Oddo BHF reiterates its "outperform" opinion on Scor, while trimming its target price from €34 to €33, judging Friday's decline in the share price following the publication of the reinsurer's quarterly results to be "very exaggerated."

The broker points out that Q3 net income exceeded expectations, coming in at €217m compared with a consensus of €203m, even though the quality is not as good as anticipated.

It points out that while insurance service income in the property and casualty business exceeded forecasts, with a better-than-expected combined ratio, insurance service income was lower than expected in life reinsurance.

Oddo BHF nevertheless considers Scor to be "well on track to achieve its 2025 annual targets in life reinsurance" and believes that the stock is trading at "very attractive" multiples, with a 2025 yield of 7.2% and a 2026 P/E of just 6.6x.