Ageas : Adj. FCF yield 12.0%, Life CSM and UK analysis, increase TP
>Conclusion: Adj. FCF yield 12.0%, Life CSM and UK analysis, increase TP - Based on the just published annual report 2023 we updated our model for the IFRS17 Contractual Service Margin (CSM) data, showing that the market is not giving much value to Asia/China. The shareholders equity (SE) + after tax CSM + unrealised real estate revaluation after minorities is € 36.7 per share, and the SE + CSM of the Asia/stakes is € 52.5 per share. We also updated our FCF based on t...Ageas is an insurance company engaged in providing a range of life and non-life products distributed through a variety of channels. Co. focuses on helping its customers to mitigate risks related to property, casualty, life and pensions. Co. serves its customers through a combination of wholly owned subsidiaries, equity associates and partnerships, with financial institutions and distributors in Belgium, the U.K., Luxembourg, Italy, Portugal, Turkey, France, China, Malaysia, India, Thailand and Hong Kong. Co. is organized into five operating segments: Belgium, U.K., Continental Europe, Asia, and General Account.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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