NN Group Reports Mixed-Quality 2Q; Shares Undervalued
NN Group reported operating income of EUR 508 million for the second quarter. This was very slightly ahead of our expectations but partially driven by private equity dividends at Netherlands life as well as lower expenses. It is therefore not a good-quality result, and so we maintain our EUR 44 fair value estimate and no-moat rating.Earnings benefited from EUR 62 million of cost reductions, which brought total cost reductions to date to EUR 236 million and puts the business well on track to ach...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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