Coface: Oddo BHF still a buyer
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Coface shares, with an unchanged target price of E14.
5.
The analyst reports that the group's total revenues reached E475m in Q1 (2.8% above expectations), up 11.4% LFL, driven by a 10.9% LFL increase in insurance premiums.
Net income was E61.2m in Q1 2023 (+17.0% vs Q1 2022 pro forma under IFRS 17), above expectations (our forecast and the consensus at E53m), Oddo BHF says, which, following this publication, has raised its 2023 net income forecast by 7% to E226m.
Coface continues to benefit from favourable operating momentum, with a good combined ratio and sustained growth (even though this should logically slow down between now and the end of the year), the broker concludes.
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.
5.
The analyst reports that the group's total revenues reached E475m in Q1 (2.8% above expectations), up 11.4% LFL, driven by a 10.9% LFL increase in insurance premiums.
Net income was E61.2m in Q1 2023 (+17.0% vs Q1 2022 pro forma under IFRS 17), above expectations (our forecast and the consensus at E53m), Oddo BHF says, which, following this publication, has raised its 2023 net income forecast by 7% to E226m.
Coface continues to benefit from favourable operating momentum, with a good combined ratio and sustained growth (even though this should logically slow down between now and the end of the year), the broker concludes.
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.