Bryan, Garnier & Co publishes a new Independent Research Update on AXA
BUY, FV EUR18.5
We have highlighted AXA’s favourable transformational journey (improving underwriting result in P&C, changing product mix in Life towards Protection & Health and Unit-Linked, better cash flows...) since we initiated the stock in June 2011. This topic was not central to the investment case during the financial crisis, but we believe investors’ focus on fundamentals will continue to increase over time, which is positive for the stock and should translate, among others, into a lower beta. We stick to our Buy recommendation and our EUR18.5 fair value.
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