KBC Securities - Ageas SA/NV (AGS) Ageas Dropping €1b net result guidance due to China inflation headwinds

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KBC Securities

Thomas Couvreur

Ageas Dropping €1b net result guidance due to China & inflation headwinds

Headwinds on Chinese financial markets and UK's & Turkey's inflation environment will have a 175m negative impact on 3Q22 results. The FY22 target of €1b net result excl RPN(i) will not be achieved. However, dividend outlook of 9% DPS growth is reiterated. Adjusting our valuation multiples we lower our TP from €57 to €50, reiterating our Buy recommendation.

26/10/2022 1 EN

Underlying

Ageas SA/NV

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.

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BE0974264930 Euronext Brussels France

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Thomas Couvreur

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Ageas Dropping €1b net result guidance due to China & inflation headwinds

We are a financial services provider for several types of professional clients, each with distinct needs.

ING Benelux Favourites/Weekly performance and valuation update

Benelux Morning Notes

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Materialise FIRST LOOK : 4Q25 results

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