Diversification is AXA's biggest strength and greatest weakness.
AXA reported underlying earnings of EUR 3.3 billion for the first half of a very noisy 2018. This is slightly below our expectations, but to be fair, AXA has had a pretty good start to the year, especially considering all the work to which management has been tending. We maintain our EUR 26 per share fair value estimate and our no-moat rating.Since the start of the year, AXA has passed through a flurry of transactions. These include peripheral units, such as the sale of operations in Azerbaijan...
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.
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