Report
Henry Heathfield
EUR 100.00 For Business Accounts Only

Ageas' 1Q Pretty Dismal; Shares Overvalued

Ageas reported net profit of EUR 250 million for the first quarter of 2019. This brings the full-year estimate pretty much in line with our full-year expectation. The business is made up of four divisions and their performance has all been very average; the financials show a business that is under a lot of pressure. We maintain our EUR 42 fair value estimate and no-moat rating.
In Belgium, the business is suffering, and this is pretty much across the board. For example, the net result attributab...
Underlying
Ageas N.V. ADS

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Henry Heathfield

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