Company Valuation: AXA SA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 62,576 62,187 64,437 72,930 83,440 88,837 - -
Change - -0.62% 3.62% 13.18% 14.41% 6.47% - -
Enterprise Value (EV) 1 59,292 94,301 96,039 113,315 118,464 104,437 104,437 104,437
Change - 59.04% 1.84% 17.99% 4.54% -11.84% 0% 0%
P/E 8.82x 9.21x 9.42x 9.81x 9.04x 10.6x 9.69x 8.97x
PBR 0.96x 1.49x 1.3x 1.4x 1.71x 1.84x 1.74x 1.69x
PEG - -1.95x 0.9x 0.8x 0.3x -1.19x 0.98x 1.12x
Capitalization / Revenue 0.63x 0.61x 0.77x 0.84x 0.92x 0.78x 0.74x 0.71x
EV / Revenue 0.59x 0.92x 1.15x 1.3x 1.3x 0.92x 0.87x 0.83x
EV / EBITDA - - - - - - - -
EV / EBIT 6.23x 10.1x 10.4x 10.9x 11.4x 9.06x 8.39x 7.91x
EV / FCF 9.6x 12.5x 16x 9.45x 5.4x 15.3x 14.5x 11.7x
FCF Yield 10.4% 7.98% 6.26% 10.6% 18.5% 6.52% 6.87% 8.52%
Dividend per Share 2 1.54 1.7 1.98 2.15 2.32 2.512 2.718 2.921
Rate of return 5.88% 6.52% 6.71% 6.26% 5.66% 5.72% 6.19% 6.65%
EPS 2 2.97 2.83 3.13 3.5 4.53 4.125 4.531 4.894
Distribution rate 51.9% 60.1% 63.3% 61.4% 51.2% 60.9% 60% 59.7%
Net sales 1 99,931 102,345 83,627 87,303 91,139 113,822 119,730 125,774
EBITDA - - - - - - - -
EBIT 1 9,514 9,329 9,218 10,412 10,368 11,522 12,445 13,207
Net income 1 7,294 6,675 7,189 7,886 9,797 8,411 604.5 9,505
Net Debt 1 -3,284 32,114 31,602 40,385 35,024 15,600 15,600 15,600
Reference price 2 26.18 26.06 29.49 34.32 40.96 43.91 43.91 43.91
Nbr of stocks (in thousands) 2,389,774 2,386,757 2,185,051 2,124,998 2,037,115 2,023,161 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/27/25 2/26/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.5x4.88x - 5.29% 138B
10.64x0.92x - 5.72% 102B
12.99x - - 2.79% 100B
14.02x1.05x1.06x4.16% 76.58B
15.11x - - 3.12% 73.32B
12.53x - - 2.44% 60.95B
17.6x - - 2.9% 59.02B
16.16x3.03x - 2.13% 57.45B
12.28x - - 4.5% 51.86B
Average 13.09x 2.47x 1.06x 3.67% 79.87B
Weighted average by Cap. 12.28x 2.73x 1.06x 3.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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