CNP Assurances: Oddo confirms rating after results

(CercleFinance.com) - CNP Assurances has announced Q3 premiums of 24.
6 billion euros, up 3.1% as reported (6.6% like-for-like), close to expectations.

After this publication, Oddo has confirmed its Neutral rating on the stock and its target price of 20 euros.

The group's net insurance income reached 2,245 million euros (+2.2%), up 5.5% in France, up 0.3% in Brazil (+22.5% at constant exchange rates) and up 10.8% in Europe outside France.

In its daily equity report, Oddo said that the group's total revenues and EBITDA came in slightly below expectations, with 9m 18 EBITDA of 2,169 million euros (+1.9% as reported; +8.9% on a like-for-like basis), 1% above estimates. Meanwhile, 9m 18 earnings came in at 955 million euros (+3.1% as reported; +5.1% like-for-like), also slightly lower than expected (-2.2% vs. consensus and -1.5% vs. our forecast.



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