NN Group : Strategic review NN IP Neutral to Positive for fair value as can create value
>Conclusion: Neutral to positive for shareholders - It is unknown what strategic options NN Group will chose ultimately for its asset management business (NN IP). We believe this investigation is still in an early phase. The asset management business is about 9% of the fair value of NN Group (being € 1.55bn). Fair value wise the outcome will likely to be neutral to somewhat positive for the fair value of NN Group. We keep our Outperform rating.NN IP is a ...NN Group is a financial services company based in the Netherlands. Co. engages in insurance and investment management activities, providing life and non-life insurance products primarily in the Netherlands, Belgium, rest of Europe, and Asia. Co. offers group and individual life insurance; and motor, transport, fire, liability, travel, and income insurance. Co. also offers retirement, insurance, investments, and banking services to retail, SME, corporate, and institutional customers. Co. is active in 18 countries, with a presence predominantly in a number of European countries and Japan.
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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