GJF will report Q1 figures on April 22nd, and we model a NOK 2.48 EPS, a modest 3% above current consensus estimates. We expect a colder winter to have an impact on frost claims in particular, but that continued tailwind from Covid lockdowns will mean the CR remains at a very solid level (ARCe 84.9%). We’ve lifted 2021 EPS by 3% and kept 2022/2023 unchanged. We stick to our Hold recommendation an NOK 205 target price.
