Report
Henry Heathfield, CFA
EUR 101.80 For Business Accounts Only

AXA Stands Firm With AXA IM as Independent

We believe the recent announcement by AXA--that AXA Investment Managers will remain independent despite the rumours regarding potential bids for the division--is the right one for the business. We are increasing our fair value estimates to EUR 30 from EUR 28.50 and to $35 from $31.50 to account for the time value of money. We will maintain our no-moat rating. 
AXA’s 2020 strategy centres on focus and transformations that are ultimately related to repositioning within nonlife to commercial small ...
Underlying
AXA S.A. ADS

Provider
Morningstar
Morningstar

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.

Analysts
Henry Heathfield, CFA

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