Analyst Note
| Henry Heathfield, CFA |AXA has reported results for full-year 2020 with a net income number of EUR 3,164 million. That is below our estimate of EUR 4,311 million for the full year. However, there is around EUR 1,531 million of coronavirus-related claims in here, which on a tax adjusted basis is EUR 1,194 million. AXA’s financial statements are still a bit of a mess currently and so while we may revise our EUR 25.5 fair value estimate, that won’t be until we’ve had a good look at the full financial statements that will be released with the annual report in mid-March. For the moment, we maintain our EUR 25.5 fair value estimate as well as our no moat rating. The Feb. 25 results come with the announcement of a EUR 1.43 dividend. That provides investors with a roughly 680-basis-point yield. The ex-date for this yield is May 7, with expected payment on May 11.