We believe that Intesa Sanpaolo has a fair value estimate of EUR 4.50 per share, equal to 1.7 times Intesa's 2024 tangible book value and 9 times the earnings per share we estimate Intesa will record ...

We believe Credit Agricole S.A. can earn a midcycle return on tangible equity of around 9%, slightly below of our 10% cost of equity assumption for Credit Agricole S.A. and below its 12% 2025 target.