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....
Ageas is an insurance company engaged in providing a range of life and non-life products distributed through a variety of channels. Co. focuses on helping its customers to mitigate risks related to property, casualty, life and pensions. Co. serves its customers through a combination of wholly owned subsidiaries, equity associates and partnerships, with financial institutions and distributors in Belgium, the U.K., Luxembourg, Italy, Portugal, Turkey, France, China, Malaysia, India, Thailand and Hong Kong. Co. is organized into five operating segments: Belgium, U.K., Continental Europe, Asia, and General Account.
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.
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