Storebrand (Buy, TP: NOK95.00) - Set for flat costs and higher DPS
While the CMD provided more details of Storebrand’s capital release assumptions, in our view the overall guidance is broadly unchanged. We continue to believe the group will be able to outperform its capital generation guidance through 2020 under the latest 2-year strategy, as it did in its two previous strategy periods. Management continues to target flat costs, in line with our estimate and implying a 6% uplift to consensus 2020e EPS. Our Solvency II ratio and dividend estimates are unchanged, and we reiterate our NOK95 target price and BUY recommendation.Storebrand ASA is the parent company in a financial group. Co. is a provider of pension savings. Co. provides range of products within life insurance, property and casualty insurance, asset management and banking, to companies, public sector entities and private individuals. Co.'s corporate organization includes the business areas of Savings, which comprises of non-guaranteed Defined Contribution in Norway and Sweden, Asset Management and Bank products to the retail market; Insurance, which includes Co.'s risk products; Guaranteed Pensions, which includes long-term pension savings products that give customers a guaranteed rate of return; and Other.
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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