MAPFRE: VIRTUAL MEETING WITH INVESTORS (ANÁLISIS BANCO SABADELL)
At the virtual meeting held today with the company, the CFO has conveyed confident, calming messages in view of the foreseeable results and solvency performance and ability to pay a dividend. Since September lows the stock has recovered around +31% (+10% vs. IBEX and +11% vs. sector), but we still think the current share price is attractive and that if the company continues to deliver, it should reduce the current discount. We reiterate our BUY recommendation.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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