Ross Levin, Director of Research at Arbiter Partners, joins the pod to discuss his thesis on Credit Agricole S.A. CCIs (Cooperative Investment Certificates).
For more information about Arbiter Partners, please visit: https://arbiterpartners.net/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:43] Overview of Credit Agricole S.A. and CCIs (Cooperative Investment Certificates)
[9:56] Dividend yield on these CCIs
[16:51] Value catalyst - Eureka transaction
[23:53] Credit Agricole vulnerabilities, CCI clean-up + historical examples of buyouts of these CCIs
[30:20] What does the CCI buybacks look like
[32:25] CCIs' risks / bear case
[36:46] French regional bank risk / what would happen if Credit Agricole blew up (systemic risk)
[41:58] Resources to research CCIs
[44:17] Final thoughts on Credit Agricole and CCIs
Today's episode is sponsored by: Stream by Alphasense
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