Company Valuation: AXA SA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 62,576 62,187 64,437 72,930 83,440 88,331 - -
Change - -0.62% 3.62% 13.18% 14.41% 5.86% - -
Enterprise Value (EV) 1 59,292 94,301 96,039 1,13,315 1,18,464 1,03,931 1,03,931 1,03,931
Change - 59.04% 1.84% 17.99% 4.54% -12.27% 0% 0%
P/E 8.82x 9.21x 9.42x 9.81x 9.04x 10.6x 9.63x 8.96x
PBR 0.96x 1.49x 1.3x 1.4x 1.71x 1.83x 1.73x 1.68x
PEG - -1.95x 0.9x 0.8x 0.3x -1.22x 1x 1.21x
Capitalization / Revenue 0.63x 0.61x 0.77x 0.84x 0.92x 0.78x 0.74x 0.71x
EV / Revenue 0.59x 0.92x 1.15x 1.3x 1.3x 0.91x 0.87x 0.83x
EV / EBITDA - - - - - - - -
EV / EBIT 6.23x 10.1x 10.4x 10.9x 11.4x 8.98x 8.29x 7.87x
EV / FCF 9.6x 12.5x 16x 9.45x 5.4x 15.3x 14.5x 11.7x
FCF Yield 10.4% 7.98% 6.26% 10.6% 18.5% 6.55% 6.91% 8.56%
Dividend per Share 2 1.54 1.7 1.98 2.15 2.32 2.511 2.713 2.9
Rate of return 5.88% 6.52% 6.71% 6.26% 5.66% 5.75% 6.21% 6.64%
EPS 2 2.97 2.83 3.13 3.5 4.53 4.136 4.534 4.87
Distribution rate 51.9% 60.1% 63.3% 61.4% 51.2% 60.7% 59.8% 59.5%
Net sales 1 99,931 1,02,345 83,627 87,303 91,139 1,13,822 1,19,231 1,24,784
EBITDA - - - - - - - -
EBIT 1 9,514 9,329 9,218 10,412 10,368 11,573 12,536 13,214
Net income 1 7,294 6,675 7,189 7,886 9,797 8,421 9,000 9,443
Net Debt 1 -3,284 32,114 31,602 40,385 35,024 15,600 15,600 15,600
Reference price 2 26.18 26.06 29.49 34.32 40.96 43.66 43.66 43.66
Nbr of stocks (in thousands) 23,89,774 23,86,757 21,85,051 21,24,998 20,37,115 20,23,161 - -
Announcement Date 24/02/22 23/02/23 22/02/24 27/02/25 26/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.65x4.91x - 5.17% 14TCr
10.56x0.91x - 5.73% 10TCr
13.1x - - 2.77% 10TCr
14.14x1.05x1.06x4.08% 7.82TCr
14.36x - - 3.24% 7.21TCr
12.47x - - 2.45% 6.07TCr
17.37x - - 2.94% 5.95TCr
16.24x3.05x - 2.12% 5.77TCr
12.38x - - 4.44% 5.28TCr
Average 13.03x 2.48x 1.06x 3.66% 8.06TCr
Weighted average by Cap. 12.22x 2.75x 1.06x 3.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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