Credit Agricole Azione Forum

Podcast episode 60 "Buy High. Sell Low."

Banker interview part 2, job application, life, personal & private matters. Subscribe to the podcast, because part 3 is coming soon!

Spotify

https://open.spotify.com/episode/67iGQ3lcRqhxsQSXgsdHdY?si=pl4NBip0SK2HevoroljtQA

YouTube

https://youtu.be/_T1XtsyfKx4

Apple Podcast

https://podcasts.apple.com/us/podcast/folge-60-b%C3%A4nker-interview-teil-2-bewerbung-leben-pers%C3%B6nliches/id1695869891?i=1000673078238

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💶 Amundi: Europe's financial architect - Does he build the most solid assets? 🏗️

Company profile

$AMUN (-2,75%) is one of Europe's leading asset managers and is headquartered in Paris. The company was formed in 2010 from the merger of the asset management segments of $ACA (-1,35%) and $GLE (-1,04%) and has been listed on the stock exchange since 2015. With assets under management of EUR 1.98 trillion (as at June 2024), Amundi is one of the world's largest players in asset management.

Historical development and business model

Since its foundation, Amundi has enjoyed continuous growth and offers a wide range of investment solutions for institutional and private investors. The portfolio ranges from actively and passively managed funds to ETFs and customized mandates. A particular focus is on the management of liquidity reserves and the development of specialized investment strategies for companies.

Core competencies and future prospects

Amundi's success is based on several core competencies:

- In-depth expertise across all asset classes and markets

- Leading position in European money market management

- Pioneering role in technological innovation, in particular through the ALTO investment platform

- Low-cost ETFs for investors

Looking to the future, the company is focusing on further growth, particularly in the areas of ETFs and sustainable investments.

Strategic initiatives

Amundi pursues various strategic initiatives to achieve its objectives:

- Increased expansion of the ETF business, with the aim of becoming the market leader in Europe

- Focus on sustainable investment strategies and the integration of ESG criteria

- Expansion into emerging markets, particularly in Asia

- Further development of digital platforms, such as the ALTO technology

Market position and competition

Amundi is the largest asset manager in Europe and among the top 10 worldwide. Its main competitors include global asset management giants such as BlackRock, Vanguard and Fidelity. In the European ETF market, Amundi ranks behind iShares ($BLK (-1,3%) ) and Xtrackers ($DWS (-0,13%) ).

Market potential

The global asset management market is growing steadily, particularly in the ETF and sustainable investment segments. Amundi is well positioned to benefit from these growth trends and further expand its market position.

Share performance

Since the IPO in 2015, the Amundi share has achieved a TR of 127%, 27% more than DWS in the same period.

Performance

In terms of turnover, Amundi is significantly smaller than BlackRock, but larger than the German company DWS. BlackRock also has numerous other sources of income, such as from financial technology.

Looking at the assets under management (AUM), the dependence on Europe and Asia becomes clear, which at the same time underlines Amundi's strong positioning there. In contrast, Amundi's presence in the USA is small and its exposure in other regions is also limited. Amundi is therefore primarily a bet on Europe and Asia - two markets that still have relatively little capital in the asset management sector, but are showing an upward trend. There is also growing pressure to move towards more sustainable financial solutions, which positions Amundi well in these regions.

Amundi leads in sales growth and is expected to continue to benefit from the European trend as long as BlackRock does not introduce cheaper and even more offerings.

Amundi is also ahead in terms of gross profit margin.

However, its net profit margin is well behind BlackRock's, partly due to BlackRock's product mix.

In terms of earnings per share (EPS), BlackRock leads by a wide margin and was able to increase this significantly with an annual growth rate of almost 8%.

Free cash flow (FCF) is currently positive at all three companies. Amundi, on the other hand, was briefly negative in some cases, while State Street is a special case anyway.

The share-based remuneration essentially only affects BlackRock.

However, BlackRock buys back more shares and is therefore net negative. Amundi has also made purchases from time to time.

All companies are very well positioned in terms of the ratio of net debt to EBITDA.

Part 2:https://getqu.in/aiK2Y3/

Dear Community,

A while ago @DividendCop published an article about the withholding tax by French shares. Thereby some queries came to the point 3 of the "direct registered shares".

1. what is currently the problem of German investors?

Dividend payments from groups in our neighboring country are subject to a flat 28% withholding tax. The French tax authorities justify this with the uncertainty about the tax domicile of the investor.

2. what are the solutions?

As is known, there is an agreement between Germany and France. It is therefore possible to reduce the withholding tax to approx. 12.8%.

This works on the one hand via the service of the DKB, which goes in advance, but of course gets the money back itself via a tax equalization.

Consors also offers this service for about €19.95 per income payment.

Another option is offered by the refund forms 5000DE and 5001DE, which are, however, subject to personal appeal to the French tax authorities. A refund thus requires proof of tax residency in Germany.

Now we come to the 3rd possibility of registering French shares, which is the primary topic of this article.

The initial situation:

Here we must distinguish the following points in particular.

• In free trade, we find French bearer shares.
• Registration converts these bearer shares into registered shares.
• In Germany, registration has so far been possible almost exclusively via Consors, as a subsidiary of BNP, and even then it has usually been offered to selected persons. Chosen ones are here really lengthy holders of the positions, which are to receive a Benefit. Meanwhile this costs 24,95€.
• Please weigh therefore whether this is worthwhile at all.
• Further possibilities can be found in capital participation campaigns of the groups. Usually, however, these are not published.
• Registered shares are not tradable without further ado. There are obligations for a holding period of x years in the case of registration.
• Registered shares are not held in the owner's own custody account, but in a custody account administered by the corporation itself or by a third party commissioned by the issuer to do so.
• After this holding period, the owner can dispose of them freely. He can therefore also order a sale or transfer shares to his own securities account. Please bear in mind that this requires conversion into bearer shares again and leads to fees.
• A sale of the registered shares can only be executed on the Paris Stock Exchange "Euronext". The holder merely orders a sale. The timing of the execution is incumbent upon the agent in a proportionate period of time.

Situation:

Let us now assume that registration is to be sought. How does such a thing proceed?

A field report:

My portfolio currently includes 3 corporations in which I own registered shares. Arkema $AKE (-5,23%) , TotalEnergies $TTE (-2,35%) and Air Liquide $AI (-1,54%) .

There was a request for personal data by means of a form and confirmation of tax residency in Germany. (Indication of your tax ID and for confirmation a wage slip with tax deduction is usually also accepted). Otherwise, you must also calculate here for a confirmed tax information again about 20-30 €.

Of course, this depends on the costs of your local tax office.

After a thorough check by the finance department of the respective company, you will receive a notice about the issuance confirmation. Only a short time later you will probably receive a letter with the access data to the securities account from BNP Paribas $BNP (-1,73%) or CA $ACA (-1,35%) will be sent to you. Both make up a significant part of the business world in French everyday life.

These founded from themselves the platform "Uptevia", which is a spin-off of the corperate trust services of both banks.

The link to the platform, as well as your ID, access number and password will be sent to you in separate letters.

You will also receive separate access for each group. Therefore, please keep these documents safe.

Now I have received registered shares, and now what?

Nothing more. I now see my received shares, which are blocked. Now I have to wait until the holding period expires. In the meantime, you can still enjoy the incoming dividend payments on your reference account, which only enjoy a discount of 12.8%. Please note, however, that you will have to declare these dividends on your tax return, as you may have to pay additional capital gains tax. You will receive the respective documents via PDF from this very portal on 01.01 over the past year.

But why should this be worthwhile?

Different companies offer different benefits for registered share holders.

For years, L'Oreal $OR (-1,95%) for example, has been offering an annual dividend premium of 10% on its dividend. The same applies to Air Liquide.

Valneva $VLA (-1,88%) offers double voting rights. It is therefore up to the Group itself to decide on the respective benefits.

But please only decide for it if there is a realistic financial advantage!

This will be my biggest dividend payment by far and I'm really looking forward to it🔥😂.

Only unfortunately the French keep just under 30% for themselves.... goes probably a breakfast of Macron just on my Nacken🤷🏻‍♂️

𝗠𝗮𝗿𝗸𝗲𝘁 𝗡𝗲𝘄𝘀 🗞️

𝗝𝗲𝗻𝗼𝗽𝘁𝗶𝗸 𝗮𝘂𝘀 𝗝𝗲𝗻𝗮 / 𝗩𝗲𝗿𝘀𝗶𝗰𝗵𝗲𝗿𝘂𝗻𝗴𝘀𝗸𝗮𝘂𝗳 / 𝗞𝗿𝘆𝗽𝘁𝗼-𝗥𝗲𝗴𝘂𝗹𝗶𝗲𝗿𝘂𝗻𝗴

𝗘𝘅-𝗗𝗮𝘁𝗲𝘀 📅

As of today, among others, Imperial Brands ($IMB (-1,04%)) and Vodafone ($VOD (-7%)) are trading ex-dividend.

𝗤𝘂𝗮𝗿𝘁𝗮𝗹𝘀𝘇𝗮𝗵𝗹𝗲𝗻 📈

Today, among others, Gigaset ($GGS (+0%)), Inter RAO UES ($IRAO), Rémy Cointreau ($RCO (-1,75%)) and Vapiano ($VAO) present their figures.

𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🏛️

Jenoptik ($JEN (-4,97%)) - Jena-based Jenoptik is divesting its military division Vincorion. A fund of the financial investor Star Capital Partnership is to buy the division, which is valued at around 130 million euros. The deal is expected to close in the second half of 2022. Jenoptik had already wanted to sell the division, which manufactures mechatronic products for the security and defense sector, aviation, and the rail and transportation industries in particular, but the process was halted at the beginning of last year. The share gained 9.54 percent in the early morning and was temporarily quoted at 35.71 euros.

Generali ($G (-0,53%)) - Italian insurer Generali is negotiating with major French bank Credit Agricole ($ACA (-1,35%)) about the sale of its insurance business. The deal involves the La Medicale division and a contract portfolio of the Credit Agricole subsidiary Predica. The deal is expected to be completed in the middle of next year. La Mediale had annual premium income of 552 million euros last year. Generali shares were virtually unimpressed and Credit Agricole shares fell slightly.

𝗖𝗿𝘆𝗽𝘁𝗼 💎

Former U.S. Secretary of State Hillary Clinton warns that cryptocurrency markets and social media platforms could destabilize the U.S. dollar as a reserve currency if they are not regulated. This is to counter possible technological manipulation by Russia, China or other countries. Notably, North Korea has used cryptocurrencies to fund its own nuclear weapons program. The Iranian government also publicly spoke out in favor of cryptocurrencies, saying that sanctions could be circumvented in this way.

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