FY16 PBT/special dividend comfortably beat consensus, helped by still low loss activity and higher investment yields. Speciality Lines continues to drive the business forward and the growth plans should prove earnings accretive and give better geographical balance. We upgrade 2017-18E PBT (+12% and +15%) on better yields and higher GPW, which drives the uplift in TP to 410p. Beazley is one of our preferred stocks but even it cannot avoid the growing margin pressure across the book; hence our
07 Feb 2017
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Beazley Plc (BEZ:LON) | 658 -56 (-1.3%) | Mkt Cap: 4,401m
- Published:
07 Feb 2017 -
Author:
Joanna Parsons -
Pages:
6
FY16 PBT/special dividend comfortably beat consensus, helped by still low loss activity and higher investment yields. Speciality Lines continues to drive the business forward and the growth plans should prove earnings accretive and give better geographical balance. We upgrade 2017-18E PBT (+12% and +15%) on better yields and higher GPW, which drives the uplift in TP to 410p. Beazley is one of our preferred stocks but even it cannot avoid the growing margin pressure across the book; hence our