Aegon: Oddo BHF still a buyer, cuts target price

(CercleFinance.com) - Oddo BHF reinstates its "buy" rating on the Aegon share, while cutting its corresponding target price from 5.
7 euros to 5.3 euros, incorporating about a 3%-4% cut in its operating profit estimates for the Dutch insurer over 2019-21.

Restated for several non-recurrent items, OP is slightly below our expectations, the analyst says the day after the group published its H1 results, adding that Aegon is now more sensitive to changes in spreads in the Netherlands.

However, despite these points, the group remains solid (strong solvency in the US) and we estimate that the share is trading at very low multiples, the broker believes, hence maintaining its buy rating on the share.


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