Grupo Catalana Occidente S.A. : Q2 2023 confirms solidity at the operating/balance sheet level
>Outperform rating maintained – target price unchanged at € 44.0 - We reiterate our Outperform recommendation on GCO, as we still consider the valuation attractive (relative underperformance of 4pp vs sector YTD & 19pp over 1 year) and while the publication of Q2 2023 is broadly solid from both an operating and balance-sheet standpoint despite a challenging context (inflation, etc.). We maintain unchanged our net profit estimates for 2023-2025e while the momentum on ...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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