GRUPO CATALANA OCCIDENTE: NEUTRALIZANDO LOS IMPAGOS… COMPRAR (ANÃLISIS BANCO SABADELL)
Neutralizando los impagos. COMPRARUna vez despejadas gran parte de las dudas en relación a los impagos en el Seguro de Crédito, los riesgos a la baja en cotización nos parecen reducidos. GCO ha firmado (por el 50% de las primas) contratos de reaseguro cuota parte estatal neutralizando los impactos de un RC de 130% BS(e). Dicho esto, no creemos que la rentabilidad del negocio vuelva a niveles 2019 hasta pasado 2022 BS(e). Ahora bien, no es un evento de S-II (en un escenario estresado>170%), no comprometiendo el dividendo (yield > 3%). Además GCO conservarÃa su ADN de M&A controlado y acretivo para el accionista. P.O. 27 euros/acc. (+30% de potencial).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.