Q4 surprised us with a very strong 83.1% CR. Price increases over the last two years combined with some favourable tailwinds mean that profitability, especially in Norway, is extremely high at the moment and we have lifted UW results 8%/7% for 2021/2022. EPS comes up 4%/3% as we lower financial returns. For 2023 we expect normalisation of profitability with an 85.5% CR, NOK 9.3 EPS and NOK 8.0 DPS. We stick to Hold but lift our TP to 205 (195).
25 Jan 2021
2020 will be hard to top
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2020 will be hard to top
Gjensidige Forsikring ASA (GJF:OSL) | 0 0 0.0%
- Published:
25 Jan 2021 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
13
Q4 surprised us with a very strong 83.1% CR. Price increases over the last two years combined with some favourable tailwinds mean that profitability, especially in Norway, is extremely high at the moment and we have lifted UW results 8%/7% for 2021/2022. EPS comes up 4%/3% as we lower financial returns. For 2023 we expect normalisation of profitability with an 85.5% CR, NOK 9.3 EPS and NOK 8.0 DPS. We stick to Hold but lift our TP to 205 (195).