BNP Paribas Act. Cat.A

BNP: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€15.00	Ldqln	Swkvmncz

BNP Paribas: Increase Fair Value Estimate by 11%; Long-Term Earnings Trend Remains Intact

Johann Scholtz

Feb 20, 2024

We increase our fair value estimate for BNP Paribas by 11% to EUR 85/share, which equals its net tangible book value at the end of 2023 and 9.5 times what we expect it to earn for 2023. We believe BNP can generate a midcycle return on tangible equity of around 10%—in line with our cost of equity estimate.

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