AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.
  • TickerCS
  • ISINFR0000120628
  • ExchangeEuronext Paris
  • SectorNonlife Insurance
  • CountryFrance

Analysts

Benoit Valleaux

AXA : A controlled risk profile should favour a decline in the cost of capital

The stock is penalised by a substantial discount to the sector linked to the integration risks of XL Group and to AXA’s debt levels. The various communications to come are set to improve visibility on the impact of XL on the balance sheet and AXA’s profitability, in addition to which the group is set to rapidly draw down debt. The cost of capital applied to the stock should therefore gradually decline. Buy recommendation reiterated. - >Acquisition of XL changes the risk pr...

Benoit Valleaux

AXA : Un profil de risque maîtrisé devant favoriser une baisse du coût du capital

Le titre souffre d’une décote importante par rapport au secteur liée aux risques d’intégration de XL Group et à l’endettement d'AXA. Les différentes communications à venir vont améliorer la visibilité sur l’impact de XL sur le bilan et la rentabilité d’AXA et le groupe va rapidement se désendetter. Le coût du capital appliqué au titre devrait ainsi graduellement diminuer. Recommandation Achat réitérée. - >L’acquisition de XL modifie le profil de risque - L’acquisition ...

Axa

Henry Heathfield

Morningstar | We Think AXA's 9-Month Result Shows Some Underlying Problems With Integrating XL Acquisition

AXA reported nine-month indicators for 2018, with a 2% increase in property and casualty commercial lines to EUR 12.4 billion, which is where we think the market is focused. The stock looks to us to be undervalued, trading at around 0.7 times book value, though we recognise there are some uncertainties surrounding the business. We maintain our EUR 26 fair value estimate and no-moat and stable moat trend ratings. The 1% rise in property and casualty revenue was mainly driven by a 2% increase in commercial lines. We think there are basically a couple of items to take away from this earnings rel...

Henry Heathfield

We Think AXA's 9-Month Result Shows Some Underlying Problems With Integrating XL Acquisition

AXA reported nine-month indicators for 2018, with a 2% increase in property and casualty commercial lines to EUR 12.4 billion, which is where we think the market is focused. The stock looks to us to be undervalued, trading at around 0.7 times book value, though we recognise there are some uncertainties surrounding the business. We maintain our EUR 26 fair value estimate and no-moat and stable moat trend ratings. The 1% rise in property and casualty revenue was mainly driven by a 2% increase in c...

Carine Maciol

AXA : No change in trend…

>Publication date 26/04/2017 13:15 - Writing date 20/04/2017 - - Shareholders - Voting rights - Stake - Mutuelles AXA - 23.93% - 14.13% - Employees - 7.40% - 5.70% - Free float - 68.47% - 79.92% - - Secondary market spreads - Issuer - Rating - Maturity - Cou-pon - Price - ASW - Yield - Tier 1 - - - - AXA - BBB - PNC17 - 6.211 - 103 - 40 - 0.1 - Perp Tier 2 - AXA - BBB+ - PNC24 - 3.941 - 103 - 306 - 3.5 - AXA - BBB+ - PNC25 - 3.875 - 102 - 305 - 3.6 - Allianz - A+ - PNC 24 - 3.375 - 105 - 233 - 2.7 - CNP - BBB+ - PNC24 - 4.000 - 102 - 322 - 3.6 - Scor - A - PNC25 - 3.875 - 104 - 278 - 3....

Carine Maciol

AXA : Dans la continuité …

>Forces / Opportunités - - Une couverture géographique remarquable, avec un recentrage réussi sur les marchés émergents, en particulier en Asie, qui permettent à AXA de profiter des changements des besoins (dépendance) et d’une croissance plus dynamique que dans ses marchés matures. - Un mix d’activités dominé par le segment Vie Epargne Retraite, avec un repositionnement réussi sur les produits à forte composante technique (Santé, Prévoyance, Retraite), mieux margés. - Un changement de management en 2016 réussi, qui s’est passé dans la continuité, Thomas Buberl étant dans le groupe depuis 2012...

Benoit Valleaux

AXA : A controlled risk profile should favour a decline in the cost of capital

The stock is penalised by a substantial discount to the sector linked to the integration risks of XL Group and to AXA’s debt levels. The various communications to come are set to improve visibility on the impact of XL on the balance sheet and AXA’s profitability, in addition to which the group is set to rapidly draw down debt. The cost of capital applied to the stock should therefore gradually decline. Buy recommendation reiterated. - >Acquisition of XL changes the risk pr...

Benoit Valleaux

AXA : Un profil de risque maîtrisé devant favoriser une baisse du coût du capital

Le titre souffre d’une décote importante par rapport au secteur liée aux risques d’intégration de XL Group et à l’endettement d'AXA. Les différentes communications à venir vont améliorer la visibilité sur l’impact de XL sur le bilan et la rentabilité d’AXA et le groupe va rapidement se désendetter. Le coût du capital appliqué au titre devrait ainsi graduellement diminuer. Recommandation Achat réitérée. - >L’acquisition de XL modifie le profil de risque - L’acquisition ...

Henry Heathfield

Morningstar | We Think AXA's 9-Month Result Shows Some Underlying Problems With Integrating XL Acquisition

AXA reported nine-month indicators for 2018, with a 2% increase in property and casualty commercial lines to EUR 12.4 billion, which is where we think the market is focused. The stock looks to us to be undervalued, trading at around 0.7 times book value, though we recognise there are some uncertainties surrounding the business. We maintain our EUR 26 fair value estimate and no-moat and stable moat trend ratings. The 1% rise in property and casualty revenue was mainly driven by a 2% increase in commercial lines. We think there are basically a couple of items to take away from this earnings rel...

Henry Heathfield

We Think AXA's 9-Month Result Shows Some Underlying Problems With Integrating XL Acquisition

AXA reported nine-month indicators for 2018, with a 2% increase in property and casualty commercial lines to EUR 12.4 billion, which is where we think the market is focused. The stock looks to us to be undervalued, trading at around 0.7 times book value, though we recognise there are some uncertainties surrounding the business. We maintain our EUR 26 fair value estimate and no-moat and stable moat trend ratings. The 1% rise in property and casualty revenue was mainly driven by a 2% increase in c...

Olivier Pauchaut

AXA: Solid Q3 top line figures, awaiting for XL | BUY | EUR30.5

AXA - BUY | EUR30.5(+39%) Solid Q3 top line figures, awaiting for XL Strong Q3 revenues, driven by Life&Savings and AM Solvency pretty much in line at a solid level First time consolidation of XL to show a high level of natcats

1 director bought

A director at Axa bought 4,570 shares at 22.060EUR and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members a...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2018

Italy’s economy had slowed down in the first half of the year. It stagnated in Q3. In October, some indicators raise fears of a slide back into recession. Over the past six months, the situation has deteriorated both politically (Rome-Brussels relations) and financially (increase in the risk premium). Rising financing costs may crowd out private demand. Fiscal stimulus is therefore aggravating problems rather than resolving them. To dispel the “wait-and-see” sentiment, it is urgent t...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2018

L’économie italienne avait ralenti au premier semestre. Elle a stagné au T3. En octobre, certains indicateurs laissent craindre une rechute en récession. Depuis six mois, la situation se dégrade au plan politique (relations Rome-Bruxelles) et financier (hausse de la prime de risque). Le renchérissement des coûts de financement risque d’évincer la demande privée. La relance budgétaire aggrave donc les problèmes au lieu de les résoudre. Pour lever le climat d’attentisme, il est urgent d...

Ahmed Ben Salem ...
  • Alex Koagne
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2018

...

Ahmed Ben Salem ...
  • Alex Koagne
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2018

...

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Charles Pinel

Proxy Report - 25/04/2018

Remuneration (resolutions 4 to 7 and 9):Although the transparency of the remuneration is satisfactory, amounts are very high for Thomas Buberl, CEO, as well as Denis Duverne, Chairman of the Board. The severance benefit of the CEO is also too generous. Board members (resolutions 10 to 14):Given the separation of function between Chairman of the Board of directors and CEO, we recommend that shareholders approve the re-elections of Denis Duverne and Thomas Buberl. Patricia Barbizet and Rachel Duan are proposed in order to replace Isabelle Kocher and Suet Fern Lee, who decided to retire from th...

Charles Pinel

Proxy Report - 25/04/2018

Quatre résolutions permettent aux actionnaires de se prononcer sur les rémunérations de Denis Duverne, Président du conseil d'AXA, et de Thomas Buberl, Directeur général. Bien que la transparence soit satisfaisante, les montants sont très élevés, dépassant le seuil de 240 SMICs recommandé par Proxinvest pour Thomas Buberl, et les propositions ne seront pas soutenues (résolutions 4 à 7). Il est également proposé d'approuver la mise en place d'indemnités de départ en faveur de Thomas Buberl. Elles semblent là encore trop généreuses pour être soutenues (résolution 9). Le conseil verra les arrivé...

Charles Pinel

Etude de l'AG du 26/04/2017

After 27 years in the Group, and close to 17 years as CEO, Henri de Castries, Chairman and CEO of AXA, has announced his decision to retire and to step down from the Board of Directors on September 1st, 2016. The Board of Directors decided to separate the functions of Chairman of the Board of Directors and Chief Executive Officer with Denis Duverne as Non-Executive Chairman of the Board of Directors and Thomas Buberl as Chief Executive Officer.Norbert Dentressangle resigned as Vice-Chairman – Senior Independent Director. The Board of Directors decided to appoint Jean-Martin Folz, a Board membe...

Charles Pinel

Etude de l'AG du 26/04/2017

Après 27 ans dans le groupe, dont près de 17 à sa tête, Henri de Castries, Président-Directeur général d’AXA, a quitté la société le 1er septembre 2016. Les fonctions de Président du Conseil d’administration et de Directeur général sont dorénavant séparés avec Denis Duverne, jusqu'alors Directeur général délégué, en qualité de Président non-exécutif du Conseil d’administration et Thomas Buberl en qualité de Directeur général d’AXA. Cette modification correspond à une amélioration notable de la gouvernance du groupe.Norbert Dentressangle, qui était vice-Président et administrateur référent, a q...

Matthieu DRIOL

Short term view - AXA : Falling prices.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €21.40.

Matthieu DRIOL

Analyse court terme - AXA : Les cours baissent.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 21,40 €.

Matthieu DRIOL

Short term view - AXA : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Matthieu DRIOL

Analyse court terme - AXA : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Matthieu DRIOL

Analyse moyen terme - AXA : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

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