Decent Third-Quarter Results From Allianz, but Shares Still Overvalued
We think Allianz reported pretty good numbers for the third quarter of 2018. These included EUR 30.5 billion in revenue, an increase of just under 8.0%, and operating profit of EUR 3.0 billion, growth of 20%. This growth in operating profit has mainly been driven by the property and casualty business that reported an operating profit of EUR 1.5 billion, and this business unit continues to impress us and the market. We maintain our EUR 175.0 fair value estimate and no-moat and stable moat ratings...
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