Grupo Catalana Occidente S.A. : No notable inflection on the operating front in Q2/H1 2024
>Outperform rating maintained - Target price raised to € 48 (vs € 47) - We remain positive on GCO after broadly robust Q2 2024 figures and based on the still attractive valuation (despite the clear re-rating YTD of +27%, i.e. +15 points vs the SIXE sector index) relative to the group’s solid fundamentals and niche profile. We slightly upgrade our net income estimates for 2024-2026e (+3% on average) against the backdrop of still favourable momentum in the two activitie...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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