Topdanmark (Hold, TP: DKK330.00) - Solid quarter
Topdanmark reported Q3 EPS of DKK4.1, ~8% above company-compiled consensus. While we consider the beat of somewhat limited quality, the outlook for sustained premium growth into 2022 (4–5%) has prompted us to lift our 2022–2023e EPS by ~1%. While we reiterate our HOLD, we have increased our target price to DKK330 (325), as we continue to find the risk/reward more attractive in its larger-scale pure P&C peers, as Topdanmark is trading at a 2022e P/E of 19.8x. That said, we continue to see scope for a generous 2021e DPS of DKK26.Topdanmark A/S is a Denmark-based insurance company engaged in the insurance and pension fund business. The Company's activities are divided into such segments, as Personal, and SME (Small and Medium Enterprises) and Industrial. The Personal segment sells policies for individual households in Denmark. The SME and Industrial segment offers policies for Denmark-based SME, agricultural and industrial businesses. The Company's private insurance offering includes such insurance products, as home, vehicle, accident, pet, child and life and health insurance, as well as pension funds. Its corporate insurance offering includes property insurance, insurance of goods and equipment, and car insurance, among others. As of December 31, 2012, it had subsidiaries responsible for life and non-life insurance, as well as for asset management, investment and property-related activities.
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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