AXA : Un S1 marqué par la crise, mais la valorisation du titre reste très attractive
>Une bonne résistance des primes compte tenu du contexte - AXA a publié hier matin son RN du S1 2020. Les revenus du groupe ont été de 52.4 Md€ au S1 (-10% en publié, +2% à données comparables), proche du consensus, avec : 1/ une forte croissance en ass. santé (+9% à d.c.), 2/ une baisse modérée en ass. dommages (-1% à d.c. dont -8% au T2) alors que certaines lignes sont impactées par la crise économique (et par les mesures de solidarité), 3/ une baisse plus marquée d...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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