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Broker tips: Admiral, Personal Group
(Sharecast News) - Analysts at Berenberg raised their target price on insurance group Admiral from 3,550.0p to 3,850.0p on Wednesday after the UK's Financial Conduct Authority published the initial findings of its premium finance market review. Berenberg noted that the study has attracted significant press coverage in recent months and said several investors had flagged concerns over the potential regulatory risk.
In its initial findings, however, the FCA announced it will not pursue any industry action or implement a ban on APR fees, something Berenberg sees as "a clear positive" for Admiral, given that its market-leading position had put it under the most scrutiny.
"We maintain our view that the final review outcome, expected by year-end, will not have an impact on earnings," said the German bank, which reiterated its 'buy' rating on the stock.
"Our valuation implies a 2026E P/E of 16.0x, close to Admiral's historical five-year average. The shares currently trade on 14.0x 2026E P/E, a 17.5% discount to Admiral's five-year average."
Over at Canaccord Genuity, analysts raised their target price on Personal Group from 316.0p to 368.0p on Wednesday following the firm's interim results.
Canaccord Genuity noyed that Personal Group was "confident" in continuing progress in H2, with trading remaining in line with FY25 market expectations thus far.
The Canadian bank highlighted that Personal's affordable insurance offering had delivered "a particularly strong" six months, giving it confidence in its forecasts.
Canaccord Genuity also noted that Personal Group's balance sheet "remains very strong" and said it estimates roughly £17.0m available surplus cash, which could support strategic earnings-enhancing bolt-on acquisitions to provide additional products or expertise.
"We now value PGH at 18.7x CY25E P/E (previous: 16x), reflecting a re-rating of the relevant UK insurance peer group. We continue to note the CY24-26E EPS CAGR for PGH at 22.5% remains far superior to the peer group, which has an average forecast c.7% EPS CAGR over the same period," said Canaccord.
"The very strong earnings growth outlook, in addition to the B/S strength continues to justify a 50% P/E premium to the peer group for PGH in our view.""
Reporting by Iain Gilbert at Sharecast.com
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