Storebrand (Buy, TP: NOK102.00) - Time works wonders
Front-book growth remained steady in Q2, with double-digit growth across all segments, as the earnings-mix shift towards its capital-light business areas continues to accelerate. Despite the slight solvency setback in Q2, we believe organic capital generation and risk-mitigating measures should allow buybacks to commence in 2022, leading to nearly a decade of +8% dividend/buyback yields. We reiterate our BUY and NOK102 target price, and we have lifted our 2022–2023e EPS by 0–1%.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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