MAPFRE: EVERYTHING HAS A PRICE (ANÃLISIS BANCO SABADELL)
Not risk-free, but the share price leaves enough of a safety buffer. BUYMAP must continue to restructure (meaning volatility/risk in Net Profit) and reduce debt. Thus, we expect the DPS’20 to be cut by -26% (€ 0.107/sh. BS(e), € 0.12/sh. consensus), which would still leave a yield of around 7%. Since March the stock has only recovered around +16% (-4% vs. IBEX), underperforming its sector by -24%, and trading at 70% in MAP) is defensive against Covid-19 and an economic downturn. We cut Net Profit’20e by -7% and by around -1.5% in 2021, with a T.P. of € 2.17/sh. (-1.3% vs. previous; >30% upside).
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.
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