Storebrand (Buy, TP: NOK119.00) - Targeting NOK5bn by 2025
Storebrand hosted its 2023 CMD on 13 December, with key focus on reaching ~NOK5bn in profit before amortisation and tax by 2025. Growth in capital-light earnings, Insurance repricing, and a gradual increase of profit sharing are crucial to reaching this, in our view. Management also raised the buyback target to ~NOK12bn by 2030 (previously NOK10bn), after the NOK2bn announced in 2022–2023. We have reduced our 2025e EPS by 3%, while we reiterate our BUY and NOK119 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.