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GGAL.O

ISIN: US3999091008
SEDOL: 2613570

Rating:

HOLD

Target Price:

2.15 USD

Investment Horizon:

6 to 12 months
22nd Jan 2009 View Report   Download

Company News Alert

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Grupo Financiero Galicia S.A.’s (GF Galicia) common stock price has declined significantly since our previous update report, reflecting investor concerns over the impact of the slowing Argentine economy on the bank’s asset quality (which remains considerably weaker than key competitors), coupled with a broad-based fall in the benchmark Merval index. Moreover, we remain concerned about the bank’s near…

6th Jan 2009 View Report   Download

3Q 08 Update Report

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In 3Q 08, Grupo Financiero S.A. (GF Galicia) reported healthy growth in net income, driven by a significant increase in income from equity investments as a result of a large dividend and net other income, substantially higher than our expectations, supported by increasing net income from services. Although asset quality improved during the quarter (despite remaining considerably weaker than key competitors…

20th Nov 2008 View Report   Download

Company News Alert

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Grupo Financiero Galicia S.A.’s (GF Galicia) common stock price has declined significantly since our previous update report, reflecting broad based weakness in global financial markets, coupled with investor concerns associated with weakness in the Argentine economy, in addition to the recent volatility in local bond markets on the bank’s investment portfolio. Therefore, we maintain our HOLD rating…

12th Nov 2008 View Report   Download

3Q 08 News Alert

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Grupo Financiero Galicia S.A. (GF Galicia) reported healthy bottom-line growth in 3Q 08, driven by a sharp rise in income from equity investments. Going forward, however, we remain concerned about the condition of the Argentine economy, as well as the impact of recent turbulence in local bond markets on the bank’s investment portfolio. Overall, we do not anticipate any significant revision to our estimates or target price and…

24th Oct 2008 View Report   Download

2Q 08 Update Report

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In 2Q 08, Grupo Financiero S.A. (GF Galicia) reported healthy growth in Net Financial Income (NFI), supported by strong loan expansion. Growth was supported by increasing net income from services, reflecting growth in service income from credit and debit cards, income from insurance products and credit-related fees. Strong top-line expansion outpaced rising provisioning charges (resulting from growing exposure to higher-risk private…