Positioning for future growth
We reiterate our BUY recommendation and have raised our target price to NOK85 (NOK80) on the back of an increase in our SOTP from the acquisitions of Skagen and Silver and the Q3 results. We estimate Skagen will generate cNOK180m of annual earnings and Silver another cNOK50m after tax. We have raised our 2019e EPS adj. by 7% and made no change to our dividend forecast (NOK2.5 in 2017e and NOK3.5 in 2018e) despite a reduced Solvency II ratio from the paid cash considerations and ~6% SII ratio miss in Q3.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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