Tryg (Buy, TP: DKK160.00) - Looking to 2023e
While 2021–2022e should be a transitional period, we estimate 2023 operational EPS of DKK8.5 on what we view as rather conservative assumptions for RSA Scandinavia – given a post-transaction entity with meaningful scale, earnings stability, and dividend capacity. Following the recent share price weakness, we have upgraded Tryg to BUY (HOLD) with an unchanged target price of DKK160 (adjusted for received rights). Our target price corresponds to 18.8x our 2023e operational EPS, in line with closest peer Gjensidige.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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