(Boursier.com) — Coface climbed 5% this Tuesday to 15.45 euros, while the group’s turnover stood at 464 ME in Q1, down 1.6% at constant scope and exchange rates
*Credit insurance premiums decrease by 3.3%; lack of growth in customer activity at the start of the year after a negative second half of 2023;
*Customer retention is at a high level (93.8%), but is down compared to records; the price effect remains negative (-1.3%);
*The group highlights double-digit growth in information services (+21.6% at constant exchange rate) and debt collection (+24.1%); factoring fell by 6.3%.
The net claims ratio stood at 35.8%, an improvement of 4.9 ppts; the net combined ratio is at 63.1%, an improvement of 3.2 ppts.
* The gross loss ratio is at 33.2%, an improvement of 7.5 ppts with a stable level of provisioning and high release of reserves.
* The net cost ratio increased by 1.6 ppt to 27.3% reflecting lower revenues and a better product mix as investments continue.
Net income, group share, was €68.4 million, up +11.9% compared to Q1-23. The annualized RoATE stands at 14.8%. Unless otherwise indicated, developments are expressed by comparison with the results as of March 31, 2023.
Among the latest broker opinions, Oddo BHF remains ‘outperform’ on Coface, while raising its target to 15.70 euros.
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