NN Group's 1Q Headline Financials Lower, but Indicators Encouraging
We quite like NN Group's first-quarter results, which demonstrate to us that the business has a bit more left to achieve than was originally factored in with the Delta Lloyd takeover. Our fair value estimate remains EUR 44 per share, which values the stock at 0.6 times book value. We maintain our no-moat and stable moat trend ratings.The headline earnings number in these results was a little light. However, if we look past the high windstorm effect in Netherlands nonlife, which led to a reducti...
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.
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