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CNP Assurances: heavily discounted, Oddo says

( - Premiums reached 11,492 million euros in H1 2020, down 34.
6% as reported and down 29.2% like-for-like, higher than expected (consensus of 11.1 billion euros; Oddo estimated 9.4 billion euros).

The Group reports that COVID had a negative impact of 3.6 billion euros on its premiums in the first half (including 2.4 billion euros in France and 0.8 billion euros in Latin America).

EBITDA reached 1,312 million euros in H1 (-16.2% as reported, -9.5% at constant data), below expectations (consensus: 1,342 million euros, Oddo's estimate: 1,462 million euros). Net income was 629 million euros (-8.5% as reported, -3.5% at constant data), in line with the broker's expectations (628 million euros) and above consensus (551 million euros), Oddo said.

Oddo confirms its buy rating on CNP Assurances with a target price of 14 euros. The decline in net income remained moderate (8.5% as reported, -3.5% at constant data) and the group maintains a solid balance sheet.

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