(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on Generali shares with an unchanged price target of 21 euros.
The analysis office reports that Generali announced yesterday the conclusion of an agreement with Libery Mutual for the acquisition of its subsidiary Liberty Seguros for a cash amount of approximately 2.3 billion euros.
According to Oddo BHF, this acquisition will allow Generali to strengthen its presence in property and casualty insurance in Spain, where the group will become number 4 with 6.1% market share (vs. currently a position of number 6 with 4.3% market share). market).
Eventually, ‘significant synergies’ are anticipated by Generali.
For its part, Oddo BHF considers that the acquisition of Liberty Seguros is strategically interesting and that it should ultimately generate a RoI clearly above 10% post synergies.
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