AXA : Sound fundamentals that are undervalued
>A COVID charge of € 1.5bn in H1 - We organised a road show with the CFO of AXA and a few investors. At the presentation of its H1 earnings in early August, AXA maintained its estimate of a COVID charge of € 1.5bn after tax (including € 0.3bn in solidarity measures). Note that the High Court in London yesterday handed down its ruling in the FCA test case. The ruling is complex and requires further detailed analysis, but generally speaking, AXA believes that if ever th...AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.
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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