that the Bayrou government has survived the test of the censorship motion. Furthermore, the gap between the yield of the French sovereign obligation at 10 years and that on the German obligation of the same deadline was clearly reduced.