Mapfre : Q1 2022 results a mixed bag but broadly solid
>Outperform rating maintained – € 2.4 target price unchanged - Mapfre turned in a broadly solid set of Q1 2022 results despite net profit falling short of expectations, with our positive stance on the group underpinned. We maintain our Outperform rating on the stock (target price unchanged at € 2.4, while our forecasts for net profit are on average unchanged for the 2022-2024 period), as we think that the current valuation (2022e P/E of ~7x vs ~9x for the sector) does...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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