GRUPO C. OCCIDENTE: BDI’24 “SUELO” DE 550 M EUROS… ¿A PER 7X? (ANÁLISIS BANCO SABADELL)
BDI’24 “suelo” de 550 M euros a PER 7x. Subimos BDI’23-24 +20%, P.O. a 50,60 euros/acc, +75% pot. COMPRAREl BDI’24 superaría los 550 M euros (>+15% vs 2022 BS(e)), no siendo descartable que incluso en 2023 pudiera ya aproximarse a ese nivel. Incorporando Grupo Mémora (20/25 M euros de BDI’23-24 sin sinergias) hay potencial de ahorros de costes tras la reestructuración en Negocio Tradicional (que no incluimos de forma prudente). Fijamos P.O. en 50,60 euros/acc. (+10% vs antes; +75% de potencial) y con las sinergias de Mémora y los ahorros de costes por reestructuración subiría a 53 euros/acc. mientras cotiza muy atractiva 0,9x P/BV vs 1,3x P/BV de media estructural para ROE de c.12,5%.
Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.
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