UBS reiterates its buy recommendation on the stock, with a target price of E36.40.

The analyst believes that the use of call options promotes corporate governance.

' Scor is using 57% of its call option as part of an operation aimed at improving corporate governance' stresses the analyst firm.

Scor announced yesterday the acquisition of nine million of its own shares, representing 5.01% of its capital, through the partial exercise of the call option granted by Covéa, and their subsequent sale to BNP Paribas Cardif, as part of an off-market transaction.

Covéa has granted the reinsurer a firm and irrevocable call option on its entire stake in Scor - i.e. 8.8% of the capital - at a price of 28 euros per share.

Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.