reports
- Niclas Gehin
Back where it belongs
We have downgraded our recommendation on Topdanmark from BUY to HOLD, as we believe that after its recent strong run the company is back where it belongs, trading in line with its Nordic peers at a 2018e dividend yield of 5.6% and a 2018e P/E of 16.7x. The Q2 result showed a record-strong combined ratio of 77.9%, representing a remarkable 7%-points beat versus us and consensus. We have lifted our 2018–2019 EPS estimates by ~1% on the back of the strong underwriting result, but our DKK230 targe...
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