Storebrand (Buy, TP: NOK120.00) - Strong AUM momentum
Storebrand is set to benefit from strong equity markets in Q1, as we expect AUM to be up ~22% YOY. Together with solid profit sharing from the Swedish Guaranteed business, this should offset a soft insurance result from harsh weather and disability benefits, resulting in Q1 profit before amortisation of NOK924m, up 20% YOY. We forecast a Q1 Solvency II ratio of 195%, supporting continued buybacks in line with the 2023 CMD target of NOK12bn by 2030. We have raised our 2025–2026e EPS by 1–3% and our target price to NOK120 (118), and reiterate our BUY.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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