Scor S.A.

SCOR is a holding company. Through its subsidiaries, Co. is engaged mainly in reinsurance. Its customers are insurers and large corporations. Co. is engaged in life reinsurance through SCOR Global Life SE and non-life reinsurance through SCOR Global P&C SE. In the life reinsurance business, Co. offers reinsurance for individual and group life insurance, long-term care, substandard risks, critical illness and financing products. The non-life reinsurance business comprises traditional reinsurance business; Treaty, Business Solutions, and Specialty Lines. In addition, Co. through SCOR Global Investments SE, manages, directly or indirectly its global investment portfolio.
  • TickerSCR
  • ISINFR0010411983
  • ExchangeEuronext Paris
  • SectorNonlife Insurance
  • CountryFrance

SCOR SE suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of SCOR SE (FR), active in the Reinsurance industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date May 12, 2020, the closing price was EUR 22.72 and its target price was estimated at EUR 17.89.

Matthieu DRIOL

Analyse court terme - SCOR SE : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 44,11 € et 50,43 €. La tendance serait invalidée sous le support à 33,00 €.

Matthieu DRIOL

Short term view - SCOR SE : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €44.11 and €50.43. The trend would be invalidated below the support at €33.00.

Matthieu DRIOL

Analyse court terme - SCOR SE : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 44,11 €. La rupture du support à 33,00 € invaliderait cette tendance.

Matthieu DRIOL

Short term view - SCOR SE : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €44.11. Breaking below the support at €33.00 would invalidate the trend.

Matthieu DRIOL

Analyse moyen terme - SCOR SE : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 43,70 € et 46,43 €. La tendance serait invalidée sous le support à 31,10 €.

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

SCOR : Solid results and solvency margin in Q1

>Net income in Q1 well above forecasts - Scor released its Q1 2020 net income yesterday morning. Gross written premiums were up 4.3% on a reported basis to € 4.16bn (+2.2% at constant forex, of which +2.9% for P&C and +1.7% in life reinsurance). Net income was € 162m in Q1 2020 (+23.7%), higher than forecast (consensus of € 125m, our forecast of € 135m), driven by better-than-expected operating results, thanks to: 1/ a combined ratio that was better than expected at 9...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

SCOR : Un résultat et une marge de solvabilité solides au T1

>Le RN du T1 a été supérieur aux attentes - Scor a publié hier matin son RN du T1 2020. Les primes brutes ont augmenté de 4.3% en publié à 4.16 Md€ (+2.2% à taux de change constants, dont +2.9% en dommages et +1.7% en réassurance vie). Le RN a été de 162 M€ au T1 2020 (+23.7%), supérieur aux attentes (consensus de 125 M€, notre prévision de 135 M€), tiré par un RO meilleur que prévu, grâce à : 1/ un ratio combiné meilleur que prévu à 94.5% (consensus de 95.3%) bénéfic...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

SCOR : Quarterly results not likely to be greatly affected by the crisis

>Selective growth - Scor is to report its Q1 2020 results on Wednesday 29 April before trading. We are looking for premiums of € 4.18bn in Q1 2020 (+4.9%), with growth in line with the average annual growth objectives laid out in the group’s strategic plan (+5.2% in P&C, vs an average target of between +4% and +8%, and +4.6% in life reinsurance, vs an average target of between +3% and +6%). Bear in mind that Scor was selective in its renewals on 1 January, and that it...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

SCOR : Un résultat trimestriel qui devrait être peu affecté par la crise

>Une croissance sélective - Scor publiera son résultat du T1 2020 mercredi 29 avril prochain avant Bourse. Nous prévoyons des primes de 4.18 Md€ au T1 2020 (+4.9%), avec des croissances en ligne avec les objectifs de croissance annuelle moyens de son plan stratégique (+5.2% en dommages vs obj. moyen de +4%/+8% et +4.6% en réassurance vie vs un obj moyen de +3%/+6%). Rappelons que Scor avait eu lors de ses renouvellements au 1er janvier dernier une souscription sélecti...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : At the European level, 23% of 2019 dividends have already been paid and 38% have been confirmed

>European insurers were initially due to pay out € 29.2bn for 2019 - We have undertaken a detailed analysis of the payouts, for 2019 results, of European insurers, based on all the insurance groups that are part of the Stoxx Europe 600 Insurance index, to which we have added Coface, Grupo Catalana Occidente and Talanx (we have not taken account of the other small listed European insurers). Taken together, these groups had initially been due to pay out total cumulative...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 24/10/2019 - Intrum, Ford - FR

Intrum (Achat) - 9M-19 : EBIT de SEK4,2 mds (€391m, +41,1%) Ford (Achat) : Abaisse ses perspectives pour 2019 Scor (Achat) - 9M-19 : Primes brutes de €12,1 mds (+3,2% à tcc) SEB (Achat) - 9M-19 : Résultat d’exploitation de SEK17,8 mds (€1,7 md, +4,8%) Constellium (Achat) : Revoit à la baisse ses objectifs 2019 Edenred (Achat) : Vise une croissance organique d’EBITDA >10% jusqu’à 2022 Europcar (Vente vs Achat) : Abaisse ses perspectives pour 2019 Schmolz + Bickenbach : Prévoit une augmentation de capital de CHF189m à CHF350m ...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

SCOR SE: Semi-Annual Update

FINANCIAL INSTITUTIONS CREDIT OPINION 29 March 2017 Update RATINGS SCOR SE Domicile Paris, France Long Term Rating Aa3 Type Insurance Financial Strength Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Benjamin Serra 33-1-5330-1073

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2020

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2020

...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2020

...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas Thorez
  • Nicolas David
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2020

The impacts of the COVID-19 pandemic are massive on the hotel/leisure sector (2020e EPS forecast down 41%). They undermine the weakest players. Our preference henceforth goes to the most resilient business models and the most solid balance sheets; Advantage Accor and Whitbread. - ...

SCOR SE suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of SCOR SE (FR), active in the Reinsurance industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date May 12, 2020, the closing price was EUR 22.72 and its target price was estimated at EUR 17.89.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Scor - Assemblée générale des actionnaires du 26 avril 2019

Gouvernance:CIAM a déposé une résolution externe afin de mettre fin par anticipation au mandat d'administrateur de Denis Kessler, Président Directeur Général, en raison du cumul des fonctions de Président et de Directeur Général de celui-ci. Proxinvest avait, en 2017, soutenu le renouvellement de Denis Kessler, en raison notamment des contre-pouvoirs que la société a mis en place, mais avait alerté la société sur le manque de lisibilité de la politique de succession de son premier dirigeant. En effet, il a 67 ans, son mandat court jusqu’en 2021 et la limite des statuts concernant l’âge du Dire...

Expert Corporate Governance Service (ECGS)

SCOR SE - AGM 26 April 2019

ITEM A: CIAM (activist fund) added an external resolution that proposes to prematurely terminate the term of office of Denis Kessler, Chairman and CEO, because he cumulates both functions. ECGS, in 2017, supported the mandate renewal of Denis Kessler mainly because of the counter powers implemented. But we also warned the Company on the succession planning matter. Indeed, Denis Kessler is 67, his mandate will end in 2021 and the Bylaws’ age limitation to be a CEO is 70. Thus the Company should make the market aware of Mr Kessler’s successor, by naming a Deputy CEO, for example. However, this m...

Scor – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 26/04/2018

ITEM 9: the election of Ms Wang is welcome as the board will now have 61% of independent board members (vs 53% in 2017). ITEMS 4 and 5: post-employment benefits are still excessive while the Chairman and CEO could save by himself considering his remuneration. ITEM 7: we commend the company that improved its disclosure regarding the remuneration for the upcoming fiscal year. However, no change was made regarding LTI; hence they still allow vesting in case of underperformance. This is not acceptable.

Jehanne Leroy

Proxy Report - 26/04/2018

L’année 2017 a été une année exceptionnelle en termes de catastrophes naturelles de grande ampleur, expliquant la baisse de 53% du résultat net. Ainsi, le taux de distribution du dividende (qui a été en moyenne de 47% sur les 11 dernières années) est cette année de 108%. Bien que nous soutenions la distribution proposée, nous conseillons à la société d’adopter une politique de distribution du dividende en pourcentage du résultat net par action ; les distributions proposées seraient alors totalement corrélées avec les résultats. La nomination de Zhen Wang est bienvenue car cela permet au conse...

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