AXA: Oddo BHF still a buyer after divestment
(CercleFinance.com) - On Monday an analyst at Oddo BHF confirms his "buy" rating on the Axa share, after the group announced that it has reached an agreement with the Austrian insurer Uniqa, to sell it 100% of its businesses (except those conducted by AXA XL and AXA Partner) in Poland, the Czech Republic and Slovakia.
Hailing the deal, the broker says that it will improve the group's solvency margin by around 2 points. It will also increase AXA's central cash position, with the cash received equivalent improving its gearing by around 1 point.
Axa confirms its target price of 28 euros for the share, meaning upside potential of 13%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Hailing the deal, the broker says that it will improve the group's solvency margin by around 2 points. It will also increase AXA's central cash position, with the cash received equivalent improving its gearing by around 1 point.
Axa confirms its target price of 28 euros for the share, meaning upside potential of 13%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.