Tryg (Buy, TP: DKK170.00) - Another solid quarter
Tryg again reported robust underwriting earnings while awaiting the transformational scaling up from the upcoming RSA transaction, with a Q1 technical result 2.5% above consensus. We have raised our 2022–2023e operating EPS by ~3%, and reiterate our BUY, with a new target price of DKK170 (160). With the stock trading at a 2023e adj. P/E of ~17x, implying a ~6% discount to key peer Gjensidige, we continue to see an attractive risk/reward, as the upcoming transaction should provide meaningful scale, diversification benefits and improved dividend capacity.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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