NN Group: Further value extraction under new CEO
Fresh from our recent conference call with CEO David Knibbe, we reiterate our BUY recommendation on NN Group. Looking more in detail by line of business at the Covid-19 impact, we find the company to be less exposed than peers. A rapid integration of VIVAT could allow to reap higher benefits from its Non-Life ops. Finally the Investor Day in June is likely to be a catalyst for a new strategic direction where disposals could reinforce the already very strong cash & capital position of the Group: we outline here our expectations. SBB and dividends are only postponed, not cancelled. Upside to new TP €35.5 is now above 30%.NN Group is a financial services company based in the Netherlands. Co. engages in insurance and investment management activities, providing life and non-life insurance products primarily in the Netherlands, Belgium, rest of Europe, and Asia. Co. offers group and individual life insurance; and motor, transport, fire, liability, travel, and income insurance. Co. also offers retirement, insurance, investments, and banking services to retail, SME, corporate, and institutional customers. Co. is active in 18 countries, with a presence predominantly in a number of European countries and Japan.
We are a financial services provider for several types of professional clients, each with distinct needs.
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