Financials AXA

Equities

CS

FR0000120628

Life & Health Insurance

Real-time Euronext Paris Other stock markets 08:46:27 2023-12-04 am EST			5-day change	1st Jan Change
28.94 ^EUR	+0.16%		+2.05%	+11.07%

02:28pm	SocGen issues 10-mln-euro digital green bond on a public blockchain	RE
01:16pm	Prices for Goods Are Coming Down in Welcome News for Fed; Powell Signals Rate Hikes May Be Finished	DJ

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	44 946	60 384	46 637	62 576	62 187	63 137	-	-
Enterprise Value (EV) ¹	29 589	51 536	90 842	59 292	94 301	76 312	76 312	76 312
P/E ratio	23,9x	16,6x	15,6x	8,82x	9,21x	8,65x	7,86x	7,30x
Yield	7,11%	5,69%	7,33%	5,88%	6,52%	6,43%	6,91%	7,45%
Capitalization / Revenue	0,44x	0,58x	0,48x	0,63x	0,61x	0,79x	0,71x	0,65x
EV / Revenue	0,29x	0,50x	0,94x	0,59x	0,92x	0,95x	0,86x	0,78x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	4,48x	6,14x	3,61x	9,60x	12,5x	14,7x	13,6x	12,7x
FCF Yield	22,3%	16,3%	27,7%	10,4%	7,98%	6,81%	7,34%	7,86%
Price to Book	0,72x	0,86x	0,65x	0,96x	1,49x	1,38x	1,28x	1,19x
Nbr of stocks (in thousands)	2 383 366	2 404 779	2 390 174	2 389 774	2 386 757	2 185 051	-	-
Reference price ²	18,9	25,1	19,5	26,2	26,1	28,9	28,9	28,9
Announcement Date	21/02/19	20/02/20	25/02/21	24/02/22	23/02/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	102 874	103 532	96 723	99 931	102 345	79 946	88 795	97 240
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	4 738	5 841	4 264	9 514	9 329	7 665	8 763	9 408
Operating Margin	4,61%	5,64%	4,41%	9,52%	9,12%	9,59%	9,87%	9,68%
Earnings before Tax (EBT) ¹	4 462	5 014	4 872	9 196	8 710	9 394	9 691	10 235
Net income ¹	2 140	3 860	3 164	7 294	6 675	7 512	8 163	8 610
Net margin	2,08%	3,73%	3,27%	7,30%	6,52%	9,40%	9,19%	8,85%
EPS ²	0,79	1,51	1,25	2,97	2,83	3,34	3,68	3,96
Free Cash Flow ¹	6 600	8 399	25 145	6 176	7 528	5 200	5 600	6 000
FCF margin	6,42%	8,11%	26,0%	6,18%	7,36%	6,50%	6,31%	6,17%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	308%	218%	795%	84,7%	113%	69,2%	68,6%	69,7%
Dividend per Share ²	1,34	1,43	1,43	1,54	1,70	1,86	2,00	2,15
Announcement Date	21/02/19	20/02/20	25/02/21	24/02/22	23/02/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2020 S1	2021 Q1	2021 S1	2021 S2	2022 Q1	2022 S1	2022 S2	2023 S1
Net sales ¹	57 949	52 391	30 486	53 865	46 066	23 294	55 141	47 204	40 715
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	3 620	1 885	-	-	-	-	-	-	-
Operating Margin	6,25%	3,60%	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income	2 333	1 429	-	3 996	-	-	4 108	2 567	3 833
Net margin	4,03%	2,73%	-	7,42%	-	-	7,45%	5,44%	9,41%
EPS	0,92	0,56	-	1,63	1,34	-	1,73	1,10	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	01/08/19	06/08/20	02/05/21	02/08/21	24/02/22	03/05/22	03/08/22	23/02/23	03/08/23

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	44 205	-	32 114	13 175	13 175	13 175
Net Cash position ¹	15 357	8 848	-	3 284	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6 600	8 399	25 145	6 176	7 528	5 200	5 600	6 000
ROE (net income / shareholders' equity)	3,24%	5,83%	4,47%	14,7%	12,8%	15,6%	16,4%	15,8%
Shareholders' equity ¹	66 005	66 163	70 754	49 619	52 148	48 023	49 636	54 626
ROA (Net income/ Total Assets)	0,24%	0,45%	0,58%	0,86%	0,99%	1,00%	1,15%	1,16%
Assets ¹	900 105	855 686	545 029	852 202	676 408	751 217	711 721	741 318
Book Value Per Share ²	26,2	29,3	30,0	27,4	17,5	21,0	22,5	24,2
Cash Flow per Share	-	-	10,7	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	21/02/19	20/02/20	25/02/21	24/02/22	23/02/23	-	-	-

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

28.9EUR

Average target price

34.14EUR

Spread / Average Target

+18.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Life & Health Insurance

	1st Jan change	Capi.
AXA	+11.07%	68 575 M $
AFLAC INCORPORATED	+14.83%	48 276 M $
METLIFE, INC.	-11.9%	47 195 M $
MANULIFE FINANCIAL CORPORATION	+10.27%	35 749 M $
PRUDENTIAL FINANCIAL, INC.	-1.73%	35 315 M $
GENERALI	+13.39%	31 069 M $
GREAT-WEST LIFECO INC.	+39.62%	30 186 M $
PRUDENTIAL PLC	-23.62%	30 183 M $
SUN LIFE FINANCIAL INC.	+9.51%	29 789 M $
CATHAY FINANCIAL HOLDING CO., LTD.	+15.12%	21 504 M $

Other Life & Health Insurance