We Think AXA's 9-Month Result Shows Some Underlying Problems With Integrating XL Acquisition
AXA reported nine-month indicators for 2018, with a 2% increase in property and casualty commercial lines to EUR 12.4 billion, which is where we think the market is focused. The stock looks to us to be undervalued, trading at around 0.7 times book value, though we recognise there are some uncertainties surrounding the business. We maintain our EUR 26 fair value estimate and no-moat and stable moat trend ratings.The 1% rise in property and casualty revenue was mainly driven by a 2% increase in c...
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