Ageas
Note: This is a daily stock update and the information stands true as of 27/08/25, 09:00 CET.
Company Update:
Expert Opinion:
H1 results were solid and the exceptional item from China is nice to have. The insurance sector benefited from a very strong performance over the last couple of years and Ageas was among the best performers. The company has very strong positions in its markets and offers a resilient profile. Stock pays a nice 6-6.5% dividend yield which, for a defensive profile with growth is good. But, according to our analyst, these strong fundamentals are now well priced in and our fair value only leaves less than 8% upside. We see more upside in other names in the sector.
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Company Update:
Results came in in line with expectations from an operational standpoint but were a beat thanks to exceptionals.
Inflows rose 4% (5% at constant currency) in line with expectations.
Net Operating result came in up 20% to €734m, significantly better than consensus at €668m. However, most of the beat comes from a lower tax rate in China, something that we don't expect will repeat. Restated from that impact, Net Operating Result stands at €665m, bang in line.
FY Guidance was very marginally upgraded but merely to reflect that stronger H1, so we don't read any strong message into that.
2027 guidance was also marginally increased to FCF above €2.3bn vs FCF above €2.2bn previously.
DPS growth target at 6% was reiterated.
Expert Opinion:
H1 results were solid and the exceptional item from China is nice to have. The insurance sector benefited from a very strong performance over the last couple of years and Ageas was among the best performers. The company has very strong positions in its markets and offers a resilient profile. Stock pays a nice 6-6.5% dividend yield which, for a defensive profile with growth is good. But, according to our analyst, these strong fundamentals are now well priced in and our fair value only leaves less than 8% upside. We see more upside in other names in the sector.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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