-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們將12個月目標價上調15美元至260美元，對ALL股票的估值基於我們2027年每股營運收益預期26.05美元（今日調高0.55美元）的10倍，以及基於我們2026年每股營運收益預期28.15美元的10倍市盈率，以及基於我們2026年每股營運收益預期28.15美元的9.2倍市盈率。預計2027年每股營運收益將下降，這反映了2026年第一季異常有利的理賠趨勢的影響（我們認為這不會成為長期趨勢）。第一季每股營運收益為10.65美元，高於去年同期的3.53美元，也高於我們6.85美元的預期和7.24美元的普遍預期，這反映出承保業績的改善。第一季營收成長3%，低於我們先前4%-8%的預期，但財產險已賺保費增加了5.5%。綜合比率從97.4%改善至82.0%，主要得益於巨災損失下降44%。剔除巨災損失後的基礎綜合比率從83.1%改善至80.3%，驗證了先前費率上調的成功。目前該股的本益比約為我們2026年和2027年每股盈餘預期值的8倍，我們認為該股相對於同業及歷史平均而言被低估。
Related Articles
Treasury
Canada's Fiscal Position Remains Strong, Allowing Central Bank to Focus on Inflation, Says Nomura
The Canadian government tabled its Spring Economic Update (SEU) last week, substantially revising down deficit projections for 2025, with the medium-term outlook slightly improving, said Nomura.Debt-to-GDP projections were also revised modestly lower owing to lower debt levels and a stronger growth profile over the forecast horizon, noted the bank in a note published last week.The government announced the creation of a sovereign wealth fund, with an initial endowment of $25 billion, with more details expected in the coming months.Overall, the SEU suggests Canada's fiscal position remains strong, leaving the government with additional headroom to support the economy if the CUSMA negotiations falter, while allowing the Bank of Canada to remain focused on inflation risks, stated Nomura.The SEU contained few surprises, according to the bank. The government revised down deficit projections for 2025, while the medium-term profile improved slightly.
$$CXY
Equities
Electromagnetic Geoservices Names Interim CEO After Sale of Operations
Electromagnetic Geoservices (EMGS.OL) appointed Glenn Pettersen as interim chief executive after the company completed the sale of its operations and assets to P-2 Riggs Capital in April.The Norwegian geophysical services company on Monday said local law requires the service of a CEO even if the business is no longer actively operating, has no employees, and holds no material assets.
$EMGS.OL
Australia
Estee Lauder's Turnaround Continues, Middle East Headwinds Remain, RBC Says
Estee Lauder's (EL) turnaround continues, but headwinds from the Middle East conflict could still weigh on fiscal Q4 results, RBC Capital Markets said in a Monday note.Estee Lauder reported fiscal Q3 adjusted earnings of $0.91 per diluted share, up from $0.65 a year earlier, as net sales increased to $3.71 billion from $3.55 billion. The company also raised its fiscal 2026 adjusted EPS outlook to between $2.35 and $2.45, from $2.05 to $2.25 previously.Business disruptions from the Middle East conflict are estimated to have a negative impact of $0.07 to the company's fiscal 2026 EPS and $0.06 dilutive to fiscal Q4 EPS, the investment firm said. RBC noted that Estee Lauder's updated outlook "assumes no deterioration" in the Middle East beyond May, along with current market conditions.The guidance is still "reasonable" and positions Estee Lauder to hit its targets, RBC added.RBC Capital Markets has an outperform rating and $111 price target on Estee Lauder.Price: $81.35, Change: $+2.05, Percent Change: +2.59%
$EL