Analyst Note| Henry Heathfield, CFA |
Zurich Insurance has today released commentary for results for full-year 2020. The market hasn’t taken these results well with the stock trading down by over 100 basis points. However, when we do roll our model, we imagine we will be revising our fair value estimate upward, notwithstanding the movement in foreign-exchange rates. For the time being, we maintain our CHF 390 fair value estimate and caution we may have to wait until Zurich Insurance releases its annual report before we can roll our model. This will depend on the quality of the financial statements published on Feb. 11. We also maintain our narrow moat rating.