Stock Analysis & Valuation Caisse régionale de Crédit Agricole Mutuel d'Ille-et-Vilaine Société coopérative (CIV.PA)

• Previous Close: €112.00
• Sector Valuation Confidence Level: High

Valuation method	Value, €	Upside, %
Artificial intelligence (AI)	240.15	114
Intrinsic value (DCF)	201.17	80
Graham-Dodd Method	420.12	275
Graham Formula	125.58	12

Strategic Investment Analysis

Company Overview

Caisse régionale de Crédit Agricole Mutuel d'Ille-et-Vilaine Société coopérative (CIV.PA) is a regional cooperative bank based in Saint-Jacques-de-la-Lande, France, operating under the Crédit Agricole Group. Specializing in retail banking, it offers a comprehensive suite of financial services, including savings accounts, real estate and consumer loans, insurance products, and investment solutions. As part of the Crédit Agricole network—one of France's largest banking groups—it benefits from a strong regional presence in Ille-et-Vilaine, catering to both individual and business clients. The bank's cooperative structure emphasizes customer-centric services and long-term relationships, aligning with the mutual banking model prevalent in France. With a market capitalization of approximately €174 million, it plays a vital role in the regional financial ecosystem while contributing to the broader Crédit Agricole network's stability and growth. Its focus on sustainable banking and local economic development positions it as a key player in France's competitive regional banking sector.

Investment Summary

Caisse régionale de Crédit Agricole Mutuel d'Ille-et-Vilaine presents a stable investment opportunity within the French regional banking sector, supported by its affiliation with the Crédit Agricole Group. The bank's cooperative model fosters customer loyalty and steady revenue streams, with a diluted EPS of €10.68 and a dividend yield anchored by a €3.08 per-share payout. However, its regional focus limits scalability compared to national peers, and its beta of 0.94 suggests moderate sensitivity to market fluctuations. The absence of total debt is a strength, but low capital expenditures (€-8.6 million) may indicate limited growth initiatives. Investors should weigh its reliable dividend against slower growth prospects in a saturated market.

Competitive Analysis

CIV.PA operates in a highly competitive French regional banking landscape dominated by mutual and cooperative banks. Its primary competitive advantage lies in its integration with the Crédit Agricole network, which provides brand credibility, shared infrastructure, and risk diversification. The cooperative model differentiates it from commercial banks by emphasizing member-customer alignment, often translating into lower fees and higher trust. However, its regional confinement to Ille-et-Vilaine restricts market reach compared to national rivals like BNP Paribas or Société Générale. Unlike these giants, CIV.PA lacks international exposure and investment banking capabilities, focusing instead on retail and SME services. Its zero debt balance sheet underscores financial prudence, but reliance on traditional banking products (e.g., loans, insurance) exposes it to margin pressures from low interest rates and digital disruption. While its local expertise fosters strong community ties, competition from neobanks and fintechs threatens its younger demographic appeal. The bank’s scale—modest relative to its peers—limits R&D budgets for digital transformation, a critical gap as competitors accelerate tech-driven efficiencies.

Major Competitors

• BNP Paribas (BNP.PA): BNP Paribas is a global banking leader with a strong retail and investment banking presence. Its scale and diversification across geographies and services (e.g., corporate banking, asset management) far exceed CIV.PA’s regional focus. However, BNP’s complexity and higher risk profile contrast with CIV.PA’s stability. Weaknesses include exposure to volatile markets and regulatory scrutiny.
• Société Générale (GLE.PA): Société Générale combines retail banking with robust capital markets operations. Its international footprint and investment banking arm provide revenue diversification absent in CIV.PA. However, recent restructuring costs and higher reliance on trading income introduce volatility. CIV.PA’s cooperative model offers more predictable earnings but lacks SocGen’s innovation in digital banking.
• Crédit Agricole SA (ACA.PA): The parent company of CIV.PA’s network, Crédit Agricole SA, operates as a hybrid of regional banks and centralized services. Its larger scale enables investments in technology and sustainability initiatives that trickle down to regional entities like CIV.PA. However, the parent’s corporate structure dilutes regional autonomy, whereas CIV.PA benefits from localized decision-making.
• Groupe BPCE (CO.PA): BPCE, parent of Banque Populaire and Caisse d’Epargne, mirrors Crédit Agricole’s mutual model but with a stronger focus on urban markets. Its Natixis investment arm provides an edge in wholesale banking, but CIV.PA’s regional specialization fosters deeper local client relationships. BPCE’s higher leverage contrasts with CIV.PA’s debt-free balance sheet.