Grupo Catalana Occidente S.A. : Q1 2023 broadly reassuring
>Outperform rating maintained – target raised to € 44.0 (vs € 43.0) - We maintain our Outperform rating on GCO, as we still see the valuation as compelling (relative underperformance of 10pp vs sector YTD) and its Q1 2023 figures were pretty solid on the operating front and balance sheet-wise despite a challenging environment. We have raised our 2023-2025 net income estimates by 1% on average to reflect quite reassuring momentum on the two businesses (traditional insu...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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