Talanx AG

Talanx is a financial and management holding company. Co. is internationally active in primary insurance and reinsurance and in both property/casualty and life business. In the more than 100 years of Co.'s history, Co. has evolved from a single-line liability insurer for industry into a global insurance group with a focus on the industrial and retail lines and reinsurance business. Through its subsidiaries, Co. is engaged in five business segments: Life/Health Reinsurance; Non-Life Reinsurance; Retail Germany; Industrial Lines; and Retail International.
  • TickerTLX
  • ISINDE000TLX1005
  • SectorNonlife Insurance
  • CountryGermany

Analysts

Sylvain Goyon

Capgemini : ODDO BHF Convictions List. In: AstraZeneca, Capgemini, Eiffage and Thales. Out: Dassault Systèmes, Orange, Talanx

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and...

Sylvain Goyon

Capgemini : Liste ODDO BHF Convictions. In: AstraZeneca, Capgemini, Eiffage, Thales. Out: Dassault Systèmes, Orange, Talanx

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2019

...

Roland Pfaender

Talanx AG : Q1 2019 results show positive earnings momentum

>Solid Q1 2019 results broadly in line with estimates; underlying improvements in primary insurance visible - Talanx’s Q1 2019 results were broadly in line with our estimates and consensus with underlying improvements in primary insurance and L/H reinsurance. Group net income came in at € 235m, slightly ahead of our estimate (€ 231m) and consensus (€ 227m). The annualized ROE stands at 10.3% (up 0.4pp yoy), BVPS at € 37.8, and the SII ratio at YE 2018 stood at 209% vs...

Sylvain Goyon

Capgemini : ODDO BHF Convictions List. In: AstraZeneca, Capgemini, Eiffage and Thales. Out: Dassault Systèmes, Orange, Talanx

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and...

Sylvain Goyon

Capgemini : Liste ODDO BHF Convictions. In: AstraZeneca, Capgemini, Eiffage, Thales. Out: Dassault Systèmes, Orange, Talanx

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à...

Roland Pfaender

Talanx AG : Q1 2019 results show positive earnings momentum

>Solid Q1 2019 results broadly in line with estimates; underlying improvements in primary insurance visible - Talanx’s Q1 2019 results were broadly in line with our estimates and consensus with underlying improvements in primary insurance and L/H reinsurance. Group net income came in at € 235m, slightly ahead of our estimate (€ 231m) and consensus (€ 227m). The annualized ROE stands at 10.3% (up 0.4pp yoy), BVPS at € 37.8, and the SII ratio at YE 2018 stood at 209% vs...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2019

Dufry's concessions in Spain shaved around 25-30bp off its EBITDA margin in 2018, on our estimates. The process of renegotiating these concessions might be arduous with the risk that the group might lose them (potential impact of CHF 9, i.e. -9% on the current share price). Even when factoring in this scenario and the generally challenging context for the sector, the valuation seems to have come adrift from the fundamentals, in our view. Buy recommendation reiterated. Cf. company repo...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2019

Les concessions de Dufry en Espagne ont coûté près de 25-30 pb en termes de marge d’EBITDA en 2018, selon nous. Leur processus de renégociation promet d’être compliqué avec le risque de les voir échapper au groupe (impact potentiel de 9 CHF, soit -9% du cours actuel). Même en intégrant cette éventualité et un contexte globalement difficile pour le secteur, la valorisation nous paraît toujours en décalage avec les fondamentaux. Recommandation Achat réitérée. Cf. étude publiée ce jour. - ...

1 director bought

A director at Talanx Ag bought 3,230 shares at 35.444EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/03/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2018

...

TALANX AKTGSF. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of TALANX AKTGSF. (DE), a company active in the Full Line Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 12, 2019, the closing price was EUR 35.00 and its potential was estimated at EUR 36.93.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Talanx - AGM 09 May 2019

General: In line with German law, the auditor of an insurance company like Talanx is not appointed by the AGM but the Supervisory Board. Item 4: The remuneration system for the Management Board has not yet been put to shareholder approval since the Company's IPO in 2012. We urge the Company to review the remuneration system and to submit it to shareholder approval at the next AGM. In line with our guidelines we would in principle recommend opposing the discharge of the Chairman of the Supervisory Board's Personnel Committee ("Remuneration Committee"), Herbert K. Haas. However, as the discharg...

Talanx – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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