Financials AXA SA Euronext Paris

Equities

CSNV

FR001400M7B2

Life & Health Insurance

Real-time Euronext Paris Other stock markets 10:30:09 2024-04-24 EDT			5-day change	1st Jan Change
32.6 ^EUR	-0.91%		-.--%	-.--%

12:35pm	AXA : Berenberg sees buying opportunity	CF
10:52am	AXA : Berenberg keeps its Buy rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,384	46,637	62,576	62,187	64,437	65,991	-	-
Enterprise Value (EV) ¹	51,536	90,842	59,292	94,301	96,039	79,391	79,391	79,391
P/E ratio	16.6 x	15.6 x	8.82 x	9.21 x	9.42 x	8.59 x	7.89 x	7.36 x
Yield	5.69%	7.33%	5.88%	6.52%	6.71%	7.16%	7.72%	8.25%
Capitalization / Revenue	0.58 x	0.48 x	0.63 x	0.61 x	0.77 x	0.61 x	0.59 x	0.57 x
EV / Revenue	0.5 x	0.94 x	0.59 x	0.92 x	1.15 x	0.74 x	0.71 x	0.68 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	6.14 x	3.61 x	9.6 x	12.5 x	16 x	13.2 x	12.5 x	11.8 x
FCF Yield	16.3%	27.7%	10.4%	7.98%	6.26%	7.6%	8.03%	8.46%
Price to Book	0.86 x	0.65 x	0.96 x	1.49 x	1.3 x	1.32 x	1.26 x	1.19 x
Nbr of stocks (in thousands)	2,404,779	2,390,174	2,389,774	2,386,757	2,185,051	2,201,172	-	-
Reference price ²	25.11	19.51	26.18	26.06	29.49	29.98	29.98	29.98
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	107,388	112,031	116,364
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	5,841	4,264	9,514	9,329	9,218	9,584	10,200	11,221
Operating Margin	5.64%	4.41%	9.52%	9.12%	11.02%	8.92%	9.1%	9.64%
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	7,836	8,366	8,776
Net margin	3.73%	3.27%	7.3%	6.52%	8.6%	7.3%	7.47%	7.54%
EPS ²	1.510	1.250	2.970	2.830	3.130	3.492	3.799	4.071
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%	5.62%	5.69%	5.77%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	217.59%	794.72%	84.67%	112.78%	83.6%	77.04%	76.2%	76.51%
Dividend per Share ²	1.430	1.430	1.540	1.700	1.980	2.145	2.314	2.473
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	2024 Q1
Net sales ¹	-	52,391	-	53,865	46,066	23,294	55,141	47,204	40,715	34,345
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%	16.1%
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	655,208	673,898	665,065
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 SA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29.98 EUR

Average target price

38.44 EUR

Spread / Average Target

+28.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Life & Health Insurance

	1st Jan change	Capi.
AFLAC INCORPORATED	+6.87%	49.98B
METLIFE, INC.	+4.96%	49.34B
MANULIFE FINANCIAL CORPORATION	+19.91%	45.52B
PRUDENTIAL FINANCIAL, INC.	+10.43%	41.12B
GENERALI	+20.44%	37.84B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+19.72%	33.88B
SUN LIFE FINANCIAL INC.	-4.15%	27.68B
GREAT-WEST LIFECO INC.	-10.03%	26.61B
CATHAY FINANCIAL HOLDING CO., LTD.	+25.68%	26.04B

Other Life & Health Insurance