Дианка, нещо си се объркала за ДЗИ, там реално животозастраховане пък кога е имало?!
Я виж как им падна печалбата като се спря с измислените схеми за въртене на пари. Сега като се въведе 10% данък, това перо ще го загубят в ДЗИ съвсем. Ще останат само такива застрахователи, които извършват истиско застраховане, а не варианти на тема "пералня Indesit".
А като говорим за застрахователи, ето и един истински такъв:
QBE's Margin Surprise Forces Brokers To Catch Up
It was all about margins for QBE Insurance (QBE), which yesterday delivered a profit result far better than the market had expected and which has seen strong buying interest return to the stock.
The company reported a profit of $921m for the half year, Deutsche Bank noting this was well above its forecast of $883m but even more significantly above consensus estimates of $820m, so brokers are busy playing catch-up with estimates.
JP Morgan is an example, the broker increasing its full year forecast by 5.3% and its FY08 estimate by 8%, the increase this year representing the amount by which its forecast fell short of actual earnings.
As a result the broker is now forecasting earnings per share for FY07 of 221.4c and in FY08 of 239.8c, while Deutsche is at 245c and 253c respectively, up from 222c and 232c prior to the result.
UBS similarly has lifted its forecasts by 5% this year and 4% in FY08, which puts it at 236c and 239c in EPS terms. This compares to pre-result consensus forecasts of 218c and 234c respectively.
Others in the market have followed suit, GSJB Were increasing its earnings estimates by 15% this year and 10% in FY08 but suggesting these changes may prove conservative given they don't factor in much by way of acquisitions and they allow for a high level of catastrophe claims.
As mentioned it was margins that drove the result, UBS noting insurance margins came in at 22% against its forecast of 18.5%. Management has also lifted margin guidance to 18.5-20% but JP Morgan sees this as conservative and expects the actual result to be closer to 22.5%.
The broker admits it got it wrong in the period when calling for margins to come down, but it is not entirely giving up this view in suggesting further margin expansion is likely to prove difficult.
Where the broker sees the company struggling is in terms of meeting expectations for growth in gross written premiums (GWP), as it estimates the group will need to acquire $1.2bn in GWP in FY08 simply to meet the market's expectations.
According to UBS this may not prove so difficult though, as while its forecasts include just $200m in GWP premium addition from acquisitions this year it estimates the group has the balance sheet strength to support acquisitions delivering a total increase of $1.5 billion in GWP. Additionally it notes management sees the acquisition pipeline as having improved since May, so it appears the company should be able to meet expectations in this regard.
The increases to forecast earnings following the result mean the average target price on the stock has also increased, the FNArena database showing an average target of $35.54 now as against $34.98 prior to the result. The median price target according to Thomson One Analytics is $34.30.
Only Aspect Huntley has upgraded its rating following the result though, moving to Buy from Accumulate. According to the database the stock is now rated as Buy eight times and Hold twice.
Shares in QBE rose strongly yesterday after their report and have continued to strengthen in today's trading, as at 1.20pm the stock was 92c or 3% higher at $31.44.
Я виж как им падна печалбата като се спря с измислените схеми за въртене на пари. Сега като се въведе 10% данък, това перо ще го загубят в ДЗИ съвсем. Ще останат само такива застрахователи, които извършват истиско застраховане, а не варианти на тема "пералня Indesit".
А като говорим за застрахователи, ето и един истински такъв:
QBE's Margin Surprise Forces Brokers To Catch Up
It was all about margins for QBE Insurance (QBE), which yesterday delivered a profit result far better than the market had expected and which has seen strong buying interest return to the stock.
The company reported a profit of $921m for the half year, Deutsche Bank noting this was well above its forecast of $883m but even more significantly above consensus estimates of $820m, so brokers are busy playing catch-up with estimates.
JP Morgan is an example, the broker increasing its full year forecast by 5.3% and its FY08 estimate by 8%, the increase this year representing the amount by which its forecast fell short of actual earnings.
As a result the broker is now forecasting earnings per share for FY07 of 221.4c and in FY08 of 239.8c, while Deutsche is at 245c and 253c respectively, up from 222c and 232c prior to the result.
UBS similarly has lifted its forecasts by 5% this year and 4% in FY08, which puts it at 236c and 239c in EPS terms. This compares to pre-result consensus forecasts of 218c and 234c respectively.
Others in the market have followed suit, GSJB Were increasing its earnings estimates by 15% this year and 10% in FY08 but suggesting these changes may prove conservative given they don't factor in much by way of acquisitions and they allow for a high level of catastrophe claims.
As mentioned it was margins that drove the result, UBS noting insurance margins came in at 22% against its forecast of 18.5%. Management has also lifted margin guidance to 18.5-20% but JP Morgan sees this as conservative and expects the actual result to be closer to 22.5%.
The broker admits it got it wrong in the period when calling for margins to come down, but it is not entirely giving up this view in suggesting further margin expansion is likely to prove difficult.
Where the broker sees the company struggling is in terms of meeting expectations for growth in gross written premiums (GWP), as it estimates the group will need to acquire $1.2bn in GWP in FY08 simply to meet the market's expectations.
According to UBS this may not prove so difficult though, as while its forecasts include just $200m in GWP premium addition from acquisitions this year it estimates the group has the balance sheet strength to support acquisitions delivering a total increase of $1.5 billion in GWP. Additionally it notes management sees the acquisition pipeline as having improved since May, so it appears the company should be able to meet expectations in this regard.
The increases to forecast earnings following the result mean the average target price on the stock has also increased, the FNArena database showing an average target of $35.54 now as against $34.98 prior to the result. The median price target according to Thomson One Analytics is $34.30.
Only Aspect Huntley has upgraded its rating following the result though, moving to Buy from Accumulate. According to the database the stock is now rated as Buy eight times and Hold twice.
Shares in QBE rose strongly yesterday after their report and have continued to strengthen in today's trading, as at 1.20pm the stock was 92c or 3% higher at $31.44.
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