Expectations were high going into Q2 and GJF delivered with a NOK 3.9 EPS and a record UW result. The main positive surprise was the premium growth, which also lifts our estimates by ~3-4% for Norway while we lower our estimates for Sweden. In sum this lifts our EPS by 2% for 21/22, and we also lift our TP to NOK 185 (180). At P/E ‘21 20.6x we think quality is priced in already here and we thus stick to our Hold recommendation.
14 Jul 2020
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Expectations were high going into Q2 and GJF delivered with a NOK 3.9 EPS and a record UW result. The main positive surprise was the premium growth, which also lifts our estimates by ~3-4% for Norway while we lower our estimates for Sweden. In sum this lifts our EPS by 2% for 21/22, and we also lift our TP to NOK 185 (180). At P/E ‘21 20.6x we think quality is priced in already here and we thus stick to our Hold recommendation.