Ageas Set to Focus on Operations, Though Home Market Headwinds Still Prevalent
We are initiating coverage of Ageas with a fair value estimate of EUR 42 per share and no-moat and stable moat trend ratings.Ageas is a business that has had its fair share of legacy issues after its rebranding from Fortis, post divestment of the Belgian banking operations and Dutch insurance and banking businesses as the group suffered a run on deposits and liquidity issues after a badly planned joint takeover of ABN Amro and subsequent poorly communicated dividend cuts and two rights issues....
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