Allianz : Next plan to confirm group's medium-term growth potential

The new three-year strategic plan, due to be presented on 10 December, is set to provide visibility on the group’s earnings growth potential, which we forecast at 7.7% p.a. for EPS between 2024e and 2027e, with an improvement in cash flow generation (€ 27bn expected over 2025e-2027e vs € 21bn expected over 2022-2024e) and capital returns to shareholders. Questions markets over AGI might be a catalyst. Based on its recent underperformance and attractive multiples, we maintain our Outperform rating on the stock, which benefits from a very solid and resilient business model with strong capital re...

Allianz : Le prochain plan confirmera le potentiel de croissance du groupe à MT

Le nouveau plan stratégique à 3 ans du 10 décembre devrait donner de la visibilité au potentiel de croissance de résultat du groupe, que nous prévoyons à 7.7%/an pour le BPA entre 2024e et 2027e, avec une augmentation de sa génération de cash-flow (27 Md€e cumulés sur 25/27 vs 21 Md€e sur 22/24) et de son retour de capital aux actionnaires. Les interrogations autour d’AGI peuvent être un catalyseur. Sa récente sous-performance et ses multiples attractifs nous incitent à réitérer notre opinion Surperformance sur le titre, qui bénéficie d’un business model très solide et résilient avec un retour...

Emeis : € 251m of real estate disposals

Powell reverses the burden of proof

Yesterday, the Fed cut its policy rates for the third time in a row and entered a new phase of the monetary easing cycle. In recent months, it could justify lowering rates by the desire to make its policy less restrictive and, in doing so, to avoid a sharp rise in unemployment. Priority was given to preserving the labour market. From now on, the reduction of policy rates is no longer a matter of course, it must be demonstrated that inflation is making further progress on its way to target– which partly depends on the actions of the future administration. The FOMC halved its rate cut projection...

Redcare Pharmacy : DM drugstore to enter OTC online market in Germany