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Allianz: Credit Suisse cuts 2020 EPS estimates

(CercleFinance.com) - Credit Suisse has confirmed its outperform rating on the Allianz share, although has cut its EPS estimates by around 5% for 2020e, followed by limited changes for 2021e-2025e.

The broker also confirms its target price of 200 euros (39% upside).

Analysts believe that the share's valuation and dividend yield remain attractive. "EPS growth potential from 2020E-25E onwards appears attractive at >5%, in spite of the lower than anticipated Solvency II ratio in 1Q20".

"The key drivers are updated loss assumptions for COVID-19 losses in the property & casualty (P&C) segment, to E800mn (from E400mn)," analysts said.

"We now forecast FY20 operating profit at Allianz of E10.8bn, which falls short of the original E11.5-12.5bn management target range, but which we think is consistent with management comments. Our operating profit forecasts are ~2-3% ahead of consensus," they add.



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