Berenberg nudges up target price on Admiral ahead of FY results
By Iain Gilbert
Date: Wednesday 26 Feb 2025
(Sharecast News) - Analysts at Berenberg nudged up their target price on insurer Admiral Group from 3,292.0p to 3,300.0p on Wednesday ahead of the company's FY24 results next week.
Berenberg pointed out that since its January 2025 outlook note, Admiral shares were up more than 10% and, heading into the FY24 results, it remains positive on both the company and the sector.
"Our FY24 and FY25 EPS estimates are 5% and 4% above consensus estimates respectively (we note our above-consensus estimate in FY24 is partly driven by a better IFRS 17 quota share result, which we do not expect to repeat in FY25)," said Berenberg.
The German bank also noted that it expects investors will be "keenly listening" for updates on pricing developments in Q125 and Admiral's perspective on the latest Financial Conduct Authority regulatory developments.
"We maintain our view that the market is overly negative on pricing and regulatory risks and, with the stock trading at a 20% discount to its five-year average, we continue to find the valuation attractive," said Berenberg, which reiterated its 'buy' rating on the stock.
Reporting by Iain Gilbert at Sharecast.com
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