AEGON: Split of US in Core/Non-Core, releasing more value: further upgrading TP
New CEO is hosting this week a CMD unveiling his new strategy and targets. The shape of the group may significantly change, with further disposals bringing in capital gains that can reduce leverage but also pay for losses on US disposals once the US is split in core and non-core. In our new more detailed SOTP valuation by country and operations, we increase the US multiple to 0.40x P/BV, while taking account of the deleverage under way. Peer multiples for the US and breakdown again of CoE, reinforces though our opinion shares are cheap. Our new TP is €4.25 and shares offer now an above +30% upside. BUY.AEGON is a holding company. Through its subsidiaries, Co. provides life insurance and pensions operations in more than 20 countries in the Americas, Europe and Asia and is also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Co. operates through the following segments: the Americas (which includes the U.S.A., Mexico and Brazil); the Netherlands; the United Kingdom; Central & Eastern Europe; Spain and Portugal; Asia and Aegon Asset Management.
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