Near the top of the CAC 40, Société Générale share rebounds 1.5% during trading session
The La Défense bank bounces back mid-session, as the CAC 40 remains virtually stable. This recovery comes after several weeks of decline and while the French bond market remains under pressure around the 2027 budget.
A rebound that places the bank among the strongest gainers in the index
The Société Générale share gains 1.35% to €63.89, while the CAC 40 rises 0.13%. It ranks among the strongest gainers in the index, following last Thursday's decline which had brought the stock back towards its €62.50 support level. The price nevertheless remains below its three moving averages, at 7.42% from the 20-day MA (€69.01) and at 10.30% from the 200-day MA (€71.23), and the RSI at 30 describes a security still in oversold territory after a 13.53% decline over one month. The price is adjusted for the €0.75 dividend detached on October 5, which explains nothing of today's movement.
2027 budget and first-half results: context surrounding the security
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The market remains attentive to French debt: the Finance Committee of the National Assembly rejected on October 9 the revenue portion of the 2027 draft budget law, and the 10-year OAT stands at 4.79% according to the Banque de France survey of October 9, at 11 basis points from the series peak. On the fundamentals side, the bank published on July 30 a net profit attributable to the Group of €3.5 billion for the first half of 2026, up 13.9%, and raised its 2026 ROTE target to approximately 11%. According to the consensus of surveyed analysts, the share is valued at approximately 8 times current fiscal year earnings.
A share buyback program of €1.5 billion, announced on July 30, is approximately 100% executed as of September 30. The next technical reference remains the €62.50 support, 2.2% below the current price.
Résultat net part du Groupe record au S1-26 de 3,5 Md EUR, en hausse de +13,9% vs. S1-25, ROTE de 12,0% au S1-26
Risks mentioned
Revenus de la Banque de Grande Clientèle en baisse de -1,3 % au S1-26 vs. S1-25
Activités Taux, Crédit et Change en retrait de -15,0 % sur le semestre
Coût du risque en hausse de +6,6 % à 745 millions d'euros au S1-26
Opportunities identified
Cible de ROTE 2026 rehaussée à environ 11 % grâce à l'effet de ciseaux positif
Acompte sur dividende en hausse de +23 % et rachat d'actions exceptionnel de 1,5 Md€
Notation relevée par Fitch à « A+ » et perspective S&P passée à « positive »
Outlook / guidance
Management commentary: croissance des revenus Groupe vs 2025
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Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
