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Investing.com - Berenberg initiated coverage on Just Group Plc. (LON:JUST) with a Buy rating and a price target of GBP2.09 on Tuesday.
The UK-based financial services company specializes in annuities, offering bulk purchase annuities to corporations seeking to exit defined benefit liabilities and guaranteed income for life annuities to individual customers.
Just Group creates value by investing approximately 45% of new annuity funds in illiquid assets, which generates an investment spread of around 200 basis points, according to Berenberg’s analysis.
The company’s tangible net asset value (TNAV) grew at a compound annual growth rate of 16% between 2022 and 2024, with the company targeting a return on equity exceeding 12%.
Berenberg forecasts a 13% TNAV compound annual growth rate from 2024 to 2028, which it views as both attractive and sustainable for the financial services provider.
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