Professional
Added to YB: 2024-01-08
Pitch date: 2024-01-08
AGESY [bullish]
ageas SA/NV
+58.93%
current return
Author Info
No bio for this author
Company Info
ageas SA/NV, together with its subsidiaries, engages in insurance business. The company operates through five segments: Belgium, Europe, Asia, Reinsurance, and General Account.
Market Cap
EUR 11.6B
Pitch Price
EUR 36.21
Price Target
70.00 (+22%)
Dividend
5.77%
EV/EBITDA
9.20
P/E
9.70
EV/Sales
1.89
Sector
Insurance
Category
value
Ageas Update: Ageas Receives Affirmed Moody’s Rating
AGESY: Belgian insurer w/ strong home market, expanding in Asia but unclear elsewhere. Resolving legacy issues, streamlining ops for 9.7% ROE next decade. Stable credit outlook despite high debt & no moat. Caution over investment leverage & solvency at 206%. 50%+ div, buybacks, M&A planned. Heathfield sees +ves in Asia investments & UK sale but legacy challenges remain. $70 PT.
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