Set for solid Q3, awaiting CMD
We expect solid Q3 EPS of EUR2.3, driven by a seasonally low claims ratio of 69.5%, helped by benign weather, and a reduced cost ratio of 13.9%. We see the ROI just above normalised levels due to strong equity markets. We have made negligible changes to our estimates, and reiterate our DKK150 target price and HOLD recommendation. We believe Tryg is fairly valued at a 2018e dividend yield of c6%, further supported by a 2018e P/E of 18x. The Q3 results are due on 10 October at 07:30 CET.Tryg is an insurance company, engaged in providing insurance services. Co.'s private segment encompasses the sale of insurance products to private individuals in Denmark and Norway. Co.'s commercial segment encompasses the sale of insurance products to small and medium-sized businesses in Denmark and Norway. Co.'s corporate segment sells insurance products to corporate customers under the brand Tryg in Denmark and Norway, Moderna in Sweden and Tryg Garanti. Co.'s Sweden segment comprises the sale of insurance products to private customers under the Moderna brand. Moreover, insurance is sold under the brands Atlantica, Bilsport & MC, Securator and Moderna Djurforsakringar.
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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