On Thursday, January 22, Societe Generale submitted to the employee representative bodies a project for organizational simplification aimed at a net reduction of 1,800 positions in France by 2027, without any layoff plans. This reorganization, which relies on natural departures and internal mobility, is part of the strategic roadmap of the group announced in September 2023.
This Thursday morning, Societe Generale showed a gain of 2.24% at 70.24 euros, a level that brings the stock closer to its technical resistance at 70.98 euros.
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This Thursday's rebound occurs as the stock benefits from a series of target price upgrades this week. Deutsche Bank raised its target to 75 euros on January 21, while Grupo Santander adjusted it to 82.80 euros on January 19. This positive dynamic is part of a broader context of bullish revisions, with Morgan Stanley initiating coverage at 83 euros and Jefferies targeting an ambitious 96 euros, thus setting the highest market target. From a technical perspective, the RSI stands at 50, a neutral zone indicating a balance between buyers and sellers without excessive tension. The price is significantly above its 50-day moving average at 64.20 euros and its 200-day MA at 54.52 euros, confirming the strength of the underlying bullish trend. The stock has shown a remarkable performance of 32.23% over three months and 139.6% over a year, reflecting the sectoral catch-up performed by the bank in a favorable environment for European banking stocks. The proximity of the resistance at 70.98 euros will be an important technical test in the coming sessions, as investors await the publication of the annual results for 2025 scheduled for February 6.
En 2025, nous avons franchi une étape déterminante dans la transformation de notre Groupe, avec des revenus et un résultat net records et une distribution exceptionnelle d’actions.
Revenus 2025 à 27 254 millions d'euros, résultat net part du Groupe 6 002 millions d'euros; ROTE 10,2%; coefficient d’exploitation 63,6%; coût du risque 26 pb; distribution 4 679 millions d’euros; CET1 13,5%; dividende par action 1,61 EUR; programme de rachats d'actions de 1 462 millions d'euros; objectif 2026: croissance des revenus >2%, coût du risque 25-30 pb, coefficient d’exploitation <60%.
Outlook / guidance
Expected revenue: Croissance des revenus attendue en 2026 supérieure à 2% par rapport à 2025.
Expected EBITDA: EBITDA attendu en 2026 en progression par rapport à 2025, sans chiffre cible communiqué.
Expected net income: Résultat net attendu en 2026 avec une ROtE supérieure à 10%.
Management commentary: La direction confirme ses objectifs pour 2026 et vise une rentabilité accrue et une meilleure maîtrise des coûts.
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