Gjensidige Forsikring (Hold, TP: NOK150.00) - Back on track
After four consecutive quarters of weaker than expected combined ratios, Gjensidige’s Q4 combined ratio beat our expectations and consensus by some 4%-points when adjusting for run-off gains. We have made only minor estimate changes on the back of the report and maintain our target price of NOK150. Post the strong share price performance recently, we have lowered our recommendation to HOLD (BUY). We still see Gjensidige as attractively valued relative to its Danish peers, but struggle to see any immediate triggers for this discount to close in the near future.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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