NN Group (NN NA) Netherlands
Financials
Bloomberg reported this week that Italian insurer Generali is considering making a large acquisition in Europe and that NN could be one of its potential targets. The news underlines what analysts at the IDEA! have been saying many times before, i.e., that NN shares are cheap (trades at <6.3x 2024 EPS and a P/BV of 0.55x vs. Generali at 9.2x and 1.18x, respectively), whilst offering a very attractive cash yield. The company has returned €10bn+ in cash to its shareholders (2015-2023) by means of dividends and share buybacks. So, even without a takeover, they consider NN to be a very attractive investment case.
Edition: 181
- 08 March, 2024