Grupo Catalana Occidente S.A. : Good capacity for resilience in a more challenging environment
>Outperform vs Neutral – target price raised to € 42 (vs € 40) - We have upgraded our rating on GCO to Outperform (vs Neutral), again mostly on valuation grounds after its correction since the summer (relative underperformance of 15pp to the sector/we had downgraded the stock to Neutral after the Q2 2022 release) and confirmation in the Q3 2022 numbers of its operational recovery despite geopolitical/macro concerns. At this stage, we are leaving our already cauti...Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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