Storebrand (Buy, TP: NOK95.00) - Closing in on 180% Solvency level
Storebrand reported solid Q4 results with the main deviation being a 7%-points beat versus consensus estimates on the Solvency II ratio. We have cut our 2019e DPS from NOK5 to NOK4 as the company appears more focused on reaching the 180% Solvency II ratio level before starting extraordinary dividend payments than we had previously assumed. In 2020 we continue to forecast a NOK7 DPS, which leaves the Solvency II ratio at 186% after the distribution. We reiterate our BUY and keep our 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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