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Coface: Oddo BHF still says buy

( - Oddo BHF maintains its Outperform rating on Coface shares, with an unchanged target price of E14.
5. NB stock's early yoyo today.

Last night, Coface reported Q2 revenues of E485m (+8.7% as reported), slightly ahead of expectations (E481m).

Following the publication of its good NI, analysts have raised their 2023 NI forecast by around 5% to E237m, given the sound momentum in terms of underwriting results. They are raising their 2024 NI forecast by 3% to E217m, assuming a gradual further normalisation of claims.

Oddo BHF believes that the stock continues to benefit from good underwriting profitability and offers a high yield.

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