AXA: Mixed 1Q Results From a Thin Trading Statement
AXA has reported a trading update for the first quarter of 2018. This is a revenue and new business margin release that is scant in details. We maintain our EUR 26 fair value estimate and our no-moat and stable moat trend ratings. Our fair value estimate values the combined business at 0.8 times book value, with an estimated 9.0% return on equity at the end of our explicit projection period.The highlights of the release were a strong life and savings revenue result in France, also seen in healt...
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