Rightly or wrongly? The stock has been treading water for the past ten years, with earnings per share hovering around EUR6. On the other hand, the coupon - the dividend - has grown significantly, doubling over the past decade from EUR2.3 to EUR4.6.

Attractive on the surface, this translates into a yield of 7.4%, representing a risk premium of 3% to 4% compared with solid AAA-rated bond alternatives. Seen in this light, the current valuation makes sense.

If BNP is outperforming its European peers, it's because the Group has wisely banked on the development of its investment banking business. Once again this year, it is this business that is expected to drive the Group as a whole upwards, leading to a modest increase in consolidated profit.

In France, the retail banking business did not benefit from the rise in interest rates as much as some analysts had hoped. As we know, this change in the economic climate led to a worrying freeze in the real estate market, paralyzing transactions.

The good news is that rising interest rates have not adversely affected loan portfolios. In fact, the opposite would appear to be the case, with non-performing loan ratios at their ten-year lows.

Nevertheless, BNP warned that its Arval car leasing business would have a difficult year. The warning did little to improve investors' already very negative perception of competitor Ayvens - formerly ALD Automotive - controlled by Société Générale.

In this sector, the "cliff effect" of rising financing costs on the one hand, and accelerated depreciation of asset values on the other, has inevitably taken its toll.

BNP remains focused on its objective of achieving a 12% return on tangible equity by 2026. This target has recently been pushed back a year - it was previously set for 2025 - which has not failed to displease analysts. This was reflected in the recent sell-off, which sent the stock back to EUR62, i.e. two-thirds of its tangible equity value.

Reflecting the sector's difficulties, the discount remains pronounced since the euro crisis more than ten years ago.