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Key Info

AXA SA Web - www.axa.com

Tel - 33-1-56-92-92-93

Next Reporting Date - 20.02.2020

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    AXA SA

    Insurance

    FRANCE


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.98%

    Cost of Debt

    3.98%

    Long Term Growth

    2.00%

    Beta Assumption

    0.89

    Current Market Cap mln$

    66,884.99

    Net Debt mln$

    6,846.07

    WACC Estimate

    7.03%

    Ordinary Current Price $

    27.65

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue122570.71134076.80149792.01125679.89133189.79133265.61133388.48133514.85133643.88133770.21133896.66134023.23134149.92134276.72134403.65
    EBITDA Costs122570.71134076.80149792.01125679.89133189.79133265.61133388.48133514.85133643.88133770.21133896.66134023.23134149.92134276.72134403.65
    EBITDA0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    EBITDA Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Operating Costs113699.58123950.42141052.48123547.96125705.09125772.63125882.09125994.65126109.60126222.12126334.75126447.47126560.30126673.22126786.25
    Operating Profit8871.1310126.388739.522131.937484.707492.987506.407520.197534.287548.097561.917575.767589.627603.507617.40
    Operating Margin7.247.555.831.705.625.625.635.635.645.645.655.655.665.665.67
    Pretax Costs114003.72124036.76141108.97123873.95125896.70125963.47126071.67126182.95126296.58126407.81126519.15126630.58126742.10126853.73126965.45
    PTP8566.9810040.048683.041805.947293.097302.157316.817331.907347.307362.407377.527392.657407.817422.997438.20
    Pretax Margin6.997.495.801.445.485.485.495.495.505.505.515.525.525.535.53
    Net Income Costs116383.57127781.16143011.42118378.18126547.85126623.35126745.71126871.54127000.04127125.85127251.78127377.84127504.03127630.34127756.77
    Net Income6187.146295.646780.597.716641.946642.266642.786643.316643.856644.376644.886645.396645.896646.396646.88
    Net Margin5.054.704.535.814.994.984.984.984.974.974.964.964.954.954.95
    Revenue Less Capex123083.53134599.22150235.99126225.57133695.52133771.11133893.60134019.56134148.20134274.13134400.19134526.36134652.65134779.06134905.58
    Capex-512.82-522.42-443.98-545.68-505.73-505.49-505.11-504.72-504.32-503.92-503.53-503.13-502.73-502.33-501.93
    Capex to Revenues-0.42-0.39-0.30-0.43-0.38-0.38-0.38-0.38-0.38-0.38-0.38-0.38-0.37-0.37-0.37
    Revenue less FCF103417.65119989.08131572.99117832.50118340.69118405.93118511.67118620.40118731.44118840.14118948.95119057.85119166.85119275.95119385.15
    FCF19153.0614087.7218219.027847.3914849.1014859.6814876.8214894.4414912.4414930.0714947.7214965.3814983.0715000.7815018.50
    FCF to Revenue15.6310.5112.166.2411.1511.1511.1511.1611.1611.1611.1611.1711.1711.1711.17

    FRANCE Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    CS FPAXA SAFRANCE 66884.9910.539.04--0.65.62#????!0.979.481.88
    SCR FPSCOR SEFRANCE 7552.0115.89.92--0.45.45#????!0.967.98-4.85

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    2318 HKPing An Insurance Group Co of China LtdCHINA 215833.199.559.61--1.32.7#????!2.2224.812.73
    1299 HKAIA Group LtdHONG KONG 126076.7619.5717.8--2.971.61#????!2.6214.652.91
    2628 HKChina Life Insurance Co LtdCHINA 112449.588.3710.7--1.074.22#????!1.2915.66-5.83
    ALV GRAllianz SEGERMANY 104949.4112.4411.44--0.714.08#????!1.3611.976.85
    CB USChubb LtdSWITZERLAND 74578.9715.7714.88--1.831.91-1.278.4318.64
    MMC USMarsh & McLennan Cos IncUNITED STATES 59944.4924.1423.4920.8216.322.71.619.967.0722.547.81
    AON USAon PLCBRITAIN 54590.8526.1622.6219.1717.523.310.8326.6514.3240.7112.16
    PRU LNPrudential PLCBRITAIN 50190.2311.3810.41--0.722.6#????!2.0920.84-11.41
    PGR USProgressive Corp/TheUNITED STATES 48971.9413.5715.7--1.13.89-3.132.864.85
    MET USMetLife IncUNITED STATES 48078.326.598.6--0.613.41-0.7310.097.66
    MUV2 GRMuenchener Rueckversicherungs-Gesellschaft AG in MuenchenGERMANY 44312.8414.5913.86--0.733.43#????!1.3510.138.35
    AIG USAmerican International Group IncUNITED STATES 42177.612.8910.19--0.752.49-0.695.4729.66
    2601 HKChina Pacific Insurance Group Co LtdCHINA 41019.988.028.44--0.745.44#????!1.3517.6115.55
    1339 HKPeople's Insurance Co Group of China Ltd/TheCHINA 40170.435.195.82--0.513.22#????!0.6613.43-2.11
    ALL USAllstate Corp/TheUNITED STATES 40056.8310.9612.08--0.721.78-1.5121.7613.52
    8766 JPTokio Marine Holdings IncJAPAN 39503.321413.01--0.664.66-1.067.4416.65
    MFC CNManulife Financial CorpCANADA 38457.779.528.3--1.033.79-1.1312.429.18
    AFL USAflac IncUNITED STATES 38381.9411.9511.9--1.612.04-1.3312.614.12
    PRU USPrudential Financial IncUNITED STATES 37508.567.367.76--0.544.27-0.597.41-6.02
    TRV USTravelers Cos Inc/TheUNITED STATES 35133.0614.2713.18--1.062.36-1.3510.6611.74
    G IMAssicurazioni Generali SpAITALY 32005.4810.8210.9--0.445.13#????!1.0810.7910.5
    SLF CNSun Life Financial IncCANADA 29518.8113.6212.15--1.023.55-1.6512.2916.26
    HNR1 GRHannover Rueck SEGERMANY 25111.2217.917.64--1.072.96#????!2.1713.3816.49
    SAMAS FHSampo OyjFINLAND 24880.15#N/A Field Not Applicable---#N/A Field Not Applicable#N/A Field Not Applicable-#N/A Field Not Applicable9.3#N/A N/A
    2328 HKPICC Property & Casualty Co LtdCHINA 24829.696.947.18--0.424.84#????!1.0516.3110.02
    LGEN LNLegal & General Group PLCBRITAIN 24676.6510.449.67--1.45.55#????!1.9821.43-13.1
    GWO CNGreat-West Lifeco IncCANADA 24354.18-10.92--0.634.97-1.5411.291.16
    HIG USHartford Financial Services Group Inc/TheUNITED STATES 21252.3611.3710.85--0.842.02-1.3714.3924.09
    8725 JPMS&AD Insurance Group Holdings IncJAPAN 20206.5910.2510.33--0.384.15-0.716.7713.91
    ACGL USArch Capital Group LtdBERMUDA 19339.9213.4516.24--1.980-1.621623.03

    EV, Debt, Cash

    Fields2018
    EV73731.06
    Cash35877.97
    Debt26426.64
    Debt/Equity16.22
    Pref Equity7759.88
    Shares Out1867.41
    minorities12395.64

    Last Price

    Fields2018
    Last Price27.65
    Next DVD Ex Date08.05.2020
    DVD Announcement Date01.08.2019
    Last Ex Date02.05.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue122570.7098134076.7988149792.0051125679.8937111046.896111314.694
    Operating Profit8871.12505210126.375588739.5238882131.9293667749.1128671.107
    PTP8566.98487910040.042948683.0378231805.9390598132.9079241.477
    Net Income6187.1435246295.6415216780.5871737301.7104396242.4627434.551
    EPS2.3976013662.4792962392.7113310922.9291882712.6263.06
    DPS1.2210006951.2839212671.4234488231.5827065661.5551.661
    EBITDA
    BPS27.7532621328.6647972531.4138354834.1282968328.60529.849
    Capex-512.8202921-522.4231361-443.9804664-545.6794278
    FCF19153.0609114087.7154218219.015227847.389867
    EV TO T12M EBIT------
    EV/EBITDA------
    CUR RATIO------

    Ratios

    Fields201520162017201820192020
    Market Cap66884.9966884.9966884.9966884.9966884.9966884.99
    PE RATIO11.689.669.8919.4910.539.04
    EV/EBITDA------
    P/S0.550.480.420.450.60.6
    DIVIDEND YIELD4.364.845.097.115.626.01
    EBITDA Margin----#????!0.08
    P/B0.990.880.950.630.970.93
    ROE8.88.719.343.189.4810.18
    6 month return1.881.881.881.881.881.88