Disappointing 3Q and 9M for Ageas
Ageas reported net income of EUR 656 million for the first nine months of 2018. While overall this looks like a pretty good set of results on the surface, we think it has mainly been driven by noninsurance activities and is therefore of quite low quality. Our fair value estimate is EUR 42, which we are maintaining as the stock has come off from a EUR 45 close Nov. 13. Our valuation is 0.8 times 2018 book value, which in some circles might even be considered too generous. We are maintaining our ...
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.
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