Oddo BHF maintains its 'outperform' rating on Coface shares, with an unchanged target price of 14.5 euros.

The analyst reports that the Group's total revenues reached €475 million in Q1 (2.8% above expectations), up 11.4% on a like-for-like basis and driven by a 10.9% rise in insurance premiums on a comparable basis.

Net income was 61.2 ME in Q1 2023 (+17.0% vs. Q1 2022 pro forma under IFRS 17), above expectations (our forecast and the consensus at 53 ME)", points out Oddo BHF, which, following this publication, has raised its forecast for net income in 2023 by 7%, to 226 ME.

Coface continues to benefit from favorable operating dynamics, with a good combined ratio and sustained growth (even if it should logically slow down between now and the end of the year)", concludes the broker.


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