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 returns.CMD set to confirm average annual operating profit growth of over 5% out to 2027 and over 7% for EPS
Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.
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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