CNP's Full-Year Results in Line
CNP Assurances reported earnings before interest and tax of EUR 2,924 million and net income of EUR 1,367 million for 2018. These are both pretty much in line with our estimates. While the full year had some nasty-looking numbers, we think the business continues to look a bit cheap. We maintain our fair value estimate at EUR 23 per share, valuing the business at 0.8 times 2019 book value with a five-year horizon return on equity of 10.4%. We maintain our no-moat rating.The board is recommending...
CNP Assurances is an insurance company. Co. designs, develops, distributes and manages savings, pension & personal risk, and term creditor products. Co. offers savings products and insurance against the risks of everyday life to its customers. Co.'s operations are organized along three business segments. The Savings business concerns products enabling policyholders to build up capital which they can cash in. The Pensions business concerns products designed to enable policyholders to receive an annuity or lump sum on retirement. The Personal Risk business includes products enabling policyholders to insure against the risks of death, accident or illness, property damage or liability claims.
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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