Vienna Insurance Group (AO) | Buy | Well on track to meet 2026 targets

研报英文原文证据摘录

Vienna Insurance Group (AO) | Buy | Well on track to meet 2026 targets

Vienna Insurance Group Buy | Target Price: EUR70.00

Company description Management

The Vienna Insurance Group (VIG) is one of the largest international insurance Hartwig Löger, CEO

groups in central and eastern Europe with a leading market share in several CEE Liane Hirner, CFRO

countries. The company offers many different kinds of insurance, including Gabor Lehel, CIO

property and casualty, life and health. VIG follows a multibrand strategy and

operates under many different brands in its markets. While Austria remains a Key shareholders

core market for the group, it has successfully expanded its business in adjacent Free float 28.00% Wiener Städt. Wechselseitige Versicherungsverein 72.00%

regions.

Investment case Valuation methodology

Vienna Insurance Group's long-term investment case remains We value VIG using an SOP model.

appealing: the company has a leading market share in In our SOP model, we calculate the fair value of the operations

structurally growing and still underpenetrated markets in CEE. in a region based on 2027E net profit, a region-specific cost of

Its strong balance sheet and sound capitalisation put it in a equity (ranging from 10% for Austria to 15% for “Special

good position to fuel growth through acquisitions. Markets”), and long-term earnings growth rates (ranging from

Since insurance premiums in a large portion of its insurance 1% for Austria to 2% for other regions). From the sum of all the

contracts have an automatic inflation link, the company's top regions’ values, we deduct minorities and hybrid debt.

line is benefitting from still elevated inflation rates in its core Risks to our rating

markets, particularly Austria. Negative political or regulatory changes.