(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on the Coface share, with an unchanged price target of 14.5 euros.
The analyst reports that the group’s total revenues reached 475 ME in the 1st quarter, (i.e. 2.8% above expectations), up 11.4% like-for-like and driven by a 10.9% rise in premiums. like-for-like insurance.
‘The NI was 61.2 ME in Q1 2023 (+17.0% vs Q1 2022 pro forma in IFRS 17), higher than expectations (our forecast and the consensus at 53 ME)’, underlines Oddo BHF which, following this publication, indicates to raise its forecast of RN 2023 by 7%, to 226 ME.
‘Coface continues to benefit from favorable operating dynamics, with a good combined ratio and growth that remains sustained (even if it should logically slow down by the end of the year)’, concludes the broker.
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