Zoonic Posted august 10, 2005 Report Share Posted august 10, 2005 - F I R S T L O O K - Title: Better than expected, though no estimate booster Company: Storebrand Recommendation: Reduce Share price: NOK 64,25 Target: NOK 54,00 STB reported a Group profit of NOK 392 million vs. our 318 million forecast and consensus forecast of NOK 318 million. The result was better in all areas. STB Life booked higher profits than expected (1,7% vs. 1,5% estimate), but this will have no effect going forwards. Value adjusted return was 1,9% vs. our 2% forecast. Bank profit was as expected before loan loss provisions, but IFRS effects made loan loss reversals higher than expected. Non-recurring effects contributed to a zero result within ASA and Run-off business, where we expected negative figures. Asset managenment was boosted by financial items, not operations. Conclusion: A solid report all over the line, but no EPS booster. At First Look the report will not change our EPS expectations significantly, and our recommendation and target is unchanged. first/10.08.05 Link to comment Share on other sites More sharing options...
Zoonic Posted november 7, 2005 Report Share Posted november 7, 2005 DnBNOR ER UTE MED EN FERSK OPPDATERING AV STOREBRAND Link to comment Share on other sites More sharing options...
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