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Mar 13 2023, 08:25 GMT
FBD Holdings
Strong cash return
- Sectors : Insurance
- Companies : FBD Holdings
DAVY VIEW
FBD has re-rated significantly in the past year, largely reflecting its strong capital position and the benefits of higher interest rates. We argue that franchise growth should also be part of the equation and become a valuation driver in the coming years. In our view, FBD’s valuation remains attractive, underpinned by increasing earnings, a strong capital position and the unlocking of surplus capital. We increase our price target to €17.85 and reiterate our ‘Outperform’ rating.
