O&M filling the 2025 gaps

Solid end to '24, but '25 guidance below

Storebrand (Buy, TP: NOK149.00) - Strong start to the year

Fuelled by strong AUM growth within Savings, and the effects of several rounds of insurance repricing, we forecast a Q1 PTP (before amortisation) of NOK1,166m, ~8% stronger YOY. With the new NOK1.5bn buyback underway, the company is offering an attractive payout yield of 6–7%. We believe the stock is attractively valued at a 2026e P/E of c10x, when adjusting for the excess capital to be distributed. We reiterate our BUY, and have raised our target price to NOK149 (140).

Protector (Buy, TP: NOK370.00) - Profitable growth set to continue

Helped by benign claims and a strong investment result, we expect Protector to report Q1 PTP of NOK753m, up 31% YOY. We see Q1e GWP ~17% higher YOY in local FX, driven by strong renewals and the French expansion, while we continue to forecast solid UK growth in connection with the upcoming 1 April renewals. We reiterate our BUY and have raised our target price to NOK370 (365).

Indutrade (Hold, TP: SEK300.00) - Consistency in action

We forecast 4% organic growth YOY for Q1, partly driven by a strong trend in Life Science. As the new organisational structure implemented in 2024 begins to take effect, we expect growth to gradually improve further (organic and acquired). We have cut our 2025–2026e EBITA by 4–3% and reiterate our HOLD and SEK300 target price.