Grupo Catalana Occidente S.A. : No notable setbacks in the finish to 2023
>Outperform rating maintained – target price cut to € 46.0 (vs € 48.0) - We remain positive on GCO (Outperform) with our stance confirmed following the Q4/full-year 2023 figures. We still see the valuation as interesting (despite the sharp re-rating seen YTD of +10%) in view of the robust fundamentals and the group’s niche profile (relative underperformance of 5 percentage points vs sector over 1 year). We trim our net income estimates for 2024-2026e (-4% on average) ...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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