Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AXA SA. We currently have 15 research reports from 2 professional analysts.
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23 Feb 17
AXA posted FY 2016 total revenues of €100,193m, up 2% on a comparable basis (+2% on reported basis). Life and Savings revenues increased by 2% to €60,282m. New Business APE was up 1.5% to €6,600m and net inflows amounted to +€4,400m. Life and Savings’ New Business Value margin reached 39.7% and the NBV increased by 2% to €2,623m. P&C revenues gained 2% to €35,604m. The combined ratio stood at 96.5%. Asset Management’s revenues decreased by 3% to €3,710m, caused by AXA IM (-3% yoy to €1,180m) and AB (-3% yoy to €2,530m). Average Assets under Management were €1,059bn vs. €1,071bn in 2015. Underlying earnings were up 3% to €5,688m. Net income was up 3% to €5,829m. Shareholders’ equity amounted to €70,880m and the Solvency II ratio was at 197%. Debt gearing increased by 50bp to 26%. Adjusted ROE reduced by 0.6% to 13.5%. A dividend of €1.16 per share (up 5% vs. FY15) will be proposed at the shareholders’ Annual General Meeting.
10 Nov 16
AXA posted 9M 16 total revenues of €75,652m, stable on a comparable basis (+9% reported). Life and Savings revenues decreased by 1% to €44,546m (-1% reported). New Business volume was steady at €4,771m. The Life and Savings NBV margin was also stable and stood at 38% and the NBV decreased by 1% to €1,824m. P&C revenues gained 2% to €25,357m (+3% on a comparable basis). Asset Management’s revenues declined by 6% to €2,727m, sanctioned by both AXA IM and AllianceBernstein. Average AuM was €1,052bn vs. €1,081bn. The solvency I ratio was 191%.
03 Aug 16
AXA posted H1 16 total revenues at €54,036m, up 0.2% on a comparable basis (-0.5% reported). Life and Savings revenues decreased by 2.1% to €31,040m (-2% reported). New Business Volume was down by 2.6% to €3,274m and net inflows amounted to +€4,300m. The Life and Savings NBV margin remained stable at 37% and the NBV decreased by 2.6% to €1,222m. P&C revenues gained 2.3% to €18,602m (+4% on a comparable basis). The combined ratio worsened by 1.3% to 98.2%. Asset Management revenues declined by 8% to €1,799m, impacted both by AXA IM and AllianceBernstein. Average AuM stood at €1,042bn vs. €1,086bn. Underlying earnings were down by 0.4% to €3,063m. Net Income was up by 4% to €3,207m (+4% comparable). Shareholders’ equity amounted to €74.1bn and the Solvency II ratio was 197%. Debt gearing stood at 28%. The adjusted ROE decreased by 1.4% to 14.6%.
Political risk over-hang
18 Jul 16
Mixed messages from UK and EU governments already highlight a potential for on-going political risk, with any sector volatility accentuated by Solvency II. With significant value in the sector we would look to now buy shares with strong fundamentals to be confirmed by upcoming results.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.