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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: FOG PHC FEN BBSN ELIX
Cavendish
FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi
Companies: Frenkel Topping Group plc
Companies: Property Franchise Group PLC
Canaccord Genuity
S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi
Companies: S&U plc
Edison
Companies: PayPoint plc
Liberum
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
22nd 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Foresight Solar Fund Limited GBP
In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
Companies: Regional REIT Ltd.
Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.
Companies: Foxtons Group Plc
Zeus Capital
Companies: Speedy Hire Plc
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: Jupiter Green Investment Trust PLC
Kepler | Trust Intelligence
Companies: Facilities by ADF PLC
Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m
Companies: RAT SDR IPX LIO FEN BRK MTW CLIG ASHM HL/ JUP PCFT IHP AJB MNG TAM EMG
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