AXA: Very decent, consistent, “stick to fundamentals” Q1 2013 numbers
BUY, Fair Value EUR18 (+22%)
Q1 2013 numbers are very decent. We continue to appreciate the pricing-driven growth in P&C, the improvement in product-mix in Life (focus on Protection/Health and Unit-Linked products), and an improving momentum in Asset Management. These numbers confirm our positive investment case on the stock and are consistent with AXA’s “Ambition 2015” plan. Buy rating maintained, FV EUR18.
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