Analyst Note| Henry Heathfield, CFA |
Société Commerciale de Réassurance, or Scor, today reported results for the first nine months of 2019. The market has taken these results well and we agree with the market here. For the third quarter of 2020, Scor has delivered net income of EUR 109.0 million against EUR 115.0 million in the same period for the prior year. Given trading conditions that delivery is quite exceptional. For the nine months to date this really buoys results for the company. Investors are now looking at EUR 135.0 million in net income year to date and that is versus our EUR 52.0 million full-year estimate. We are raising our fair value estimate to EUR 27.5 per share from EUR 23.6 per share but maintaining our no moat rating. We are also increasing our stewardship to Standard from Poor and maintaining our high uncertainty ranking.