Storebrand (Buy, TP: NOK110.00) - Capital-light tailwind
We forecast strong Q4 adj. EPS of NOK2.39 and a Solvency II ratio excluding transitional rules of 181%, supported by a particularly strong end to 2021 in asset management. We expect the payout of excess capital via share buybacks to commence towards the end of 2022. While we reiterate our BUY, we have raised our SOTP-based target price to NOK110 (106) as, among other factors, we have included the pending Danica acquisition in our estimates from end-Q2.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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