Tryg (Hold, TP: DKK150.00) - Strong results set to prevail into 2020
Tryg will host a CMD in London on Monday 20 November. Having met its 2017 targets, we believe focus will be on updated financial targets up to 2020 and greater focus on digitalisation and micro tariffing. We expect Tryg’s new run-off guidance to come down from >5% in previous years, to <5% until 2020. At the same time, we expect a combined ratio target of <86%, enabled by a new DKK400m efficiency programme that also renders an ROE target of >25% for 2020. We have made no changes to our 2017–2019 forecasts and reiterate a HOLD recommendation and DKK150 target price.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.