Grupo Catalana Occidente S.A. : Q3/9M 2024 figures broadly reassuring
>Outperform rating maintained – target price raised to € 50 (vs € 48) - We remain positive on GCO following its broadly solid Q3/9M 2024 figures and given a still attractive valuation (despite marked re-rating YTD +23%, i.e. +3pp vs SIXE sector index) in view of the group’s solid fundamentals and niche profile. We have raised our net income estimates for 2024-26e (+7% on average) thanks to still robust momentum for both traditional insurance and credit insurance, but ...Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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