1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
AXA released first-quarter results May 4 that look OK to decent. We have rolled our model to incorporate full-year 2020 results, and on the back of this, we are raising our fair value estimate to EUR 28.50 per share from EUR 25.50. We maintain our no-moat rating.
AXA is one of the largest multiline insurance companies that we cover within European insurance. Since the company's takeover of XL Group, AXA has started to morph from a predominantly life and savings business with geographical operations primarily focused on its home market of France, as well as Europe, into a company that has a heavier weighting to nonlife insurance, specifically larger commercial corporates. While insuring businesses is not something new to this enterprise, the XL Group acquisition did move the commercial portfolio from a small and medium enterprise orientation, to capabilities that can handle much larger entities. Geographically, this has also meant a shift to North American exposure. This has tilted the company's profit reliance away from financial markets.
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