Ageas 1H25 supports share rally, though valuation now stretched
Next to a few one-off elements that inflated the headline 1H25 numbers, Ageas noted some strong underlying drivers, leading to several guidance upgrades. Incorporating these elements in our SoTP, we land on a new TP of €62. We feel 1H25 results have underpinned the 27% share rally the stock has seen this year, but we find it harder to see further upside potential at this stage. UK market pricing is again a question mark and BNP & Ethias could cause some negative news flow going forward. Given limited upside we stick to our Accumulate rating for now.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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