Aegon's Still Too Cheap
Aegon’s strategic framework continues to centre on simplification and growth. We maintain our EUR 6.70 fair value estimate and no-moat rating. What initially attracted us is a very cheap valuation, but that isn’t really enough to warrant investment. However, when we map out a reasonable path to earnings, we find Aegon too cheap to ignore, though admittedly, it is still probably one of the lowest-quality names in our European insurance coverage and in the whole of the European insurance space. Wi...
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