ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/26/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/11/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/26/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/11/2024

Zurich Insurance : CMD pointed to initiatives supporting EPS growth an...

Zurich Insurance Group AG: 1 director

A director at Zurich Insurance Group AG sold 3,000 shares at 494.844CHF and the significance rating of the trade was 100/100. 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 two ye...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/08/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/12/2024

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Zurich Insurance : Solid H1 2024 results with some headwinds from nat ...

>H1 2024 BOP was $ 3,988, 2% above consensus - Zurich reported a BOP of $ 3,988m for H1 2024 which beat the $ 3,918m consensus forecast and our $ 3,864m estimate. The result was driven by strong contributions from the life and farmers segments and was further helped by a lower drag from group functions & operations. Zurich’s core P/C insurance business fell short of expectations as high weather related claims burdened its technical profits. The group SST ratio was 23...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/20/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/05/2024

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Zurich Insurance : Key Q1 2024 sales figures point to volume growth an...

>P/C insurance with strong growth in commercial and retail business - Zurich reported strong growth in commercial and retail business for Q1 2024. Insurance revenue increased 8% in commercial and 10% in retail. On a l-f-l basis P/C revenues increased by 12% y-o-y. In commercial, rates increased on average by 5% with the key driver being North America with 8% rate increases, including commercial auto where rates were up by 14%. In retail, rates were up by 5%, including...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2024

Double materiality, climate transition plan, the value chain: the CSDR is set to revolutionise ESG reporting as of 2025. It should accelerate the sustainable transformation of the most committed companies and act as a weapon against greenwashing for the most reticent. The audit requirements guarantee a level of quality for data, but it will take several years before investors begin to reap all of the benefits. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/02/2024

Double matérialité, transition climat, chaîne de valeur : la CSRD va révolutionner le reporting ESG, dès 2025. Elle devrait accélérer la transformation des entreprises les plus engagées et servir d’arme anti-greenwashing à l’encontre des plus réticentes. Les exigences d’audit garantissent une certaine qualité des données, mais il faudra patienter quelques années pour que les investisseurs en tirent tous les bénéfices. - ...

Zurich Insurance : Farmers and volume growth in P/C and Life insurance...

>Increasing estimates following FY 2023 results reporting - We have revisited our estimates for Zurich following a mixed bag of FY 2023 results in which Zurich reported group BOP 3.5% above the consensus at $ 7,381m but also reported a net attributable profit of $ 4,351m which stood 11.7% shy of consensus estimate. Based on higher run-rate assumptions for Life and Farmers and higher more normalised estimates for mark-to- market investment income, we lift our net profi...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/11/2023

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/17/2023

The conflict in the Middle East inevitably results in pressure on fossil fuel markets (oil and gas). Since the withdrawal of gas volumes from Russia, offset to some extent by LNG imports from the US, Australia and Qatar, the risk is that the current geopolitical situation might lead to a second gas shock, which could trigger a fresh rise in gas prices with a knock-on effect on electricity prices. In this scenario, the sensitivity of each group to prices would confirm our sector hierar...

Zurich Insurance : Earnings growth increasingly linked to Retail margi...

>CMD points to growth ambitions implying 8% p.a. EPS growth in the cycle - Zurich held an CMD and presented the new 3-year strategic cycle targets 2023 to 2025. The group aims to deliver i) a BOPAT ROE of >20%, ii) EPS growth of 8% p.a., iii) an SST ratio of =160% and cumulative cash remittances of > $ 13.5bn. We believe Zurich is currently well on track to deliver on these targets which is reflected in consensus EPS growth estimates of 7.2% CAGR (2023e to 2025e). Ea...

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, ...

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...