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Storebrand reported positive Q3 results, characterised by strong performances in three business segments: Savings, Guaranteed, and Other. Nevertheless, it faced quite a setback in the insurance result from adverse weather conditions. The company reached an unexpected solvency ratio of 204%, reflecting an 8% uptick from H1. This increase can be attributed to the impact of higher rates and lower equity exposure. Even with a write-down in the real estate portfolio, Storebrand’s solvency figure pro
Companies: STOREBRAND (STB:STO)Storebrand ASA (STB:OSL)
AlphaValue
Storebrand’s results were weak this quarter. Both the seasonality in the Nordics and the new risk stemming from disability insurance were a drag on the firm’s profitability. The solvency ratio decreased to 179% but the dynamic going forward could nevertheless be positive at pixel time although distributions are likely to be lower than we had anticipated.
Storebrand released Q4 22 figures below expectations. While the continued underperformance could be an issue, the immediate drivers lie in the distribution story, which is taking a long time coming considering what the market has paid for.
Storebrand released a robust set of Q3 22 results, ahead of the consensus and our own expectations. However, the high volatility of the firm’s Solvency position (subject to a volatility adjustment component) damaged the SII ratio… at the closing of the quarter. In fact, volatility adjustments may have had a reverse impact since then and Solvency may again be close to 180%, synonymus with a special dividend or buy-back program. There is plenty of room for shareholder returns.
Storebrand’s H1 22 results were very strong and offered a glimpse of the profitability potential once the short-term negative effect of higher rates and inflation is absorbed. While we had expected a tougher quarter on profitability, the performance delivered and metrics disclosed imply very little probability of headwinds ahead. In a tough macro-economic environment, Storebrand’s idiosyncratic risk-return profile now seems very attractive.
Companies: Secure Trust Bank Plc (STB:LON)Storebrand ASA (STB:OSL)
Storebrand has released a very robust set of Q1 22 results. While we tend to qualify the war’s ripple effect to be, so far, moderate to low we believe that the firm’s structure could actually enable it to navigate these uncertain times driven by inflation, potential recession and tumbling markets. The announced NOK500m share buy-back is a move in this direction with a demonstration of confidence.
The disappointment stems from Storebrand’s FY release. Guaranteed pension’s net profit sharing has limited the damage but lower distributions than expected as well as a dented path towards buy-backs confirm our view that the firm is currently too expensive, despite the quality of its high growth.
Storebrand keeps on delivering and, actually, beating consensus’ expectations quarter after quarter. However, clouds called Solvency requirement remain above the share price, preventing it from reaching even higher skies than where it is already. A glass ceiling has potentially been found.
Storebrand has released a mitigated Q1 2021 performance. Consolidation of Insr portfolios and seasonality in the Nordics can be blamed but there is more to it than that. High expectations in H1 21.
Storebrand recorded an excellent Q4 20 with a result before amortisation of NOK1,225m (up 19.4% yoy). The FY 20 figures recovered and the decline in the result before amortisation was limited to 10.7%, to NOK2,711m. The key Savings business performed well thanks to the rapid growth of AuM (NOK962bn). The Insurance segment posted a combined ratio in line with the historic level (87% in Q4 20). The insurer will propose a dividend of NOK3.25/share. Our estimates will be revised up.
Companies: Storebrand ASA
STB has outperformed the OSEBX by ~20% over the last three months, but is still down 1% over the last year. With strong equity markets and high organic growth we expect a strong finish to 2020 and tailwind into 2021 in Savings and Insurance. Rising rates provides relief for the backbook and should lift the Solvency ratio, and we expect a NOK 3.25 DPS to be proposed. STB remains highly attractive and we reiterate Buy and lift our TP to NOK 78 (72)
Arctic Securities
STB kept financial targets unchanged in the CMD but added a target of NOK 4.0bn in group profit (before amort. and tax) for 2023 that we view as supportive. This was tempered by a more cautious approach on excess capital where buybacks are now expected in 2023. We’ve made minor tweaks to our EPS estimates and removed a NOK 1 extra dividend in 2022. STB remains undervalued in our view and we stick to Buy and lift our TP to NOK 72 (70).
Storebrand hosting CMD at 14.00 CET today, materials out this morning Launches ambitious target of NOK 4bn group profit in 2023.. ..but share buybacks pushed to 2023 vs our 2022 estimate Ambitious on growth and profit generation, but a bit softer on dividends
It was perhaps a bad day for a good report as the STB share lifted less than we had expected given a very solid report both in terms of earnings momentum and not least Solvency improvement. With our estimates lifted 16%/3%/4% for 20/21/22 and a shortened runway to excess capital release we think the case remains highly attractive even with current low rates. We lift our TP to NOK 70 (63), equal to P/E ‘21e 12x and a ‘21e 5% div. yield and reiterate Buy.
Storebrand announced a result before amortisation of NOK1,012m, up 44.6% yoy. Ytd, the result stood at NOK1,486m (NOK2,011m in 9M 19). Since the beginning of the year, pre-tax profit has reached NOK1,119m (-33.5% yoy), despite a positive Q3 (+51.9% yoy to NOK889m). Operational costs were controlled, increasing slightly by 1.5% to NOK2,983m. The board confirmed its commitment to paying a dividend for 2020, a decision helped by a strong cash position and a Solvency II ratio of 179% (with transitio
Research Tree provides access to ongoing research coverage, media content and regulatory news on Storebrand ASA. We currently have 0 research reports from 4 professional analysts.
Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very challenging. The key components of the market, the “two worlds” of corporates and investors, are nowadays often far apart in how they assess value – pre-COVID, this was much less of an issue. This has resulted in frustration and inertia, which, on a sustained basis, can have a significant negative impact on companies and the economy. This issue needs urgen
Companies: NBPE ICGT RECI HAT STX VTA APAX DUKE
Hardman & Co
Companies: Property Franchise Group PLC
Canaccord Genuity
TPFG has completed another significantly earnings enhancing acquisition, building on its strong M&A track record. It has acquired well-known brands Fine & Country and The Guild of Property Professionals for a total consideration of £20m (£15m initial, £5m deferred), funded through a new debt facility with Barclays. The consideration implies a 5.7x Dec. ’23 EV/EBITDA multiple, which we see as attractive. The acquisition is expected to be immediately earnings enhancing - we upgrade our adj. P
Singer Capital Markets
Springfield has entered into a strategic collaboration with Barratt for the development of the group’s Durieshill site. Springfield and Barratt will work together to develop this new, sustainable 3,000 home village within commuting distance of Edinburgh and Glasgow. Barratt has made a cash payment of £10m to Springfield and will, in consideration for half the land at Durieshill, provide and fund the infrastructure development for the entire site over the next five years. The cash payment of £10
Companies: Springfield Properties PLC
Equity Development
Springfield has entered into a major partnership with Barratt Developments (BDEV) to accelerate the creation of the Scottish housebuilder’s planned ‘village’ of over 3,000 homes near the strategically connected city of Stirling. The sale of the land to Barratt, as part of a new 50:50 strategic collaboration between Springfield and Barratt, will reduce debt by more than its previous guidance and should contribute to planned growth in the medium term.
Progressive Equity Research
IPU is seeking to capitalise on a potential UK recovery by increasing gearing…
Companies: Invesco Perpetual UK Smaller Companies Investment Trust PLC
Kepler | Trust Intelligence
Target Healthcare REIT’s Q324 update shows a fifth successive quarter of positive NAV total return, with indexed rent reviews driving increased earnings and property values. Tenant profitability continues to strengthen, reflected in a high level of rent cover and rent collection. Dividends are well covered by adjusted earnings and we expect further DPS growth.
Companies: Target Healthcare REIT PLC
Edison
Performance of clean energy shares was weak in 2023 other than in storage. 2024 is likely to see storage continue to perform but renewables, bioenergy and hydrogen could also see an improved environment in the year. While elections in the US and the EU could result in weaker support for clean energy, these are to an extent offset by progress at COP28 and the extent to which electorates recognise climate change in the face of almost unavoidable evidence.
Companies: PV1 TLG DRX PHE CYAN NESF AGLX EQT IES CORRE REFL ATOM
Longspur Clean Energy
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
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Springfield has entered a strategic collaboration with Barratt for the development of its 3,000 home Durieshill development near Stirling. In consideration for half of the land, Barratt has paid £10m in cash (now received) and it will provide and fund the infrastructure development for the entire site over c.5 years. The £10m cash consideration accelerates the debt reduction plan, with FY24 net debt now expected to be £41m vs. previous guidance of £55m. The provision of site infrastructure
TRIG’s portfolio continues to evolve, despite equity capital markets being closed…
Companies: Renewables Infrastructure Group Limited GBP Red.Shs
Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board considers the impact of asset sales and transfers. This represents a yield of 9.0%. Strong indexed rental income continues to support income and capital values.
Companies: Triple Point Social Housing REIT PLC
AUM was up by £2.2bn or 6% over H1-24, reaching £39.6bn on 31 Mar 24 (30 Sep 23: £37.4bn). This was a top-third growth rate among a London-listed peer group. While sustainable investing flows around the world have been subdued, we are seeing some early signs of a return to stronger flows. H1-24 revenue of £86.2m was down 2% y-o-y from £88.0m in H1-23 on lower average AUM levels and an unchanged average fee margin of 45bps. However, an AUM recovery during the period saw run-rate revenue increase
Companies: Impax Asset Management Group plc
Headline Q1 net profit of GEL1.04bn included negative goodwill of GEL686m arising from the Ameriabank acquisition. Adjusted profit of GEL369m was a touch light of our estimate, but on lower other income, while costs came in higher on increased investment spend. However, the Group net interest margin increased slightly on 4Q23, unchanged also on the prior year, and better than expected, against a backdrop of faster cuts in interest rates by the National Bank of Georgia this year. Economic growth
Companies: Bank of Georgia Group Plc
Cavendish
finnCap announced this morning a proposed new CEO and the appointment of new directors. Sam Smith, finnCap’s CEO, has announced her intention to step down from the position and move into an advisory role within the group. John Farrugia, currently Managing Partner of finnCap Cavendish, will become a director of the group and then CEO after Sam Smith steps down.
Companies: Cavendish Financial PLC
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