French Banks: Credit Agricole Looking Cheap, Says Jefferies

French banks BNP Paribas SA (ADR) (OTCMKTS:BNPQY) (EPA:BNP), Societe Generale SA (ADR) (OTCMKTS:SCGLY) (EPA:GLE), and Credit Agricole SA (EPA:ACA) (OTCMKTS:CRARY) are all currently trading at the multiple 1x TNAV, but investors may be undervaluing the CASA’s ability to increase dividend yields this year because of the bank’s unusual structure. When the bank holds its investor day on March 20, Jefferies analyst Omar Fall expects to hear plans on how it will reach 13% RoTE by 2015 (compared to 10% at Societe General and BNP) and bring its capital structure up to standard. Stock dilution concerns may be answered this year Credit…