SCGLY - More Progress At Societe Generale But Long-Term Core Growth Remains A Key Challenge
Societe Generale (SCGLY) has continued to outperform its peers since my last update, outperforming other European stocks by about 2%, bringing its trailing one-year outperformance to around 15%. I believe much of this performance has been tied to the relatively quick progress management has made with shoring up the capital position, though some improvement in the French retail business certainly hasn’t hurt.
This French bank remains a challenging bank to recommend, though I do believe it is still undervalued. The company’s efforts to improve its capital ratios have very likely added to