Bryan, Garnier & Co publishes a new Independent Research Update on AXA


News published on June Wednesday 12, 2013
Share on

Ticking boxes

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.

Full report available to subscribers
Please contact  

The Essentials

Everything you need to know about investment banking dedicated to growth
Recent Transactions Highlights
From M&A, to IPOs see what’s been happening at Bryan, Garnier & Co this year
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities