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Grenke: A positive step

The latest figures from Grenke are above the expectations of analysts at Pareto Securities. Grenke’s pre-tax profit fell by 46 percent to 22.9 million euros in the third quarter. The experts had expected 18.0 million euros. The risk commissions are lower than expected, which has a positive effect on the result. However, the costs increase by 3 percent to 60 million euros, while the analysts assumed 54 million euros.

The Grenke Management Board is to be supplemented by a Chief Risk Officer in future. This should be a consequence of the recent discussions. In addition, the 16 franchise companies are to be integrated. The company cannot yet say what financial impact this will have. This is a positive step for the analysts. This can increase compliance.

The analysts stick to their hold recommendation for the shares of Grenke. The price target remains unchanged at 36.00 euros.

The shares of Grenke gain 5.3 percent to 32.90 euros.

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