Scor: Oddo BHF raises target price
(CercleFinance.com) - Oddo BHF has reiterated its "outperform" on Scor shares, increasing its target price for them from E28 to E30, after a "very high" net result for Q1 2023, which has led it to raise its FY earnings estimates.
Even though the difference compared to expectations comes largely from non-recurret items, the underlying dynamics remain favourable and this result supports analysts' forecast of a dividend of E1.8 for 2023, the analyst says.
The broker also points out that even after the strong rebound recorded on Friday, the reinsurer's stock is trading on low multiples, with an estimated share price of 6.1x the expected 2024e EPS.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Even though the difference compared to expectations comes largely from non-recurret items, the underlying dynamics remain favourable and this result supports analysts' forecast of a dividend of E1.8 for 2023, the analyst says.
The broker also points out that even after the strong rebound recorded on Friday, the reinsurer's stock is trading on low multiples, with an estimated share price of 6.1x the expected 2024e EPS.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.