AXA: one of Oddo BHF's favourite insurers
(CercleFinance.com) - In a report on major European insurers, Oddo BHF said that it prefers AXA, on which it has a "buy" recommendation and a target price of 29 euros, alongside the Italian Generali, Germany's Munich Re and Talanx.
According to the broker, the share of the French insurance company has been trading at an unjustified discount since the acquisition of XL Group, while the group will be able to quickly deleverage its balance sheet.
It believes that the sector should continue to benefit from earnings growth, based on improved technical results, the gradual rise in interest rates and share buyback programs, while the share's valuation appears low.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
According to the broker, the share of the French insurance company has been trading at an unjustified discount since the acquisition of XL Group, while the group will be able to quickly deleverage its balance sheet.
It believes that the sector should continue to benefit from earnings growth, based on improved technical results, the gradual rise in interest rates and share buyback programs, while the share's valuation appears low.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.