Tryg (Hold, TP: DKK165.00) - Softer premiums and guidance
Tryg reported Q4 results largely in line with our forecasts, while premiums growth fell somewhat short of consensus expectations. Tryg has added to its guidance DKK100m–150m in annual depreciation of customer relations from the Alka acquisition within a 5–7 year period and says it expects no extraordinary dividend in 2018. We have factored the depreciation into our estimates and cut our 2018e–2020e EPS by ~3%. We keep our target price at DKK165 as the depreciation has no effect on solvency or dividend capacity, and we reiterate HOLD.
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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