reports
- Roland Pfaender
- MBA
- CFA
- CCRA
Allianz : Q2 2018 beat driven by P/C insurance and Asset Management
>Q2 2018 operating profit of € 3.0bn stood € 0.1bn ahead of estimates - Allianz reported group operating profit for Q2 2018 of € 2,997m, thus beating consensus (€ 2.899m) and our estimate (€ 2,890m). P/C insurance and Asset Management operating profit surprised positively while L/H came in as expected. Group net income stood at € 1,891m (annualized ROE: 12.2%), held back by a disposal loss linked to a life portfolio in Taiwan (non-operating pre-tax charge € 224m). All...
- Oussema Denguir
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/29/2018
Opel Vauxhall’s recovery is well under way, probably more rapidly than expected. PCD’s momentum is showing no signs of flagging with, logically, a further improvement in the H1 and, possibly, full-year 2018 operating margin. The valuation remains attractive: € 25 at end-2018, to which must be added +€ 3.5 in 2020 and +€ 5.8 in 2026 linked to Opel Vauxhall’s recovery. - ...
- Oussema Denguir
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/06/2018
Le redressement de OV est bien engagé, probablement plus rapide qu’attendu. La dynamique de PCD ne se dément pas avec, logiquement, une nouvelle amélioration de la MOP au S1 et peut-être sur 2018. La valorisation reste attractive : 25€ à fin 2018, auxquels il faut rajouter +3.5€ /2020 et +5.8€ /2026 liés au redressement de OV. - ...
- Roland Pfaender
- MBA
- CFA
- CCRA
Allianz : Feedback from management meetings
>Management provided more granular insights on various topics - Allianz held analyst meetings on Tuesday (26 June) focusing on various business lines and geographies. Management highlighted the following topics: 1) Allianz Benelux, 2) Allianz Suisse, 3) Allianz Re and 4) Cyber insurance.Allianz Benelux developing into role model for other geographies - With the integration of NL, BE and LUX under the roof of Allianz Benelux, Allianz successfully scale...
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