Gjensidige Forsikring (Buy, TP: NOK150.00) - Financial targets unchanged
Gjensidige reiterated its strategic roadmap and financial targets at its CMD. It also guided for an underwriting result for Outside Norway of NOK750m in 2022. This suggests 25% potential upside to our underwriting result estimate of ~NOK600m in 2020, two years earlier. We have not changed our 2019–2020e EPS following the CMD, but have lowered our 2018e extraordinary DPS from NOK2 to zero, as management appears more eager to have as much purchasing power as possible through the coming years. We reiterate our NOK150 target price and BUY recommendation.Gjensidige Forskring provides insurance products to private and commercial customers in Norway, Denmark, Sweden and the Baltic states. Co.'s activities are divided into six segments in addition to the asset management unit which manages Co.'s investment portfolio. The Private segment provides a range of general insurance products besides banking, savings and investment products. The Commercial segment provides a range of general insurance products to the commercial and municipality markets. Co.'s investment portfolio includes all investment funds in Co. except for investment funds in the Pension and Savings and Retail Bank segments. Co.'s other segments include Nordic and Baltics.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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