Ageas Really a Struggling Business
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...
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