Report
Håkon Astrup
EUR 91.87 For Business Accounts Only

Storebrand (Buy, TP: NOK70.00) - A step forward

We consider the Q3 report a step forward for Storebrand, with a 13% operating profit beat and a Solvency ratio including transitional rules close to the 180% threshold. Although excess capital distributions are out of the question for now, we have raised our 2021–2022e EPS by 3% and our 2020e DPS to NOK3.3. We reiterate our BUY and NOK70 target price, but continue to highlight the longer-term value potential in Storebrand as it gradually shifts towards high-growth non-guaranteed business.
Underlying
Storebrand ASA

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Håkon Astrup

Other Reports on these Companies
Other Reports from DnB Markets

ResearchPool Subscriptions

Get the most out of your insights

Get in touch