Storebrand (Buy, TP: NOK95.00) - Building capital
We expect Storebrand to report Q2 EPS adj. of NOK1.1 (results due 7:30 CET on 13 July), reflecting close to a normalised result with relatively little impact from external drivers. The interest rates have ticked down only marginally (3bp), the Volatility Adjustment should be relatively unchanged, the MSCI global is up 2% QTD, and credit spreads have widened only marginally. We expect the Solvency II ratio to strengthen by ~2%-points, to a level of 162%. We have made no larger changes to our estimates and reiterate our BUY with a NOK95 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.
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