Ageas is an insurance company engaged in providing a range of life and non-life products distributed through a variety of channels. Co. focuses on helping its customers to mitigate risks related to property, casualty, life and pensions. Co. serves its customers through a combination of wholly owned subsidiaries, equity associates and partnerships, with financial institutions and distributors in Belgium, the U.K., Luxembourg, Italy, Portugal, Turkey, France, China, Malaysia, India, Thailand and Hong Kong. Co. is organized into five operating segments: Belgium, U.K., Continental Europe, Asia, and General Account.
  • TickerAGS
  • ISINBE0974264930
  • ExchangeEuronext Brussels
  • SectorLife Insurance
  • CountryFrance

AGEAS SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of AGEAS SA (NL), a company active in the Life Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 18, 2020, the closing price was EUR 37.89 and its potential was estimated at EUR 43.70.

AGEAS SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of AGEAS SA (BE), a company active in the Life Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 18, 2020, the closing price was EUR 37.89 and its potential was estimated at EUR 43.70.

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker

ODDO : Motor insurance is the biggest winner from the lockdown!

>Major contribution from motor insurance in Europe - Motor insurance is a key business segment for all P&C insurance groups in Europe. In terms of revenues, motor insurance accounted for 35.6% of total P&C premiums in Europe at end-2018. As we can see from chart 1, between 2004 and 2018, the weight of the segment has been largely stable in France (35.2% at end-2018) and in Germany (39.5%). Despite the decline seen in the last few years in Italy (53.4%) and the UK (20....

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker

ODDO : L’assurance automobile a été le grand gagnant du confinement!

>Un poids important de l’assurance auto en Europe - L’assurance auto est une activité extrêmement importante pour l’ensemble des acteurs de l’assurance dommages en Europe. En termes de ventes, les primes en assurances auto représentaient 35.6% des primes dommages en Europe à fin 2018. Comme le montre le graphique 1, entre 2004 et 2018, le poids de cette activité est resté quasiment stable en France (35.2% à fin 2018) et en Allemagne (39.5%). Malgré la baisse observée ...

Alfred Glaser ...
  • Anis Zgaya
  • Anthony Dick
  • Benoit Valleaux
  • Chaima Ferrandon
  • Delphine Brault
  • Emna Ben Bdira
  • Florent Laroche-Joubert
  • Harald Eggeling
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nadine El Ouni
  • Nour El Houda Hammami
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Sven Edelfelt
  • Syrine Kabboura
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2020

...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • ...

Matthieu DRIOL

Short term view - AGEAS (ex. FORTIS) : Prices recovered.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €47.18.

Matthieu DRIOL

Analyse court terme - AGEAS (ex. FORTIS) : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 47,18 €.

Matthieu DRIOL

Short term view - AGEAS (ex. FORTIS) : Falling prices.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €41.00.

Matthieu DRIOL

Analyse court terme - AGEAS (ex. FORTIS) : Les cours baissent.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 41,00 €.

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker

ODDO : Motor insurance is the biggest winner from the lockdown!

>Major contribution from motor insurance in Europe - Motor insurance is a key business segment for all P&C insurance groups in Europe. In terms of revenues, motor insurance accounted for 35.6% of total P&C premiums in Europe at end-2018. As we can see from chart 1, between 2004 and 2018, the weight of the segment has been largely stable in France (35.2% at end-2018) and in Germany (39.5%). Despite the decline seen in the last few years in Italy (53.4%) and the UK (20....

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker

ODDO : L’assurance automobile a été le grand gagnant du confinement!

>Un poids important de l’assurance auto en Europe - L’assurance auto est une activité extrêmement importante pour l’ensemble des acteurs de l’assurance dommages en Europe. En termes de ventes, les primes en assurances auto représentaient 35.6% des primes dommages en Europe à fin 2018. Comme le montre le graphique 1, entre 2004 et 2018, le poids de cette activité est resté quasiment stable en France (35.2% à fin 2018) et en Allemagne (39.5%). Malgré la baisse observée ...

Jason Kalamboussis ...
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ABI BB, AGS BB, COMB BB, HYL BB

AB InBev: FT rumours about CEO succession Ageas: Bid approach a non-starter, but highlights value Bois Sauvage: 1H20: Modest decrease in NAV to € 446.9 ps (-4.4%) Hyloris: Maxigesic IV approvals in Europe

Guy Sips ...
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

MORNING NOTE : AGS BB, BCART BB, INTER EN, SEQUA BB, TUB BB, VGP BB, XFAB FP

Biocartis : Enduring the COVID-19 pressure, strong outlook Intertrust : Initiating coverage: Profiting from complexity Sequana Medical : 1H20 – trials restarting and heart interim data 4Q20 VGP : Successful ABB of € 109.2m X-FAB : Waiting for recovery to materialize DTPL update – IN: Ageas, Intertrust, Tubiz

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Thomas Couvreur
  • Wido Jongman
  • Wim Hoste

DTPL Update - IN: Ageas, Intertrust, Tubize Financiere

Today we update our Dynamic Top Pick List : - We ADD : Ageas, Intertrust, Tubize Financiere - We REMOVE : Recticel (28/8), VGP (7/8), WDP (25/8) - We KEEP : AB Inbev, Ahold Delhaize, Barco, Basic-Fit, Hal Trust, NN Group, Care Property Invest, Inventiva and Orange Belgium

Carine Maciol

Ageas : Diversification, solvency, liquidity, Ageas boasts resilience

>Strengths/Opportunities - Ageas boasts strong positions in Belgium where it is the leading life insurer, Asia (well positioned in China and eight other countries through partnerships with local operators) and mature European markets (UK and Portugal). The group has realigned its business following divestments in Hong Kong, Italy and Luxembourg.Geographical and product diversification provide a strong and stable earnings base. The solid solvency margin of 20...

Carine Maciol

Ageas : Diversification, solvabilité, liquidité, Ageas a les moyens de résister

>Forces/Opportunités - Ageas dispose de positions fortes en Belgique où il est le premier assureur vie, en Asie (fort positionnement en Chine et dans 8 autres pays, à travers des partenariats avec des acteurs locaux) et dans des marchés matures européens (Grande Bretagne, Portugal). Le groupe s’est recentré, avec les cessions à Hong Kong, en Italie et au Luxembourg.La diversification géographique et le mix produit assurent une assise stable et forte de résultats....

ageas SA/NV: Update to credit analysis

Rating rationale for ageas SA/NV’s A3 long term issuer rating

Carine Maciol

Ageas : Purchase of FRESH on track, inaugural RT1 issuance under way

Publication date 03/12/2019 11:17 - Writing date 03/12/2019 11:14 - Equity data - Reco : - Target : EUR - Equity Analyst: Benoit Valleaux - - +33 (0)1 55 35 42 75 - ESG Analyst: xxx - Corporate Governance: Strong opportunity (1) - / - / - - / - - - - - - - - - - - - - - - - - - Ageas has today announced that a 65.4% majority (€ 817,500,000) of the aggregate principal amount of the FRESH securities outstanding consented to amend the conditions of the FRESH. Now tha...

Carine Maciol

Ageas : Rachat de la FRESH en bonne voie, émission de sa première RT1 en cours

Ageas annonce ce matin qu’une majorité de 65,4% (EUR 817.500.000) du montant nominal cumulé des titres FRESH en circulation a consenti à modifier les conditions des FRESH. Le consent obtenu, par conséquent, Ageasfinlux poursuit son offre de rachat. Les détenteurs de titres FRESH qui n’ont pas encore participé à l’offre peuvent le faire jusqu’au 3 janvier 2020 à 10:00 CET (offre à 56%). Les résultats définitifs de l’offre d’achat seront annoncés le 3 janvier 2020 après la clôture....

Alfred Glaser ...
  • Anis Zgaya
  • Anthony Dick
  • Benoit Valleaux
  • Chaima Ferrandon
  • Delphine Brault
  • Emna Ben Bdira
  • Florent Laroche-Joubert
  • Harald Eggeling
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nadine El Ouni
  • Nour El Houda Hammami
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Sven Edelfelt
  • Syrine Kabboura
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2020

...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Anthony Dick
  • Benoit Valleaux
  • Chaima Ferrandon
  • Delphine Brault
  • Emna Ben Bdira
  • Florent Laroche-Joubert
  • Hana Jomni
  • Harald Eggeling
  • Haythem BOHLI
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nadine El Ouni
  • Nour El Houda Hammami
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Sven Edelfelt
  • Syrine Kabboura
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2020

...

Amira Manai ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Hana Souissi
  • Jeremy Garnier
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Nada Afli
  • Nadine El Ouni
  • Nicolas David
  • Nicolas Thorez
  • Nour El Houda Hammami
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Salma Bouraoui
  • Slim Bouasker
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 11/09/2020

...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/01/2020

...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/09/2020

...

AGEAS SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of AGEAS SA (NL), a company active in the Life Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 18, 2020, the closing price was EUR 37.89 and its potential was estimated at EUR 43.70.

AGEAS SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of AGEAS SA (BE), a company active in the Life Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 18, 2020, the closing price was EUR 37.89 and its potential was estimated at EUR 43.70.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Ageas – AGM 20 May 2020

Annual General Meeting   ECGS considers the remuneration report (Item 3.1) soundly disclosed for Belgian standards and the amounts are acceptable. However, ECGS does not approve of LTIs plans that do not operate one or more clearly disclosed challenging performance conditions. Concerning the remuneration policy (Item 3.2), a general lack of ex-ante disclosure about the LTIs always leads us to oppose.   Ms. Lucrezia Reichlin (Item 4.2) attended 85% of board meetings in 2019 and 70% in 2018. ECGS has concerns over aggregate time commitments and recommends to oppose.   Extraordinary General...

Expert Corporate Governance Service (ECGS)

Ageas – EGM 18 April 2020

Referring to past experience, ECGS draws shareholders' attention on the fact that this EGM will not attain the required attendance quorum ±i.e. that at least 50% of the capital must be represented ±and that thus no valid decisions will be made during this meeting.   Concerning item 2, we appreciate the company's willingness to adapt its articles of association to the new Belgian Companies and Associations Code. We therefore fully approve the requested changes.   Under item 3, the board of directors seeks authorisation to repurchase own shares. ECGS notes that the maximum (re-)purchase pr...

Expert Corporate Governance Service (ECGS)

Ageas - AGM and EGM 15 May 2019

We note that, as announced in ECGS' previous analysis, the Company confirms that the Extraordinary General Meeting of Shareholders of 18 April 2019 has not achieved the required attendance quorum. It was thus unable to decide validly regarding its agenda items. A new Extraordinary General Meeting will therefore be convened after the AGM, which, regardless of the share capital represented, will be able to deliberate validly regarding all agenda items. In general, Ageas is in compliance with the Belgian regulations relating to the organization and procedures of the (Annual and Extraordinary) Ge...

Expert Corporate Governance Service (ECGS)

Ageas April 18th, 2019

ECGS draws shareholders' attention on the fact that this EGM will not attain the required attendance quorum – i.e. that at least 50% of the capital must be represented – and that thus no valid decisions will be made during this meeting.In general, Ageas is in compliance with the Belgian regulations relating to the organisation and procedures of this Extraordinary General Meeting (EGM). Under item 3, the board of directors seeks authorisation to repurchase own shares. ECGS notes that the maximum (re-)purchase price is above 10% of market price on purchase date, which is not in accordance with ...

AGEAS – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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