NN Group Increase FY26-FY27 estimates leading to higher TP; further upside limited
We have reviewed our NN Group model, adjusting our estimates for FY26-FY27, leaving FY25 largely unchanged. This has resulted in an increase of TP from €53 to €61. The biggest impact is coming from incorporating a more gradual growth towards the 2.2bn OCG target by FY28, rather than back-end loading the benefits.Given the very strong rally the stock has made since the beginning of the year, gaining 40%, we see a more limited upside going forward. We move our rating from Buy to Accumulate.
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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