Report
Esther Castro
EUR 100.00 For Business Accounts Only

AXA: PLAN 20/23 - CONTINUISTA Y SIN NOVEDADES (ANÁLISIS BANCO SABADELL)

Revisamos en un +3% nuestros BDI’21-22 (por XL). Ello junto a la menor percepción del riesgo (mayor margen técnico), nos lleva a un P.O. de 24,10 euros/acc. (+9% vs antes) que con un potencial de c. +20% hace que reiteremos COMPRAR ya que pensamos que su mejor evolución reciente se debería consolidar en un entorno de recuperación macro. Desde que aparecieron noticias sobre las vacunas Covid-19 y los indicadores 9meses’20 (tranquilidad sobre la inyección de capital en XL y su evolución subyacente) lleva +45% en absoluto, +15% vs sector y +25% vs ES50.
Underlying
AXA
AXA

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.

Provider
Sabadell
Sabadell

Analysts
Esther Castro

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