(News Bulletin 247) – Berenberg announced on Monday that it had raised its recommendation on NN Group from ‘hold’ to ‘buy’, with a price target maintained at 55.8 euros, mainly citing valuation issues.
In a study of major Dutch insurance players, the financial intermediary acknowledges that NN has fewer apparent catalysts than groups like Aegon or ASR.
But he points out that the stock is trading on the basis of a particularly attractive PER to 2025 of 5.4x, against 6.1x for Aegon and 6.4x for ASR.
By 2026, its PER of 5.2x is even more than half lower than its dividend yield, which stands at 10.6%, argues the analyst, who nevertheless specifies that NN remains its least industry favorite.
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