First Look at LCL Workshop

Goldman Sachs reviews Credit Agricole's LCL divisional workshop, noting new 2028 financial targets including +5% revenue CAGR and >13% RoNE, but maintains its Sell rating.

Key Takeaways

• 1.Credit Agricole (CASA) released 2028 financial targets for its LCL (French Retail Banking) business, aiming for a +5% revenue CAGR over 2025-28E.
• 2.The bank targets a Cost-to-Income Ratio (CIR) of <60% by 2028, despite an absolute cost-base increase to €2,900mn driven by inflation and digital transformation.
• 3.Goldman Sachs maintains a Sell rating with a €18.2 price target, citing expectations for slower profit growth and lower capital distribution compared to peers.

Table of Contents

• Investment Thesis & Key Risks
• Disclosure Appendix
• Target price history table(s) Credit Agricole SA (CAGR.PA)
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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