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Scor Q3 results fell short of expectations. While the reinsurance sector was thriving amidst a hard market, Scor’s performance demands scrutiny. Despite the confidence instilled by the turnaround during the CMD and the strong ytd performance prior to the release, the current results are not promising. As previously emphasized, effective execution is key and the reported results do not bode well. The increased Nat Cat losses, although a factor, do not entirely account for the disappointing outco
Companies: SCOR (SCR:EPA)SCOR SE (SCR:PAR)
AlphaValue
Scor delivered a decent quarter, we believe. Despite a net profit below expectations and a disappointing P&C performance, the rest of the business held up fairly well while we believe that the woes from P&C were exceptional and were, excluding France, man-made riot-related claims which showed positive signs of an improvement vs. last year. A positive turnaround in the risk embarked by the firm. We believe in upcoming positive momentum for Scor.
Scor released a massive beat propelled by both the P&C and L&H lines. Questions surround the sustainability of these results given that the firm has not raised its guidance. Scor’s guidance was also quite low for the P&C business however the results remain very robust. We need a similar Q2 23 to give the share renewed momentum.
Scor has released its FY 2023 targets under the new IFRS 17 framework. Our reading is that the assumptions disclosed do not imply a major improvement vs. what the consensus had been pricing in pre IFRS 17. The EPS and Book value per share should decrease but, as expected, the new framework brings clarity over the (re)insurers’ prospects (via the Contractual Service Margin). We remain neutral vis-à-vis this update.
Scor’s Q4 22 results contrasted with those of the previous quarters. We are not really convinced by the improvement in operations and still sense that the cash is not moving up to the holding company. The group’s FY 23 objectives remain an unknown and will be announced in April, at the same time as the IFRS 17 update. New CEO Thierry Léger will have a lot on his plate and we are mindful of his plans for Scor.
Scor has unexpectedly announced the resignation of its CEO Laurent Rousseau, after only 18 months at the helm. This again plunges the firm into a governance turmoil. François de Varenne, supported by Denis Kessler, will be the Interim CEO until Thierry Léger, Group Chief Underwriting Officer at Swiss RE takes over as the new CEO on May 1. There is now significant uncertainty overhanging the Group’s strategy going forward.
Scor’s Q3 figures were even worse than expected, having been impacted by NatCat and man-made events. The firm increased P&C reserves while some were released from the L&H business. We do not buy the 95% combined ratio objective for 2023. However, despite our bearish estimations, Scor still has fundamental upside and the market reacted as if it had had enough of the negative share price trend.
Research Tree provides access to ongoing research coverage, media content and regulatory news on SCOR. We currently have 31 research reports from 2 professional analysts.
Companies: Plus500 Ltd.
Liberum
Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.
Companies: Tatton Asset Management Plc
Zeus Capital
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.
Companies: Ondo Insur Tech PLC
Dowgate Capital
BRWM’s managers: we see all the classic signs of high commodity prices...
Companies: Blackrock World Mining Trust PLC
Kepler | Trust Intelligence
The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.
Companies: NextEnergy Solar Fund Ltd
Longspur Clean Energy
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Companies: UTL ASC DNLM BWNG MONY DFS BOO
Shore Capital
Companies: M Winkworth plc
Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long
Companies: Vp plc
Equity Development
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
Companies: IP BILN SAR GATC ASTO PHE SHOE CCS IP CUSN
Hybridan
Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti
Companies: EPIC DARK TIDE IGP IOM NCC CHRT CNS CLCO TERN SWG CCS SYS BVC
AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net
Companies: discoverIE Group PLC (DSCV:LON)LendInvest PLC (LINV:LON)
Cavendish
NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a
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