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Investing.com - Berenberg has reinstated coverage on Norwegian insurer Gjensidige Forsikring ASA (OL:GJF) with a Hold rating and a price target of NOK250.00.
The research firm describes Gjensidige as a "high-quality operator" but notes that its investment case depends heavily on conditions in the Norwegian market, as its operations in Denmark and Sweden remain nascent.
Berenberg points out that Gjensidige shares have performed strongly over the past 24 months, driven by steady price increases implemented to offset higher claims costs.
Market conditions appear to have stabilized, and while further rate increases are likely in the near term, Berenberg believes the company’s current valuation already reflects the market price-driven growth, suggesting limited upside potential.
The research firm identifies large, strategic mergers and acquisitions in Sweden or Denmark as potential catalysts that could address Gjensidige’s lack of scale in these markets, but notes there is no obvious acquisition target currently and the company has not announced intentions to pursue large M&A in the near future.
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