GJF has outperformed the market in the recent downturn and is down 4% YTD. Q1 will be an exceptionally weak quarter due to the financial returns, but apart from this we expect very low activity to lead to less claims in big product lines such as motor insurance. Our 2020 EPS comes down 28% while we keep 2021 flat. With a resilient business model, GJF offers a decent save haven now and we upgrade to Hold (Sell) with a NOK 170 (165) 12-month target price.
07 Apr 2020
Still not cheap, but fairly Corona-proof
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Still not cheap, but fairly Corona-proof
GJF has outperformed the market in the recent downturn and is down 4% YTD. Q1 will be an exceptionally weak quarter due to the financial returns, but apart from this we expect very low activity to lead to less claims in big product lines such as motor insurance. Our 2020 EPS comes down 28% while we keep 2021 flat. With a resilient business model, GJF offers a decent save haven now and we upgrade to Hold (Sell) with a NOK 170 (165) 12-month target price.