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CSGKF - Credit Suisse: Approx. 6% All-In Yield And Priced Like A Single-Digit RoTE Bank
Credit Suisse Group AG
The Credit Suisse investor update has made me rethink my cautious stance on the stock.
While 4Q20 looks to be heading for a net loss, the medium-term outlook is bright.
Assuming management executes on its targeted cost cuts and reinvestment, a double-digit RoTE is well within reach.
The capital return is also attractive at ~6% all-in, and with the stock still trading well below tangible book, the risk/reward strikes me as favorable.