Financials AXA Börse Stuttgart

Equities

AXA

FR0000120628

Life & Health Insurance

Market Closed - Börse Stuttgart Other stock markets 11:23:13 28/06/2024 pm IST			5-day change	1st Jan Change
30.42 ^EUR	+0.16%		-0.75%	+3.14%

24/06	Publicis : Publicis Conseil wins Cannes Lions award	CF
21/06	German Association of Cities: More houses need natural hazard insurance	DP

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,384	46,637	62,576	62,187	64,437	67,290	-	-
Enterprise Value (EV) ¹	51,536	90,842	59,292	94,301	96,039	80,690	80,690	80,690
P/E ratio	16.6 x	15.6 x	8.82 x	9.21 x	9.42 x	8.79 x	8.06 x	7.52 x
Yield	5.69%	7.33%	5.88%	6.52%	6.71%	7.01%	7.57%	8.09%
Capitalization / Revenue	0.58 x	0.48 x	0.63 x	0.61 x	0.77 x	0.63 x	0.6 x	0.58 x
EV / Revenue	0.5 x	0.94 x	0.59 x	0.92 x	1.15 x	0.75 x	0.72 x	0.69 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	6.14 x	3.61 x	9.6 x	12.5 x	16 x	13.4 x	12.7 x	12 x
FCF Yield	16.3%	27.7%	10.4%	7.98%	6.26%	7.48%	7.9%	8.32%
Price to Book	0.86 x	0.65 x	0.96 x	1.49 x	1.3 x	1.35 x	1.28 x	1.21 x
Nbr of stocks (in thousands)	24,04,779	23,90,174	23,89,774	23,86,757	21,85,051	22,01,172	-	-
Reference price ²	25.11	19.51	26.18	26.06	29.49	30.57	30.57	30.57
Announcement Date	20/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,03,532	96,723	99,931	1,02,345	83,627	1,07,214	1,12,082	1,16,418
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	5,841	4,264	9,514	9,329	9,218	9,497	10,178	11,193
Operating Margin	5.64%	4.41%	9.52%	9.12%	11.02%	8.86%	9.08%	9.61%
Earnings before Tax (EBT) ¹	5,014	4,872	9,196	8,710	8,886	8,934	9,396	10,005
Net income ¹	3,860	3,164	7,294	6,675	7,189	7,799	8,342	8,733
Net margin	3.73%	3.27%	7.3%	6.52%	8.6%	7.27%	7.44%	7.5%
EPS ²	1.510	1.250	2.970	2.830	3.130	3.478	3.794	4.067
Free Cash Flow ¹	8,399	25,145	6,176	7,528	6,010	6,037	6,375	6,714
FCF margin	8.11%	26%	6.18%	7.36%	7.19%	5.63%	5.69%	5.77%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	217.59%	794.72%	84.67%	112.78%	83.6%	77.41%	76.42%	76.88%
Dividend per Share ²	1.430	1.430	1.540	1.700	1.980	2.141	2.314	2.473
Announcement Date	20/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 S1	2022 S2	2023 S1	2024 Q1
Net sales ¹	-	52,391	-	53,865	46,066	23,294	55,141	47,204	40,715	34,345
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT	-	1,885	2,379	-	-	-	-	-	-	-
Operating Margin	-	3.6%	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	2,552	-	-	-	-	-	-	-
Net income	-	1,429	-	3,996	-	-	4,108	2,567	3,833	-
Net margin	-	2.73%	-	7.42%	-	-	7.45%	5.44%	9.41%	-
EPS	0.5900	0.5600	-	1.630	1.340	-	1.730	1.100	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	20/02/20	06/08/20	25/02/21	02/08/21	24/02/22	03/05/22	03/08/22	23/02/23	03/08/23	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	44,205	-	32,114	31,602	13,400	13,400	13,400
Net Cash position ¹	8,848	-	3,284	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,399	25,145	6,176	7,528	6,010	6,037	6,375	6,714
ROE (net income / shareholders' equity)	5.83%	4.47%	14.7%	12.8%	14.1%	15.6%	16%	16.1%
ROA (Net income/ Total Assets)	0.45%	0.58%	0.86%	0.99%	1.12%	1.2%	1.24%	1.32%
Assets ¹	8,55,686	5,45,029	8,52,202	6,76,408	6,41,417	6,52,105	6,71,957	6,61,823
Book Value Per Share ²	29.30	30.00	27.40	17.50	22.70	22.60	23.80	25.20
Cash Flow per Share	-	10.70	-	-	-	-	-	-
Capex ¹	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	20/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AXA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30.57 EUR

Average target price

38.25 EUR

Spread / Average Target

+25.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Life & Health Insurance

	1st Jan change	Capi.
AFLAC INCORPORATED	+8.25%	50.75B
METLIFE, INC.	+6.14%	49.91B
MANULIFE FINANCIAL CORPORATION	+24.42%	47.64B
PRUDENTIAL FINANCIAL, INC.	+13.00%	42.08B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+17.16%	33.02B
SUN LIFE FINANCIAL INC.	-2.39%	28.42B
GREAT-WEST LIFECO INC.	-9.01%	27.19B
CATHAY FINANCIAL HOLDING CO., LTD.	+28.96%	26.64B
DAI-ICHI LIFE HOLDINGS, INC.	+43.65%	25.15B

Other Life & Health Insurance