Topdanmark (Hold, TP: DKK380.00) - Set for payout ratio of above 100%
Topdanmark reported Q4 pre-tax profit of DKK554m, softer YOY as the now completed sale of Topdanmark Liv reduced the investment portfolio and led to some additional costs in the quarter. Management proposed a DKK53.5/share dividend with the proceeds from the sale. Given the current strong solvency ratio and controlled volume growth guidance, we see potential for a payout ratio of above 100% for 2023–2024e. We have made limited 2023–2024e EPS revisions and reiterate our HOLD and DKK380 target price.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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