Bbva Banco Frances S.A. (BFR)

It is looking extremely bad for most of Europe. When you look at the external debt (this is the debt of the government, people and companies within the country), you find the external debt is far beyond 100% of GDP. Many major nations of Europe have external debt beyond 200% of GDP. If fact these countries have external debt of 265% of GDP or more:
UK 307%
France 272%
Belgium 277%
Greece 267%
Switzerland 265%
And all of these are rising (getting worse). This is why gold and silver and platinum and copper and aluminum, etc. are rising rapidly vs. their currencies.
Other countries are very bad too, I'm am not saying others are fine and safe. The whole global generation of currency and bitcoin etc are doing more damage each week. A huge collapse is coming. Beware!

$BFR DD Notes ~ http://www.ddnotesmaker.com/BFR

bullish

$BFR recent news/filings

## source: finance.yahoo.com

Fri, 21 Nov 2014 09:27:28 GMT ~ BBVA Francés reports consolidated thirt quarter earnings for fiscal year 2014

[at noodls] - BBVA Francés reports consolidated thirt quarter earnings for fiscal year 2014

read full: http://www.noodls.com/view/EDF67954D972B18BC2593EDB901CAC075D71D897
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Wed, 20 Aug 2014 17:04:00 GMT ~ SHG, BFR And USB, 3 Banking Stocks Pushing The Industry Lower


read full: http://www.thestreet.com/story/12851902/1/shg-bfr-and-usb-3-banking-stocks-pushing-the-industry-lower.html?puc=yahoo&cm_ven=YAHOO
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Wed, 13 Aug 2014 19:35:03 GMT ~ UBS Cuts 75 Jobs in U.S. Brokerage Wing, Cost Control on Track


read full: http://finance.yahoo.com/news/ubs-cuts-75-jobs-u-193503253.html
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Tue, 12 Aug 2014 21:20:03 GMT ~ RBS Shares Fall on Rumors of Vending Global Division


read full: http://finance.yahoo.com/news/rbs-shares-fall-rumors-vending-212003633.html
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Tue, 05 Aug 2014 20:30:08 GMT ~ UBS to Infuse $15M in Infrastructure Partnership with CalPERS


read full: http://finance.yahoo.com/news/ubs-infuse-15m-infrastructure-partnership-203008485.html
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$BFR charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com


$BFR company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/BFR/company-info
Ticker: $BFR
OTC Market Place: Not Available
CIK code: 0000913059
Company name: BBVA Banco Frances S.A.
Company website: http://www.bancofrances.com.ar
Incorporated In: Argentina


$BFR share structure

## source: otcmarkets.com

Market Value: Not Available
Shares Outstanding: Not Available
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$BFR extra dd links

Company name: BBVA Banco Frances S.A.
Company website: http://www.bancofrances.com.ar

## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/BFR/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/BFR/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=BFR+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=BFR+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=BFR+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/BFR/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/BFR/news - http://finance.yahoo.com/q/h?s=BFR+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/BFR/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/BFR/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/BFR/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/BFR/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/BFR/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/BFR/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/BFR/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/BFR/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=BFR+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/BFR
DTCC (dtcc.com): http://search2.dtcc.com/?q=BBVA+Banco+Frances+S.A.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=BBVA+Banco+Frances+S.A.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=BBVA+Banco+Frances+S.A.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.bancofrances.com.ar
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.bancofrances.com.ar#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.bancofrances.com.ar

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/BFR/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/BFR
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/BFR/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/BFR/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/BFR/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000913059&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/BFR/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/BFR/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/BFR/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/BFR/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=BFR&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=BFR
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/BFR/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=BFR+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=BFR+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=BFR
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=BFR
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=BFR+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/BFR/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=BFR+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/BFR.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=BFR
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/BFR/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/BFR/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/BFR/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/BFR/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/BFR
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/BFR
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/BFR:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=BFR
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=BFR



$BFR DD Notes ~ http://www.ddnotesmaker.com/BFR

BBVA Banco Frances S.A. [$BFR] due diligence

$BFR

DD Notes ~ http://www.ddnotesmaker.com/BFR

##### recent news/filings ~ source: finance.yahoo.com

Wed, 25 Jun 2014 12:27:14 GMT ~ The Zacks Analyst Blog Highlights: BBVA Banco Frances, YPF, Grupo Financiero Galicia, Trinity Industries, Canadian Natural Resources and Columbus McKinnon
read full: http://finance.yahoo.com/news/zacks-analyst-blog-highlights-bbva-122714092.html
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Tue, 24 Jun 2014 22:36:00 GMT ~ Grupo Financiero Rises, Despite Argentina Debt Drama
read full: http://news.investors.com/062414-706034-merval-index-snubs-argentinaand39s-debt-crisis.htm?ven=yahoocp&src=aurlled&ven=yahoo
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Tue, 24 Jun 2014 15:41:29 GMT ~ Argentina's Default Worries: 3 Stocks in Focus
read full: http://finance.yahoo.com/news/argentinas-default-worries-3-stocks-154129824.html
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Thu, 19 Jun 2014 14:20:07 GMT ~ Balanced View on Itau Unibanco
read full: http://finance.yahoo.com/news/balanced-view-itau-unibanco-142007096.html
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Tue, 17 Jun 2014 20:55:04 GMT ~ Updated Research Report on UBS AG
read full: http://finance.yahoo.com/news/updated-research-report-ubs-ag-205504192.html
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##### chart ~ source: stockcharts.com



##### chart ~ source: eoddata.com



##### company info ~ source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/BFR/company-info
Ticker: $BFR
OTC Market Place: Not Available
CIK code: 0000913059
Company name: BBVA Banco Frances S.A.
Company website: http://www.bancofrances.com.ar
Incorporated In: Argentina

##### extra dd links

Edgar filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000913059&owner=exclude&count=40
Latest filings: http://www.otcmarkets.com/stock/BFR/filings
Latest financials: http://www.otcmarkets.com/stock/BFR/financials
Latest news: http://www.otcmarkets.com/stock/BFR/news - http://finance.yahoo.com/q/h?s=BFR+Headlines

Major holdings: http://data.cnbc.com/quotes/BFR/tab/8.1
Insider transactions (1): http://finance.yahoo.com/q/it?s=BFR+Insider+Transactions
Insider transactions (2): http://www.secform4.com/insider-trading/BFR.htm
Insider transactions (3): http://www.insidercow.com/history/company.jsp?company=BFR

RegSho: http://www.regsho.com/tools/symbol_stats.php?sym=BFR&search=search

DTCC: http://search2.dtcc.com/?q=BBVA+Banco+Frances+S.A.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information: http://www.spoke.com/search?utf8=%E2%9C%93&q=BBVA+Banco+Frances+S.A.
Corporation WIKI: http://www.corporationwiki.com/search/results?term=BBVA+Banco+Frances+S.A.&x=0&y=0
WHOIS: http://whois.domaintools.com/http://www.bancofrances.com.ar
Alexa: http://www.alexa.com/siteinfo/http://www.bancofrances.com.ar#
Corporate website internet archive: http://web.archive.org/web/*/http://www.bancofrances.com.ar

Short Sales: http://www.otcmarkets.com/stock/BFR/short-sales
Insider Disclosure: http://www.otcmarkets.com/stock/BFR/insider-transactions
Research Reports: http://www.otcmarkets.com/stock/BFR/research
Historical Prices: http://finance.yahoo.com/q/hp?s=BFR+Historical+Prices
Basic Tech. Analysis: http://finance.yahoo.com/q/ta?s=BFR+Basic+Tech.+Analysis
Company Profile: http://finance.yahoo.com/q/pr?s=BFR+Profile
Key Statistics: http://finance.yahoo.com/q/ks?s=BFR+Key+Statistics
Industry: http://finance.yahoo.com/q/in?s=BFR+Industry
Insider Roster: http://finance.yahoo.com/q/ir?s=BFR+Insider+Roster
Income Statement: http://finance.yahoo.com/q/is?s=BFR
Balance Sheet: http://finance.yahoo.com/q/bs?s=BFR
Cash Flow: http://finance.yahoo.com/q/cf?s=BFR+Cash+Flow&annual
Market Watch: http://www.marketwatch.com/investing/stock/BFR
Bloomberg: http://www.bloomberg.com/quote/BFR:US
Morningstar: http://quotes.morningstar.com/stock/s?t=BFR
Bussinessweek: http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=BFR
Barchart: http://www.barchart.com/quotes/stocks/BFR
OTC Short Report: http://otcshortreport.com/index.php?index=BFR
Investopedia: http://www.investopedia.com/markets/stocks/BFR/?wa=0

http://www.pennystocktweets.com/stocks/profile/BFR

##### last known share structure ~ source: otcmarkets.com

Market Value: Not Available
Shares Outstanding: Not Available
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value

##### business description ~ source: otcmarkets.com



DD Notes ~ http://www.ddnotesmaker.com/BFR
dbarr

Nice dividend for a foreign bank stock...loaded with cash stable core of divisions. Just jumped in today and will add more before EOY.

Argentina Stocks: Aluar, BBVA Banco Frances, Galicia, Siderar
By Camila Russo on June 01, 2012
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses, and share prices are as of 1:34 p.m. in Buenos Aires. The Merval (MERVAL) Index fell 2 percent to 2,212.57.

Aluar Aluminio Argentino SAIC (ALUA) dropped 3.4 percent to 2.56 pesos. Argentina’s largest aluminum producer fell after data showed manufacturing growth in China and India decelerated and U.S. employers added the fewest workers in a year.

Siderar SAIC (ERAR) , the country’s largest steel producer, declined 3.8 percent to 1.54 pesos.

BBVA Banco Frances SA (FRAN) fell 3.4 percent to 7.68 pesos. Newspaper El Cronista Comercial reported Argentina is going to convert dollar assets and contracts into pesos.

Grupo Financiero Galicia SA (GGAL) , Argentina’s largest consumer lender, slid 2 percent to 2.88 pesos.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

BBVA Banco Frances S.A. (BFR) Analysis

BBVA Banco Frances S.A. (BFR) was founded in 1886 in Buenes Aires and is the oldest private bank and the 3rd largest bank in Argentina. Through a network of over 280 branch offices, the company is one of the main providers of financial and non-financial services to businesses and consumers in Argentina. It is currently owned and controlled by Banco Bilbao Vizcaya Argentaira SA (BBVA) which is a multinational Spanish banking group and the 7th largest financial institution in the Western world.

BFR is very conservatively run with unusually high levels of liquidity and solvency for a bank. It has cash of over $1B and no net debt.

BFR & the Argentine Economy

From its inception in 1886, BFR has ridden through all the highs and lows of the Argentine economy and come out the other side in one piece – and with a superb balance sheet. It has developed into a strong, stable and conservative financial institution.

The graph below shows the ups and downs of the Argentine economy. Few other countries have had such a volatile economic history.



Source: SSPE Ministry of Economy

Today

The Argentine economy grew around 9% in 2010, and the 1st and 2nd quarters of 2011 were similarly impressive. But Moody’s has a negative outlook on Argentina’s banking sector citing unsustainable government policies and general political risk as the source of the strain on the sector. And according to Routers, many private economists suggest inflation is running at over 20% whereas the government’s official number is around 10%. It seems the Argentina’s turbulent high growth high inflation story is set to continue.

The biggest risk to the Argentine economy remains the high inflation rate. Exports will lose their competitiveness with higher prices, and private consumption will gradually decrease as the price of goods and services becomes too expensive. The flow on effects could result in lower economic activity throughout the country which in turn will have negative flow on effects to Argentine banks such as BFR. With its impeccable balance sheet, and over 125 years operating in Argentina, BFR is certainly well positioned to ride out challenging economic periods.

BFR is a wonderful generator of cash. For the last 10 years, BFR has reported total net earnings of $690M while free cash flow has totalled $1.8B over the same time. Since 2003 BFR has enjoyed zero net debt, and today enjoys a sublime balance sheet with over $1B in cash. We like to see this sort of net cash position for a number of reasons. It allows the company to ride through any challenging times that might lay ahead, and it allows the company to take advantage of any opportunities to acquire distressed competitors to further strengthen their position. It also allows the company to buy back shares and pay dividends.

2010 was a great year for BFR, increasing net income from $188M to $301M and achieving a 35% NROE. $121M of the net income was distributed to shareholders providing shareholders with an attractive yield. Based on the current shareprice of around $6.30, the dividend yield for 2011 currently sits at over 17%, but investors should not rely on the dividend too much. The payout ratio over the last 10 years has been 100%, 0%, 0%, 0%, 0%, 8%, 28%, 43%, 4%, and 39% so a shareholder certainly cannot rely on the dividend. The payout ratio for 2011 is not far off 100%, so though the yield looks attractive at the moment, it almost certainly won’t last – at least not above 17%!

Quality Rating



Source: www.usastockvaluation.com

The Quality Rating of BFR is not too bad at 65. The company had a terrible year in 2002 posting a loss of $367M which is especially bad considering they posted an impressive gain of $301M last year. The terrible year in 2002 dragged some of the quality rating scores down considerably. The performance of BFR from 2007 to 2010 in particular has been good though.

Intrinsic Value



Source: www.usastockvaluation.com

The Intrinsic Value is going sideways for the next few years, but the IV is way above the share price. Indeed the shareprice is only about 15% above the reported book value.



For most of the last 10 years, the shareprice has been well above the IV, but that trend reversed in 2008. The shareprice went as low as $2.2 in late 2008/early 2009. The shareprice started to take a pounding in 2007 during the start of the credit crunch where all financial stocks fell out of favor. During the 2009/2010 market recovery the shareprice headed up again towards the IV line before dropping significantly in 2011 due once again to the general downward pressure on all financial stocks. The dramatic drop in shareprice in 2011 has created the potential opportunity we see today.

Investment Grade Table Position



Source: www.usastockvaluation.com

BFR takes position number 33 this week on the USAStockValuation weekly Investment Grade Table. The investment grade table multiplies the quality rating and margin of safety together before dividing by 100 to get the Investment Grade Score. This allows only those companies with a good quality rating and margin of safety combination to make the table.

Conclusion

The Argentine economy has endured extreme highs and lows, and for over 125 years BFR has not only endured those extremes, but has actually thrived on them. During periods of economic slumps BFR has grabbed the opportunity to take over its distressed competitors, while during periods of economic prosperity BFR has built up its balance sheet ready for another acquisition.

BFR has over $1B in the bank (compare this to its market cap which is also slightly over $1B), zero debt, has proven itself over 125 years, is currently paying an above 17% dividend yield (though that won’t last), and is trading only slightly above book value. The upside potential vs downside risk for BFR is attractive, and many investors will see good value at current prices.