Grupo Catalana Occidente S.A. : Positive outlook for Q3 2023 maintained
>Outperform rating confirmed – Target price raised to € 48.0 (vs € 44.0) - Our Outperform rating on GCO is confirmed following the release of the Q3/9M 2023 numbers, as we still consider the valuation to be attractive given the group’s sound fundamentals and niche profile (relative underperformances vs the sector of 4 points YTD and 13 points year on year). We are adjusting up our net profit estimates for 2023-25e (+7% on average), while the momentum in both businesse...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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