GS starts Alm. Brand at 'buy' on earnings growth potential, low valuation

Goldman Sachs initiates Danish insurer Alm. Brand at "buy" citing its simplified business structure and strong earnings growth outlook. GS expects Alm. Brand to post "Nordic-leading" average annual growth of about 12% in operating EPS through 2028, above the company's 10% target, even as the shares trade at around 10% discount to peers on a P/E basis.