reports
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Strong FY 2023 results allowed for building additional red...
>We increase estimates following strong FY 2023 results reporting - Talanx reported a strong set of FY 2023 results in line with preliminary results reporting. Group net profit came to € 1,581m, up 124% y-o-y. Underlying results were even stronger as the group built up reserve redundancies and realised losses on fixed income instruments to generate a higher ordinary investment income in future years. We have increased our estimates for Talanx driven by higher estimat...
- Emmanuel Matot
PUB PUBLICIS GROUPE SA
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
WPP WPP PLC
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Emmanuel Matot
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Improving underlying technical results in Q3 2023
>Strong Q3 2023 supports higher estimates going forward - Talanx reported a healthy set of Q3 2023 results. Reported quarterly net profit came to € 452m and was thus comfortably in line with the pre-released guidance of >€ 423m and our earlier estimate of € 329m, helped by a strong performance of most primary insurance operations and a very low tax rate of 12.1% in the period. Reported EBIT of € 802m undershot our estimate of € 854m triggered by a lower-than-expected...
- Benoit Valleaux
- Cor Kluis
- Roland Pfaender
- MBA
- CFA
- CCRA
ODDO : Excessive risk premium in view of the financial strength
The insurance sector is trading at low multiples despite positive operating momentum, in particular in P&C insurance, as a result of fears that we believe are overblown. We remain positive on the sector, which offers good visibility on EPS growth with the prospect of attractive returns of capitals. Our Top Picks among large caps are AXA (Outperform, target price € 37), Allianz (Outperform, TP € 276) and Swiss Re (Outperform, TP CHF 113) and, among other stocks, ASR (Outperform, ...
SREN SWISS RE AG
ZURN ZURICH INSURANCE GROUP LTD
HNR1 HANNOVER RUECK SE
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
AGS AGEAS SA/NV
ALV ALLIANZ SE
AGN AEGON NV
G ASSICURAZIONI GENERALI S.P.A.
TLX TALANX AG
ASRNL ASR NEDERLAND NV
GCO GRUPO CATALANA OCCIDENTE S.A.
MAP MAPFRE SA
COFA COFACE SA
NN NN GROUP N.V.
PHNX PHOENIX GROUP HOLDINGS PLC
- Benoit Valleaux
- Cor Kluis
- Roland Pfaender
- MBA
- CFA
- CCRA
ODDO : Prime de risque exagérée au regard de la solidité financière
Le secteur assurance se traite à de faibles multiples malgré une dynamique opérationnelle favorable, en particulier en dommages, du fait de craintes qui nous semblent surestimées. Nous restons positifs sur le secteur qui offre une bonne visibilité sur la croissance des BPA avec des perspectives de retour de capital attractif. Nos valeurs préférées sont, au sein des grandes capitalisations, AXA (Surperformance, OC 37 €), Allianz (Surperformance, OC 276 €) et Swiss Re (Surperforma...
SREN SWISS RE AG
ZURN ZURICH INSURANCE GROUP LTD
HNR1 HANNOVER RUECK SE
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
AGS AGEAS SA/NV
ALV ALLIANZ SE
AGN AEGON NV
G ASSICURAZIONI GENERALI S.P.A.
TLX TALANX AG
ASRNL ASR NEDERLAND NV
GCO GRUPO CATALANA OCCIDENTE S.A.
MAP MAPFRE SA
COFA COFACE SA
NN NN GROUP N.V.
PHNX PHOENIX GROUP HOLDINGS PLC
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Raising TP on higher estimates for Reinsurance and Industr...
>Q2 2023 a mixed bag of results but comfortably on track to reach 2023 guidance - Talanx reported a mixed bag of Q2 2023 results. Group EBIT came to € 915m slightly shy of € 948m consensus and slightly ahead of our € 905m EBIT estimate. Industrial Lines and German Life insurance surprised on the upside while German P/C insurance operations and Retail International came in below expectations. With a net profit of € 827m, up 21% yoy, Talanx is well on track to deliver o...
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : Scaling up LatAm business with retail assets from Liberty ...
>Talanx plans to acquire insurance business of Liberty Mutual - Talanx AG signed a purchase agreement to acquire the business and assets related to the Latin American business of Liberty Mutual Insurance Co for BRL 7.4bn (about € 1.38bn), subject to adjustments. The transaction includes Liberty Mutual Insurance Co's retail and small commercial business in Brazil, Chile, Columbia, and Ecuador. The deal is expected to close by the first half of 2024, subject to approval...
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2023
Q1 2023 results proved to be far better than expected in Europe, with 63% of sales and 70% of EPS ahead of forecasts. Energy, technology, discretionary consumer and utilities led the way for positive surprises. However, the market barely rallied on these results, whether taken as a whole or sector by sector. Consensus EPS forecasts for 2023 and 2024 have hardly changed, except for the luxury goods sector, already largely priced in by the market. There are growing signs of market jitte...
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2023
Les publications du T1 2023 se sont avérées nettement meilleures qu’attendu en Europe : 63% de Ventes et 70% de BPA supérieurs aux attentes. L’énergie, la technologie, la conso. discrétionnaire et les utilities arrivent en tête des surprises positives. Toutefois, le marché a peu salué ces publications, que ce soit dans son ensemble ou secteur par secteur. Le consensus 2023 et 2024 en termes de BPA a peu évolué, à l’exception du secteur du luxe, déjà largement joué par le marché. Le ma...
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
Talanx AG : A solid start to 2023 helped by some sizeable tailwind. Do...
>Q1 2023 net profit came to € 423m, up by 31% - Talanx reported a solid start to 2023 along with first time IFRS 17 reporting. Q1 2023 net profit came to € 423m, up by 31% y-o-y which was helped by large claims below budget and positive effects from discounting. Solvency II ratio increased by 3%-p to 212% in the quarter. Talanx reiterated its outlook for about € 1,400m net profit for 2023 which includes some effects for possible writedowns on PE and Real Estate fund s...
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
ODDO : Impact of Silicon Valley Bank's collapse on insurance companies
>Insurance risk exposure in the context of the failure of Silicon Valley Bank - European insurance companies market values declined alongside bank groups following the collapse of Silicon Valley Bank in the US. While valuations of insurance companies suffered less than those of the banks, the decline was more pronounced than the overall stock market decline. With a fresh look at the risk exposure insurance groups are exposed to, we aim to shed light on whether the rec...
- Christophe Chaput
- Hela Zarrouk
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/15/2023
The collapse of Silicon Valley Bank and Signature Bank are not isolated events, in our view. They reflect the refinancing difficulties of the global economic fabric caused by higher interest rates, which could cause systemic global banking stress. In our sectoral allocation, we have decided to take profits on the banking sector and to downgrade it from Overweight to Underweight. We are also upgrading Pharmaceuticals and Telecoms to give a more defensive profile to our sectoral allocat...
SREN SWISS RE AG
ZURN ZURICH INSURANCE GROUP LTD
HNR1 HANNOVER RUECK SE
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
ALV ALLIANZ SE
LXS LANXESS AG
ASY ASSYSTEM SA
MRN MERSEN SA
JCQ JACQUET METALS SA
ALLAN LANSON-BCC
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
ERG ERG S.P.A.
UCG UNICREDIT S.P.A.
TFF TFF GROUP
DMP DERMAPHARM HOLDING SE
SRAIL STADLER RAIL AG
MAJ MAJOREL GRP SA(LUXEMBOURG)
CABKA CABKA N.V.
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2023
The collapse of Silicon Valley Bank and Signature Bank are not isolated events, in our view. They reflect the refinancing difficulties of the global economic fabric caused by higher interest rates, which could cause systemic global banking stress. In our sectoral allocation, we have decided to take profits on the banking sector and to downgrade it from Overweight to Underweight. We are also upgrading Pharmaceuticals and Telecoms to give a more defensive profile to our sectoral allocat...
WCH WACKER CHEMIE AG
SREN SWISS RE AG
ZURN ZURICH INSURANCE GROUP LTD
EN BOUYGUES SA
HNR1 HANNOVER RUECK SE
MUV2 MUNICH REINSURANCE COMPANY
SCR SCOR SE
ALV ALLIANZ SE
SDF K+S AG
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
VOW3 VOLKSWAGEN AG PREF
TLX TALANX AG
BOL BOLLORE SA
UCG UNICREDIT S.P.A.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ENG ENAGAS SA
TIT TELECOM ITALIA S.P.A.
DHER DELIVERY HERO SE
REY REPLY S.P.A.
SHEL SHELL PLC
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