NN Group : Logical small add-on acquisition in the NL at 10% ROIC adding 1% to EPS
>Conclusion: Small add-on acquisition at 10% ROIC adding 1% to EPS - The acquisition of the remaining 49% of ABN Amro life has an estimated 10% ROIC (return on invested capital). The invested capital is about € 128m and it is adding € 14-15m net profit incl. synergies and adding € 15m dividend upstreaming. This deal adds about +1% to the NN Group EPS, has no impact on OCG as it was already included for 100%, and the impact on the Solvency ratio is about -1pp. We keep ...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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