Storebrand (Buy, TP: NOK102.00) - Larger than life
While the Solvency II ratio fell short of consensus in Q1, Storebrand is gradually approaching the 180% buyback threshold following a 10%-points QOQ improvement. Growth metrics across its capital-light business areas also continued their impressive trajectory, while an elevated tax rate resulted in an EPS miss in Q1. We have raised our 2022–2023e EPS adj. by 1–2% on increased earnings from savings, but our dividend projection is unchanged in light of the 176% Solvency II ratio. We reiterate our BUY and NOK102 target price.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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