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.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.