Macquarie.
Action and recommendation
Outperform.
We continue to see value in QBE,
- which is trading at an ~8% discount prior to the result.
- Furthermore, despite challenging operational trends, QBE remains highly leveraged to improving macro trends.
- Should US bond yields rise 50bp we estimate QBE’s EPS could benefit ~9.6% (which is not currently captured in our forecasts)
Macquarie. Action and recommendation Outperform. We continue to...
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