Grupo Catalana Occidente S.A. : Robust Q2 2022 earnings vs a more strained valuation
>Neutral rating vs Outperform – target price raised to € 40 (vs € 38) - We are downgrading our rating to Neutral (vs Outperform) on the GCO stock, mainly for reasons relating to the valuation after the relative outperformance (vs the sector) in the recent period, even if the Q2 2022 publication broadly confirms the operational recovery already observed over 2021 despite geopolitical/macro uncertainty. At this stage, we are leaving our already-cautious baseline sc...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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