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Innlegg av: relax6 (02.01.12 09:55 ), lest 821 ganger

Storebrand - nede med 5 pct


Innlegg av: Syden (02.01.12 10:50 ), lest 583 ganger

RE^1: Storebrand - nede med 5 pct

Ja hvorfor kan ikke se det har kommet noe nyheter Ser bare at CSA har gått i stopp .

Noen som vet noe her
Innlegg av: haraldaa (02.01.12 10:52 ), lest 656 ganger

RE^1: Storebrand - nede med 5 pct

Ministry of Finance to cut tax exemption - Negative

The Norwegian Ministry of Finance yesterday released a consultation proposal in which it recommended to cut the tax exemption on equities for life insurers. This is highly negative for STB, which with normalised return assumption would not be in a taxable position and would accumulate deferred tax assets. In the long haul, this would increase Storebrand’s effective tax rate from 0% to close to 28%. Furthermore, we believe this will significantly reduce the likelihood of a merger between Gjensidige and Storebrand, as we viewed the tax exemption as the key synergy.

· The proposal implies that income from equities in the companies’ guaranteed pension portfolios and unit-linked portfolio will be subject to a 28% tax rate (vs 0% at present), while income from equities in the company portfolio still will be tax exempt.

· At the end of 2010, Storebrand had unused tax losses in excess of NOK 10bn. These were not recognised on the Group’s balance sheet, as the company pursuant to current regulations were unlikely to be able to utilise these. The near-term estimate impact of such a proposal would largely depend on whether Storebrand is allowed to utilise these, which we deem probable.

· Nevertheless, in the longer haul, this would raise Storebrand’s effective tax rate from our current projection of 0% to close to 28%.

· If approved, the proposal would be in effect from 1 January 2012.

Our current target price at NOK 45 per share value the underlying business at NOK 41 (assuming 0% tax rate) and the probability-weighted synergies from a potential merger with Gjensidige at NOK 4. On the back of this proposal, we are likely to make negative revisions to both of these components of our Sum-Of-The-Parts valuation.
Innlegg av: GatorFL (02.01.12 14:19 ), lest 506 ganger

RE^1: Storebrand - nede med 5 pct

Dette er bare "colleteral damage" i målet om å få fjernet muligheten til skattefrie investeringskontoer m.m.

Hvem har sagt at den politiske risikoen er lav i Norge?