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AXA SA ADR AXAHY

Morningstar Rating
$35.04 −0.51 (1.43%)
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Company Report

AXA Earnings: Slight Miss on Earnings, but Good Dividend and Share Buyback Announced

AXA has reported underlying earnings of EUR 7.604 billion for 2023, slightly below the EUR 7.628 billion that we forecast. That equates to underlying earnings of EUR 3.31 per share, slightly better than the EUR 3.24 that we forecast. The delivery of underlying earnings and EPS were both below company-compiled consensus, which estimated EUR 7.691 billion and EUR 3.38 per share respectively. The board has announced the proposal of a dividend at EUR 1.98 per share, above our and consensus estimates, and is also proposing the launch of a share buyback up to EUR 1.6 billion. This reflects the new distribution policy of a 75% payout ratio, comprising a 60% dividend and 15% share buyback.

Price vs Fair Value

AXAHY is trading at a 11% premium.
Price
$35.04
Fair Value
$58.70
Uncertainty
Medium
1-Star Price
$41.88
5-Star Price
$37.14
Economic Moat
Byvf
Capital Allocation
Nqfmpjxm

Bulls Say, Bears Say

Bulls

We think AXA has carved out a leading micro business and SMB European commercial insurance offering.

Bears

AXA has not generated historical economic profits and returns.

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News

Trading Information

Previous Close Price
$35.55
Day Range
$34.9735.18
52-Week Range
$27.3635.85
Bid/Ask
$34.45 / $35.63
Market Cap
$78.92 Bil
Volume/Avg
54,478 / 81,561

Key Statistics

Price/Earnings (Normalized)
10.38
Price/Sales
0.86
Dividend Yield (Trailing)
5.31%
Dividend Yield (Forward)
5.31%
Total Yield
8.43%

Company Profile

AXA’s origins date back to Ancienne Mutuelle, which was one of the few insurers that remained after the creation of the French security system. With the threat of nationalization, a merger took place between three insurance groups The Drouot Group, AXA (still known as Mutuelles Unies in 1982), and Presence Group. Ten years later AXA acquired North American life insurer Equitable Holdings. This was a time of expansion as AXA also bought UAP, a large French insurer at that time. Yet, as markets crashed at the turn of the millennium, AXA decided to refocus its business and exited its stake in U.S. investment bank Donaldson, Lufkin & Jenrette. A few years later the firm expanded again with the acquisition of Swiss insurer Winterthur. About 5 years ago AXA began reshaping its portfolio again.
Sector
Financial Services
Industry
Insurance - Diversified
Stock Style Box
Large Core
Total Number of Employees
147,000

Competitors

Valuation

Metric
AXAHY
ALV
AV.
Price/Earnings (Normalized)
10.3812.987.38
Price/Book Value
1.561.801.33
Price/Sales
0.860.561.04
Price/Cash Flow
9.941.50
Price/Earnings
AXAHY
ALV
AV.

Financial Strength

Metric
AXAHY
ALV
AV.
Quick Ratio
Current Ratio
Interest Coverage
17.869.62−1.04
Quick Ratio
No chart available

Profitability

Metric
AXAHY
ALV
AV.
Return on Assets (Normalized)
1.16%1.27%0.60%
Return on Equity (Normalized)
16.49%23.06%16.14%
Return on Invested Capital (Normalized)
6.96%17.23%11.20%
Return on Assets
AXAHY
ALV
AV.
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