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

Analysts

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2020

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/02/2020

...

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

SCOR : Net profit affected by high natural catastrophe costs

>Significant premium growth in P&C - Scor is due to report its 2019 net profit on Thursday 27 February before the market open. We expect gross premium income of € 16.2bn, up 6.5%e over the full year and fully in line with the consensus (i.e. growth of 6.9% in Q4 2019). Growth should be driven by a strong rise in P&C reinsurance premiums, which had reached € 7.1bn (+15.2% as announced at the publication of the 1 January renewals) with nearly stable life reinsurance pre...

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

SCOR : Un RN impacté par un coût élevé des catastrophes naturelles

>Une croissance importante des primes en dommages - Scor publiera son résultat net 2019 jeudi 27 février avant Bourse. Nous attendons des primes brutes de 16.2 Md€, en hausse de 6,5%e en année pleine en ligne avec le consensus (soit une croissance de 6.9% sur seul le T4 2019). Cette hausse devrait être tirée par une forte croissance des primes en réassurance dommages qui avaient atteint 7.1 Md€ (+15.2% comme annoncé lors de la publication des renouvellements du 1er ja...

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 ...

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

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2020

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/02/2020

...

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

SCOR : Net profit affected by high natural catastrophe costs

>Significant premium growth in P&C - Scor is due to report its 2019 net profit on Thursday 27 February before the market open. We expect gross premium income of € 16.2bn, up 6.5%e over the full year and fully in line with the consensus (i.e. growth of 6.9% in Q4 2019). Growth should be driven by a strong rise in P&C reinsurance premiums, which had reached € 7.1bn (+15.2% as announced at the publication of the 1 January renewals) with nearly stable life reinsurance pre...

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

SCOR : Un RN impacté par un coût élevé des catastrophes naturelles

>Une croissance importante des primes en dommages - Scor publiera son résultat net 2019 jeudi 27 février avant Bourse. Nous attendons des primes brutes de 16.2 Md€, en hausse de 6,5%e en année pleine en ligne avec le consensus (soit une croissance de 6.9% sur seul le T4 2019). Cette hausse devrait être tirée par une forte croissance des primes en réassurance dommages qui avaient atteint 7.1 Md€ (+15.2% comme annoncé lors de la publication des renouvellements du 1er ja...

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

SCOR : A substantial charge for natural catastrophes in Q4

>Renewals of 1 January more selective in reinsurance - Yesterday morning, Scor published its renewals at 1 January. The group has indicated that premiums for the P&C lines stood at € 7.1bn, up 15.2% at constant currency (+16.2% for reinsurance and +14.4% for specialty insurance), a shade above our forecast (€ 7.0bn). In reinsurance, some 66% of treaties were up for renewal on 1 January. At these renewals the group registered an average price increase of 2.8%, but with...

Scor: 1 director sold after exercising options/sold

A director at Scor sold after exercising options/sold 9,755 shares at 37.970EUR and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Georges Dieng
  • Haris Ladouari
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/07/2020

The coronavirus epidemic added to an already uncertain economic/geopolitical outlook is prompting us to play late-cycle commodities/stocks. We are upgrading AngloAmerican to Buy (vs Neutral) for its exposure to platinoids, diamonds and thermal coal. We are downgrading BHP to Reduce (vs Neutral) for its exposure to iron ore and oil, which are more sensitive to macroeconomics. We maintain our Buy on Eramet, which will benefit from the upturn in manganese and nickel prices. - ...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Georges Dieng
  • Haris Ladouari
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/02/2020

L'épidémie de coronavirus ajoutée à des perspectives économiques/géopolitiques déjà incertaines nous incitent à jouer les commodités/valeurs "late cycle". Nous relevons AngloAmerican à Achat (vs Neutre) pour son exposition aux platinoïdes, diamants et charbon thermique. Nous dégradons BHP à Alléger (vs Neutre) très exposé au minerai de fer et au pétrole, plus sensibles à la macroéconomie. Nous demeurons à l’Achat sur Eramet qui profitera de la remontée des prix du manganèse et du nick...

Alfred Glaser ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/28/2020

We have upgraded our recommendation for Edenred to Buy and our target price to € 60.0. The group, now part of the payment services universe, should continue to deliver solid growth in underpenetrated niche markets, with considerable scope to improve its profitability whilst at the same time maintaining significant FCF generation. The current valuation nonetheless remains discounted vs the payment services sector. - ...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Jeremy Garnier
  • Nicolas David
  • Nicolas Thorez
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 01/28/2020

Nexi is a dominant force in the Italian electronic payments market. It should see steady growth on a market where penetration levels are unusually low (85% of transactions are still in cash) and which is very well equipped in POS terminals. The government is also taking a range of measures to reduce the use of cash. Potential positive surprises (not factored into our forecasts) are therefore possible as the penetration of electronic payments gathers pace. The group should continue to ...

Alain William ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Jeremy Garnier
  • Nicolas David
  • Nicolas Thorez
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 28/01/2020

Nexi domine le marché italien du paiement électronique. Il devrait bénéficier d’une croissance régulière sur un marché anormalement sous-pénétré (85% des transactions encore en cash), bien équipé en TPE et où le gouvernement prend de nombreuses mesures pour réduire l’usage du cash. De potentielles bonnes surprises (non intégrées à nos prévisions) liées à l’accélération de la pénétration du paiement électronique sont donc possibles. Le groupe devrait continuer d’améliorer ses marges, d...

For SCOR SE, the environment deterioration entails a downgrade to Neutral

SCOR SE (FR), a company active in the Reinsurance industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 2 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date November 15, 2019, the closing price was EUR 37.87 and its expected value was estimated at EUR 37.38.

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...

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,...

MarketLine Department

Hannover Ruck SE - Strategy, SWOT and Corporate Finance Report

Summary Hannover Ruck SE - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Hannover Ruck SE (Hannover Re), a subsidiary of Talanx AG, is a provider of reinsurance products and services. The company offers property and casualty reinsurance products such as marine reinsurance, aviation reinsurance, credit reinsurance, surety reinsurance, property reinsurance, liabil...

MarketLine Department

Exor S.P.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances And Investments

Summary Marketline's Exor S.P.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Exor S.P.A. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. KeyHighlights ...

MarketLine Department

Exor N.V - Strategy, SWOT and Corporate Finance Report

Summary Exor N.V - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Scope - Detailed information on Exor N.V required for business and competitor intelligence needs - A study of the major internal and external factors affecting Exor N.V in the form of a SWOT analysis - An in-depth view of the business model of Exor N.V including a breakdown and examination of key business segme...

MarketLine Department

Caisse Centrale de Reassurance - Strategy, SWOT and Corporate Finance Report

Summary Caisse Centrale de Reassurance - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Caisse Centrale de Reassurance (CCR) is a reinsurance company that provides coverage against natural catastrophes and uninsurable risks in France. The company through its subsidiary, CCR Re engaged in life, non-life and specialty lines of business. It offers proportional, non-p...

Olivier Pauchaut

Insurance & Fintech: Satisfactory renewals for Scor, decent FY numbers for Zurich

Insurance & Fintech Satisfactory renewals for Scor, decent FY numbers for Zurich SCOR: satisfactory Jan. renewals, heavy Q4 natcat losses ZURICH: decent FY numbers, as expected

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...

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

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 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

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 €.

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