Hannover Re upgrade

In the context of a sector study on the European reinsurance segment, the analysts have reviewed their valuation models. The stocks of the reinsurance corporations should not outperform the broader reinsurance market.

London (aktiencheck.de AG) - Kathy Fear, analyst of Normura Equity Research, upgrades her rating on the shares of Hannover Re (ISIN DE0008402215/ WKN 840221) from "reduce" to "neutral".

In the context of a sector study on the European reinsurance segment, the analysts have reviewed their valuation models. The stocks of the reinsurance corporations should not outperform the broader reinsurance market.

Hannover Re is a very well managed company and boasts an above average equity capital rate relative to its next competitors. However, the group is paying for this with higher debt levels.

When reviewing their EPS-estimates 2009 and 2010, the analysts also raised their price target on Hannover Re's stock from EUR 21 to EUR 37.

With this background, the analysts of Normura Equity Research now rate the shares of Hannover Re as "neutral". (Analysis of October 28, 2009) (28.10.2009/ac/a/d)

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