Mapfre : An encouraging start to the year on the underlying front
>Outperform rating maintained – target price unchanged at € 2.4 - The Q1 2023 results publication was broadly solid on the underlying front despite net earnings coming in close to 25% below forecasts at € 128m. Most of the gap can be explained by the significant impact of the earthquake in Turkey (cost of € 77m). We recommendation on the share with a target price unchanged at € 2.4. We are leaving our estimates unchanged at this stage pending more visibility on the im...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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