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Mapfre’s 3Q results were in line with our expectations. The Spanish insurer delivered a robust performance in its P&C business. Nonetheless, the U.S. operations still have a long path to profitability, and we do not see this occurring before the first half of 2025. Brazil remains a key driver of the company’s overall performance. However, the standout performer was MAPFRE RE, which is steadily increasing in importance with each reporting period. We expect this trend to continue in the future.
Companies: Mapfre (MAP:BME)Mapfre SA (MAP:MCE)
AlphaValue
Mapfre saw some positive developments in the second quarter, primarily fuelled by the Brazilian region. However, in other areas, we are still waiting for the realisation of strong pricing in premiums to reflect in the profitability. The company continues to face challenges in the Auto segment, with no immediate signs of improvement. Despite the improvement in Brazil, our overall perspective on the company remains unchanged. We acknowledge the positive developments in this region, but we are cau
Mapfre experienced a tough quarter, mainly impacted by P&C lines and earthquakes in Turkey. The firm remains under the pressure from high inflation especially on Auto lines. In our view this profitability miss rules out any hope of a higher DPS than the level paid in recent years, thus leading to a deterioration in the risk-adjusted return profile.
Mapfre reported Q4 22 results ahead of consensus and our expectations. This immediate positive was nonetheless eclipsed as the firm degraded its combined ratio expectations, increasing the risk profile while the expected return was left unchanged (stagnating dividend).
Half-tone Q3 22 results from Mapfre. Net attributable profit was a miss vs. the consensus however the moving parts of the firm’s operations seem to be seeing positive trading.
A tough start into the year for Mapfre, which could potentially be industrial to a certain degree. The firm’s high exposure to motor, coupled with substantial inflation across geographies, proved to be the main killer of the firm’s profitability. The strategic plan’s “aspirational” objectives (defined before the Ukraine war) are so far confirmed, which is reassuring, although potential doubts exist on the Combined ratio objectives.
Companies: Mapfre SA (0NQ2:LON)Mapfre SA (MAP:MCE)
Mapfre’s Q4 results are quite mixed. On one hand, the Non-life business has widely underperformed consensus expectations while, on the other, the Life business has satisfactorily outperformed. With the dividend back to its pre-pandemic level, Mapfre can continue its long recovery.
Mapfre’s technical performance for the quarter recorded low and disappointing levels, in both the Life and Non-life businesses, on the back of normalisation of the combined ratio in Iberia. However, this miss was offset by Life’s strong financial result and, coupled with the strong performance of Mapfre Re, enabled the Spanish insurer to beat consensus.
Mapfre posted satisfying results for its H1 release and keeps delivering as expected, with guidance reiterated. The insurer’s upside remains, according to us, locked-in and a function of the pace of recovery in Europe and the US, but also especially in LatAm and Brazil.
Mapfre’s Q1 21 release was not so surprising. The Spanish insurer can rely upon better-than-expected results in Iberia saving the day, as the company continues suffering in Brazil and North America. However, this was expected and the latter country looks to be recovering substantially better and faster than Europe, pushing our optimism for Mapfre’s investment recommendation.
Mapfre recorded a strong decline in revenues (-11.8% yoy to €13,277m), driven by COVID-19 that has affected the Life Savings’ sales, currency depreciations (BRL and TRY) and the drop in financial income from investments (-24.9% to €1,226m). The decrease in the net result (-27.7% to c. €271m) came from Mapfre Re while the Insurance units performed well. The group has updated its IBNR reserves to cover the delays in reporting claims. The Board will assess future dividends in Q4 20.
Companies: Mapfre SA
Mapfre reported declining revenues (-4.5% yoy tp €7.33bn) and weaker net earnings (-32% yoy to €127m). This decline was not caused by COVID-19 but by nat cat events. Excluding these, the net earnings stood at €190m, up 3% yoy. The insurer expects to see the consequence of the pandemic in Q2. The market’s volatility should also impact investment income. The capital position at March 2020 was not revealed, but Mapfre said that it was solid enough.
In FY 19, Mapfre’s revenues increased by 7.1% to €28,472m, driven by the improvement in Non-Life premiums (up 2.9% to €17,559m). Iberia continues to be the key profits generator, with an attributable result of €497m (>81% of the group’s). We appreciate the positive trends in the restructured business units in Brazil and the US. However, Mapfre Re needs additional time to reduce its exposure to global risks. The dividend was stable, as announced by the insurer in late 2019.
Our model integrates perfectly the losses announced by Mapfre and relative to the recent nat cat events and disturbances in Chile. We anticipated also a stable dividend for FY 19 and a decreasing Solvency II ratio. The company confirmed the fragility of its profitability and its high dependence on its Spanish business. However, it is still enjoying a solid capital position.
Mapfre reiterated the scenario of H1 19 with better revenues (up 6.5% at current FX to €21,619m) but lower earnings (-12.5% to €463m). The insurer decided to revise the business outlook of MAPFRE ASISTENCIA’s companies in the UK, the US and Canada, leading to goodwill writedowns of €77m. If we take into consideration the impairments of December 2018, the net profut of the group would have been stable relative to 9M 18. The Solvency II ratio remained solid at 198%.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Mapfre SA. We currently have 5 research reports from 2 professional analysts.
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Cavendish
Companies: Property Franchise Group PLC
Canaccord Genuity
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
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
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
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Hardman & Co
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
International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th
Companies: International Public Partnerships Ltd
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.
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Liberum
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Hybridan
Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…
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Kepler | Trust Intelligence
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
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
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In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2
Companies: H&T Group plc
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