TRYG Tryg A/S

Tryg analyst day

Tryg analyst day



 

Tryg is hosting an analyst day today at Tryg's headquarters in Ballerup. The event is dedicated to the sell-side analysts that cover the share. No new financial or strategic targets will be revealed - presentations from different business units will be shown. The presentation can be found on Tryg.com or attached here.



 

Attachment



EN
06/06/2024

Underlying

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Reports on Tryg A/S

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
Håkon Astrup
  • Håkon Astrup

Tryg (Buy, TP: DKK185.00) - Building on a solid foundation

We expect focus at the CMD set for 4 December to be on how best to utilise the scale achieved after the RSA transaction. Building on newfound scale in Sweden, together with profitability measures in Norway, we see continued underwriting improvements. In sum, we expect Tryg to update its key financial targets for 2027, with a combined ratio of ≤80% and an insurance service result of DKK8.2bn–8.6bn. We reiterate our BUY and have raised our target price to DKK185 (180), having increased our 2025–20...

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland

Like clockwork, now time to look to 2027

Q3: Underlying claims in line, 3% UW beat (weather & large losses); Adj. EPS +1% for both 24e (inv.return) and 26e (premiums); Unwarranted P/E discount 24e-25e, BUY into CMD

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland

Reported UW beat, underlying in line

PTP +3% vs both cons & ABG, driven by 3% better UW; Reported growth inline, '24 guidance repeated ahead of CMD; Stock +0-2% today, cons.est.rev. +0-2%; pos. read to peer GJF

ABGSC Financials Research ... (+4)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
  • Patrik Brattelius

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