reports
- Henry Heathfield
Morningstar | Ageas Really a Struggling Business
Ageas is a business born out of the failed Fortis bank and is coming to an end of its legacy issues after breakup. The remaining distressed assets have been divested, and the provisions for settlement with shareholders should be considered complete.Although Ageas has a leading position in life insurance in Belgium and a top-five position in nonlife, it has battled a low-investment-return environment and what that means for demand due to low product guarantees. These are easily replaceable by mor...
- Henry Heathfield
Ageas Really a Struggling Business
Ageas reported net profit of EUR 250 million for the first quarter of 2019. This brings the full-year estimate pretty much in line with our full-year expectation. The business is made up of four divisions and their performance has all been very average; the financials show a business that is under a lot of pressure. We maintain our EUR 42 fair value estimate and no-moat rating. In Belgium, the business is suffering, and this is pretty much across the board. For example, the net result attributab...
- Henry Heathfield
Morningstar | AGESY Updated Forecasts and Estimates from 17 May 2019
Ageas reported net profit of EUR 250 million for the first quarter of 2019. This brings the full-year estimate pretty much in line with our full-year expectation. The business is made up of four divisions and their performance has all been very average; the financials show a business that is under a lot of pressure. We maintain our EUR 42 fair value estimate and no-moat rating. In Belgium, the business is suffering, and this is pretty much across the board. For example, the net result attributa...
- Henry Heathfield
Morningstar | Ageas' 1Q Pretty Dismal; Shares Overvalued
Ageas reported net profit of EUR 250 million for the first quarter of 2019. This brings the full-year estimate pretty much in line with our full-year expectation. The business is made up of four divisions and their performance has all been very average; the financials show a business that is under a lot of pressure. We maintain our EUR 42 fair value estimate and no-moat rating. In Belgium, the business is suffering, and this is pretty much across the board. For example, the net result attributa...
- Henry Heathfield
Ageas' 1Q Pretty Dismal; Shares Overvalued
Ageas reported net profit of EUR 250 million for the first quarter of 2019. This brings the full-year estimate pretty much in line with our full-year expectation. The business is made up of four divisions and their performance has all been very average; the financials show a business that is under a lot of pressure. We maintain our EUR 42 fair value estimate and no-moat rating. In Belgium, the business is suffering, and this is pretty much across the board. For example, the net result attributab...
- Henry Heathfield
Morningstar | Ageas' Full-Year Results Show Signs of Traditional Life ...
Despite some challenging business line and geographic performance, we think Ageas' 2018 results show that the outlook for the business may be moving to favourable. While Ageas reported full-year net profit of EUR 809 million, below our estimate of EUR 850 million, life in Belgium potentially looks good. We maintain our EUR 42 fair value estimate while we await full balance sheet data in the annual report, and we maintain our no-moat rating. In terms of the business units, gross inflows at the B...
- Henry Heathfield
Ageas' Full-Year Results Show Signs of Traditional Life in Belgium
Despite some challenging business line and geographic performance, we think Ageas' 2018 results show that the outlook for the business may be moving to favourable. While Ageas reported full-year net profit of EUR 809 million, below our estimate of EUR 850 million, life in Belgium potentially looks good. We maintain our EUR 42 fair value estimate while we await full balance sheet data in the annual report, and we maintain our no-moat rating. In terms of the business units, gross inflows at the B...
- Henry Heathfield
Morningstar | AGESY Updated Forecasts and Estimates from 14 Nov 2018
Ageas reported net income of EUR 656 million for the first nine months of 2018. While overall this looks like a pretty good set of results on the surface, we think it has mainly been driven by noninsurance activities and is therefore of quite low quality. Our fair value estimate is EUR 42, which we are maintaining as the stock has come off from a EUR 45 close Nov. 13. Our valuation is 0.8 times 2018 book value, which in some circles might even be considered too generous. We are maintaining our...
- Henry Heathfield
Morningstar | Disappointing 3Q and 9M for Ageas
Ageas reported net income of EUR 656 million for the first nine months of 2018. While overall this looks like a pretty good set of results on the surface, we think it has mainly been driven by noninsurance activities and is therefore of quite low quality. Our fair value estimate is EUR 42, which we are maintaining as the stock has come off from a EUR 45 close Nov. 13. Our valuation is 0.8 times 2018 book value, which in some circles might even be considered too generous. We are maintaining our...
- Henry Heathfield
Disappointing 3Q and 9M for Ageas
Ageas reported net income of EUR 656 million for the first nine months of 2018. While overall this looks like a pretty good set of results on the surface, we think it has mainly been driven by noninsurance activities and is therefore of quite low quality. Our fair value estimate is EUR 42, which we are maintaining as the stock has come off from a EUR 45 close Nov. 13. Our valuation is 0.8 times 2018 book value, which in some circles might even be considered too generous. We are maintaining our...
- Henry Heathfield
Disappointing 3Q and 9M for Ageas
Ageas reported net income of EUR 656 million for the first nine months of 2018. While overall this looks like a pretty good set of results on the surface, we think it has mainly been driven by noninsurance activities and is therefore of quite low quality. Our fair value estimate is EUR 42, which we are maintaining as the stock has come off from a EUR 45 close Nov. 13. Our valuation is 0.8 times 2018 book value, which in some circles might even be considered too generous. We are maintaining our...
- Henry Heathfield
Morningstar | Ageas' First Half: Good Numbers in Traditionally Good Qu...
Ageas reported an insurance net result of EUR 475 million, an increase of 7% on the comparable period of EUR 445 million. The main driver of the improvement in the Group net result to EUR 441 million from EUR 284 million in 2017 was the improvement in the General Account result. We are maintaining our EUR 42.0 fair value estimate and no-moat rating. Inflows at Group level came in at around EUR 20 billion and this was spread across life, EUR 17 billion, and non-life, EUR 3.1 billion. In total, G...
- Henry Heathfield
Ageas' First Half: Good Numbers in Traditionally Good Quarter Two; Sha...
Ageas reported an insurance net result of EUR 475 million, an increase of 7% on the comparable period of EUR 445 million. The main driver of the improvement in the Group net result to EUR 441 million from EUR 284 million in 2017 was the improvement in the General Account result. We are maintaining our EUR 42.0 fair value estimate and no-moat rating. Inflows at Group level came in at around EUR 20 billion and this was spread across life, EUR 17 billion, and non-life, EUR 3.1 billion. In total, Gr...
- Henry Heathfield
- CFA
Ageas' First-Quarter 2018: Better Results and Improving Outlook
Ageas reported earnings for first-quarter 2018 with a group net result of EUR 248 million, a little better than what we forecast for the full year. We maintain our EUR 42 fair value estimate and no-moat and stable moat trend ratings. At the holding level, inflows came in at just below EUR 12 billion, down around 2% at constant currency rates. Most of this decline came from life, at EUR 10 billion, with non-life reporting the residual just under EUR 2 billion. Non-life’s combined ratio came in ...
- Henry Heathfield
- CFA
Ageas should be able to focus on operations.
Ageas reported a strong set of full-year 2017 results. This was across the board, life and nonlife, though geographically, its home market of Belgium was a little weak. Guaranteed business continues to be a strain, and unit-linked is the driver within life. While we will reflect 2017 full-year results and roll our model, we don’t expect a major shift in our fair value estimate. We also maintain our no-moat and stable moat trend ratings. Gross inflows declined in Belgium, as the business lowere...
- ING Helpdesk
Benelux Morning Notes
a.s.r.: Interim dividend brings yield in 2018 to 6.5% Ageas: Dividend surprise but not on capital generation BAM: In line, 2018 outlook undershoots expectations Heijmans: Preview: Another step in the right direction? Kendrion: 4Q EBITA misses, foundations remain strong Wolters Kluwer: FY17 results in line
- ING Helpdesk
Benelux Morning Notes
Ageas: Request for additional information – Fortis settlement Befimmo: still waiting for another Quatuor tenant Cofinimmo: New CEO, same trends Eurocommercial Properties: Asset rotation picks up, underlying results remain solid Flow Traders: Very strong start to the year, business model intact Staffing sector: French staffing data - December steady, January touch softer start Vastned: Belgium reports values up, rents Xior Student Housing: Growth execution on track
- Henry Heathfield
- CFA
Ageas Set to Focus on Operations, Though Home Market Headwinds Still P...
We are initiating coverage of Ageas with a fair value estimate of EUR 42 per share and no-moat and stable moat trend ratings. Ageas is a business that has had its fair share of legacy issues after its rebranding from Fortis, post divestment of the Belgian banking operations and Dutch insurance and banking businesses as the group suffered a run on deposits and liquidity issues after a badly planned joint takeover of ABN Amro and subsequent poorly communicated dividend cuts and two rights issues....
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