Mapfre : A robust FY 2022 and a confident message on 2023
>Outperform rating reiterated – target price of € 2.4 unchanged - The Q4/FY 2022 results publication came broadly solid, despite net income ‘just’ in line with forecasts. We reiterate our Outperform recommendation on the share with a target price unchanged at € 2.4, while we are lifting our net income estimates by 2% on average for 2023-2024 (but of which -2% for 2023e, an upward revision to premiums as well as costs/claims). The current valuation (PE 2022 ~8x vs sec...Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
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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