Financials AXA

Equities

CS

FR0000120628

Life & Health Insurance

Market Closed - Euronext Paris Other stock markets 11:35:06 2024-04-26 am EDT			5-day change	1st Jan Change
33.85 ^EUR	+0.15%		-0.15%	+14.78%

Apr. 25	Price spiral in car insurance - 20 percent more expensive	DP
Apr. 24	Swisscom Enters Partnerships for New Insurance Products	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,384	46,637	62,576	62,187	64,437	74,473	-	-
Enterprise Value (EV) ¹	51,536	90,842	59,292	94,301	96,039	87,873	87,873	87,873
P/E ratio	16.6 x	15.6 x	8.82 x	9.21 x	9.42 x	9.71 x	8.91 x	7.56 x
Yield	5.69%	7.33%	5.88%	6.52%	6.71%	6.33%	6.83%	7.88%
Capitalization / Revenue	0.58 x	0.48 x	0.63 x	0.61 x	0.77 x	0.81 x	0.77 x	0.7 x
EV / Revenue	0.5 x	0.94 x	0.59 x	0.92 x	1.15 x	0.95 x	0.91 x	0.83 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	6.14 x	3.61 x	9.6 x	12.5 x	16 x	14.6 x	13.8 x	13.1 x
FCF Yield	16.3%	27.7%	10.4%	7.98%	6.26%	6.87%	7.25%	7.64%
Price to Book	0.86 x	0.65 x	0.96 x	1.49 x	1.3 x	1.49 x	1.42 x	1.34 x
Nbr of stocks (in thousands)	2,404,779	2,390,174	2,389,774	2,386,757	2,185,051	2,200,089	-	-
Reference price ²	25.11	19.51	26.18	26.06	29.49	33.85	33.85	33.85
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	103,532	96,723	99,931	102,345	83,627	92,427	96,997	106,020
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	5,841	4,264	9,514	9,329	9,218	9,561	10,179	11,213
Operating Margin	5.64%	4.41%	9.52%	9.12%	11.02%	10.34%	10.49%	10.58%
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	7,802	8,348	8,762
Net margin	3.73%	3.27%	7.3%	6.52%	8.6%	8.44%	8.61%	8.26%
EPS ²	1.510	1.250	2.970	2.830	3.130	3.486	3.801	4.479
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%	6.53%	6.57%	6.33%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	217.59%	794.72%	84.67%	112.78%	83.6%	77.38%	76.36%	76.62%
Dividend per Share ²	1.430	1.430	1.540	1.700	1.980	2.144	2.313	2.669
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

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
Net sales ¹	-	52,391	-	53,865	46,066	23,294	55,141	47,204	40,715
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	2/20/20	8/6/20	2/25/21	8/2/21	2/24/22	5/3/22	8/3/22	2/23/23	8/3/23

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%	15.7%	16.1%	16.3%
ROA (Net income/ Total Assets)	0.45%	0.58%	0.86%	0.99%	1.12%	1.2%	1.24%	1.32%
Assets ¹	855,686	545,029	852,202	676,408	641,417	652,606	673,532	665,587
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	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

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

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

33.8 EUR

Average target price

37.3 EUR

Spread / Average Target

+10.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Life & Health Insurance

	1st Jan change	Capi.
AXA	+14.78%	79.66B
METLIFE, INC.	+6.49%	51.99B
AFLAC INCORPORATED	+1.35%	48.18B
MANULIFE FINANCIAL CORPORATION	+9.53%	41.99B
PRUDENTIAL FINANCIAL, INC.	+6.55%	39.96B
GENERALI	+19.34%	37.85B
SUN LIFE FINANCIAL INC.	+2.84%	29.82B
GREAT-WEST LIFECO INC.	-7.77%	27.37B
PRUDENTIAL PLC	-18.42%	24.45B
CATHAY FINANCIAL HOLDING CO., LTD.	+6.89%	21.84B

Other Life & Health Insurance