Storebrand (Buy, TP: NOK95.00) - On doorstep to 10% dividend yield
In this report, we explore the reasons why we believe Storebrand will be able to pay a NOK7 total dividend for 2020e, based on its strengthened Solvency position and underestimated capital generation capability. We look into the probable earnings implications of the introduction of pension accounts and changes in competition within asset management. We estimate that a 1%-point interest rate increase should lift Storebrand’s fair value by ~20%. We have not made any estimate changes in this report and reiterate our BUYStorebrand 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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