reports
- Pedro Fonseca
Nurnberger Beteiligungs - Termination of coverage
Edison Investment Research is terminating coverage on: • 2G Energy (2GB) • Apontis Pharma (APPH) • Artec technologies (A6T) • Beta Systems (BSSA) • Blue Cap (B7E) • Cyan (CYR) • Consus Real Estate (CC1) • Daldrup & Soehne (4DS) • DATAGROUP (D6H) • Datron (DAR) • Delignit (DLX) • Deutsche Börse (DB1) • Deutsche Grundstücksauktionen (DGR) • Deutsche Rohstoff (DR0) • DVS Technology (DIS) • Edel (EDL) • Ernst Russ (HXCK) • Exasol (EXL) • expert.ai (EXAI/EXSY) • Fashionette (FSNT) • Formycon (FYB) ...
- Pedro Fonseca
Nurnberger Beteiligungs - FY21 earnings affected by natural disasters
Despite the life insurance segment’s solid growth in new business and earnings, Nürnberger Beteiligungs (NBG) posted a c 19% y-o-y drop in net income (ex-minorities) at the group level in FY21, weighed down by higher claims expenses in the Property & Casualty (P&C) segment due to severe storms and floods in Germany in 2021. While NBG fell short of delivering its earnings guidance from the beginning of 2021, its FY21 net income of €63m was slightly ahead of management guidance, updated in August ...
- Pedro Fonseca
Nurnberger Beteiligungs - Storms in Germany affect company guidance
Nürnberger Beteiligungs (NBG) posted a decline in H121 earnings (albeit versus a particularly strong H120) as stable gross premiums written, driven by new business, and a rebound in investment income were coupled with rising claims expenses largely due to severe storms and floods in Germany in 2021, and additions to the equalisation reserve. These also triggered a downward revision of management guidance in August 2021, which now assumes net income of c €60m in FY21 (down c 31% y-o-y). NBG remai...
- Pedro Fonseca
Nurnberger Beteiligungs - Storms in Germany affect company guidance
Nürnberger Beteiligungs (NBG) posted a decline in H121 earnings (albeit versus a particularly strong H120) as stable gross premiums written, driven by new business, and a rebound in investment income were coupled with rising claims expenses largely due to severe storms and floods in Germany in 2021, and additions to the equalisation reserve. These also triggered a downward revision of management guidance in August 2021, which now assumes net income of c €60m in FY21 (down c 31% y-o-y). NBG remai...
- Pedro Fonseca
Nurnberger Beteiligungs - FY20 earnings up despite low interest rates
Nürnberger Beteiligungs (NBG) delivered double-digit earnings growth in FY20, supported by slightly higher gross premiums booked, driven by new business as well as improved investment income in its traditional insurance segment. While management guidance assumes a slight decline in net income in 2021, the company is again optimistic about growth in new premiums across all segments this year. Management has proposed a dividend of €3.30/share (unchanged y-o-y), which implies a yield of 4.3%.
- Pedro Fonseca
Nurnberger Beteiligungs - Maintaining positive earnings momentum
Nürnberger Beteiligungs (NBG) has weathered the COVID-19 crisis quite well so far, with improving gross premiums booked (despite somewhat lower new business), higher investment income in its traditional insurance business and limited growth in claims expenses in H120. After NBG almost doubled its net income in H120, management expects a y-o-y increase in FY20 earnings, assisted by higher premiums booked and visible growth in new business at a group level. At its AGM in April NBG approved the €3....
- Pedro Fonseca
Nurnberger Beteiligungs - FY19 earnings ahead of guidance
Nurnberger Beteiligungs (NBG) continues to operate in a challenging interest rate environment limiting its net investment income and translating into higher additions to the Zinszusatzreserve (ZZR) despite the regulatory changes to its calculation introduced some time ago. Nevertheless, it was able to post solid results in FY19, with net profit ahead of management expectations. Consequently, management proposed a 10% increase in the dividend to €3.3 per share. Uncertainty around the impact of ...
- Pedro Fonseca
Nurnberger Beteiligungs - Steady progress in unfavourable environment
Nurnberger Beteiligungs (NBG) was able to moderately grow its gross premiums booked on the back of a solid 10% y-o-y increase in new premiums to €266m in H119. Meanwhile, the low interest rate environment dampens NBG's investment income, with the recent central bank rate decisions suggesting this will continue for now. We note that NBG’s relatively high exposure to unit-linked and disability products somewhat limits the impact of accommodative monetary policy. A cap on fees earned on life in...
- Milosz Papst
Nurnberger Beteiligungs - New business growth and changes to ZZR
Nürnberger Beteiligungs’ (NBG’s) FY18 results reflect an overall stable business at the top line, as gross premiums booked were up by 2.2% versus FY17 and new business was ahead of management expectations. However, the bottom line continues to be affected by the low interest rates translating into weaker net investment income (although a high base from one-off effects in FY17 played a role as well). This should also reduce earnings in FY19, with the current guidance implying a 10% y-o-y dec...
- Milosz Papst
Nurnberger Beteiligungs - Low interest rates and ZZR remain a burden
Nürnberger Beteiligungs’ (NBG’s) top-line growth in H118 was largely assisted by the full consolidation of the legal protection insurance business. Low interest rates coupled with regulatory requirements (most notably Zinszusatzreserve, ZZR) continue to hinder the insurance industry. As a result of this and higher claims in property and casualty (P&C) business, as well as a one-off effect in H117, NBG recorded a 43.5% y-o-y drop in net profit in H118 to €23.6m, Still, FY18 net income guid...
- Adrian Phillips
Nurnberger Beteiligungs - Solid 2017 results but still low rating
The turnaround in business levels in life insurance after the weak first half improves visibility, although the overall environment remains challenging. Strong 2017 profits mean the price to NAV ratio is barely changed at an undemanding 1.03x despite some gain in the share price. A highly tenable 4.2% dividend yield offers further attraction.
- Adrian Phillips
- Low rating, but industry uncertainties persist
Nürnberger’s results this year are riding out the challenging environment; net income rose 63% to €42m and guidance for the full year was upped from €40m to €60m. Against this, the dominant life insurance business faces limited medium-term visibility. At 1.02x conservative HGB book value per share and a dividend yield of 4.6%, the rating is undemanding.
- Adrian Phillips
Nurnberger Beteiligungs - Low rating, but industry uncertainties persi...
Nurnberger's results this year are riding out the challenging environment; net income rose 63% to €42m and guidance for the full year was upped from €40m to €60m. Against this, the dominant life insurance business faces limited medium-term visibility. At 1.02x conservative HGB book value per share and a dividend yield of 4.6%, the rating is undemanding.
- Adrian Phillips
Nurnberger Beteiligungs - Low rating, but industry uncertainties persi...
Nurnberger’s results this year are riding out the challenging environment; net income rose 63% to €42m and guidance for the full year was upped from €40m to €60m. Against this, the dominant life insurance business faces limited medium-term visibility. At 1.02x conservative HGB book value per share and a dividend yield of 4.6%, the rating is undemanding.
- Low rating, but industry uncertainties persist
Nürnberger’s results this year are riding out the challenging environment; net income rose 63% to €42m and guidance for the full year was upped from €40m to €60m. Against this, the dominant life insurance business faces limited medium-term visibility. At 1.02x conservative HGB book value per share and a dividend yield of 4.6%, the rating is undemanding.
A director bought 1,000 shares at 66.218EUR and
A director at Nuernberger Beteiligungs Ag bought 1,000 shares at 66.218EUR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...
Discounted valuation, restructuring potential
Nürnberger Beteiligungs-AG (NBG) is now in its 134th year of operation and is one of Germany’s oldest and most recognised insurers, with gross premium income of €3.3bn. While its market share of the life sector is small (c 3%), in disability it ranks among the top providers, with a market share of 9.2% in 2016. Aided by a refocusing strategy, NBG reported profits of €58m in 2016 (2015: €47m). It is also a solid dividend payer, paying €3.00/share for the fourth consecutive year. Expected future r...
- Discounted valuation, restructuring potential
Nürnberger Beteiligungs-AG (NBG) is now in its 134th year of operation and is one of Germany’s oldest and most recognised insurers, with gross premium income of €3.3bn. While its market share of the life sector is small (c 3%), in disability it ranks among the top providers, with a market share of 9.2% in 2016. Aided by a refocusing strategy, NBG reported profits of €58m in 2016 (2015: €47m). It is also a solid dividend payer, paying €3.00/share for the fourth consecutive year. Expected future r...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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