AXA: Oddo nudges up target price

(CercleFinance.com) - AXA's H1 2021 revenues came in at 53.
9 billion euros (+3% as reported, +7% LFL), slightly ahead of expectations (consensus: 52.5 billion euros, Oddo's forecast: 53.2 billion euros).

Operating profit reached 3,643 million euros (+93% as reported vs. H1 2020), ahead of expectations (consensus: 3,274 million euros, Oddo forecast: 3,221 million euros).

Oddo highlights that the OP was significantly better than expected in P&C, where its combined ratio reached 93.3% in H1 2021 (vs. H1 2020 101.7% as reported and 95.1% excluding COVID).

AXA XL is on track to meet its 2021 OP target - AXA XL reported an OP of 619 million euros in H1 2021, ahead of expectations (consensus: 555 million euros, analysts' forecast: 547 million euros), the analyst says.

Oddo confirms its Outperform rating on the stock and has added one euro to its target price to 28 euros (from 27 euros), to take into account the sound momentum in P&C insurance.

The share is currently up about 0.3% at just shy of 23 euros.


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