Suncorp Broadly On Track for a Solid Fiscal 2017 Performance; AUD 12 FVE Unchanged
We are confident in our fiscal 2007 earnings forecast of AUD 1.2 billion for no-moat Suncorp Group following two recent updates, and we retain our AUD 12.00 fair value estimate. Despite no specific fiscal 2017 guidance, we are comfortable with the insurance and banking group’s medium-term target of sustainable return on equity of at least 10%. ROE at these levels implies an underlying medium-term insurance margin of at least 12%. We forecast that Suncorp’s 10.2% insurance margin for fiscal 2017 ...Suncorp Group is engaged in the general insurance, banking, life insurance, superannuation products and related services to the retail, corporate and commercial sectors. Co.'s segments are: Personal Insurance, which include home and contents insurance, motor insurance and travel insurance; Commercial Insurance, which include commercial motor insurance, commercial property insurance and marine insurance; General Insurance, which include home and contents insurance, motor insurance, marine insurance; Bank, which include personal and commercial banking; and Life, which include financial planning and funds administration services.
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