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AXA

ENXTPA:CS
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CS
ENXTPA
€53B
Market Cap
  1. Home
  2. FR
  3. Insurance
Company description

AXA SA, through its subsidiaries, provides insurance and asset management services worldwide. The last earnings update was 71 days ago. More info.


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CS Share Price and Events
7 Day Returns
0.9%
ENXTPA:CS
1.9%
FR Insurance
0.6%
FR Market
1 Year Returns
-0.6%
ENXTPA:CS
-0.9%
FR Insurance
-3.9%
FR Market
CS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AXA (CS) 0.9% -5.5% 4.9% -0.6% 0.3% 24.3%
FR Insurance 1.9% -4.8% 4.4% -0.9% 10% 27.8%
FR Market 0.6% -3.3% 3.8% -3.9% 27.3% 27.2%
1 Year Return vs Industry and Market
  • CS outperformed the Market in France which returned -3.9% over the past year.
Price Volatility
CS
Industry
5yr Volatility vs Market

Value

 Is AXA undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of AXA to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for AXA.

ENXTPA:CS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 11 analysts.
= Stable Book Value * Return on Equity
= €26.13 * 12%
€3.15
Book Value of Equity per Share Weighted future Book Value estimates from 10 analysts. €26.13
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:CS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.725 (1 + (1- 33%) (109.91%))
1.174
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (1.174 * 6.65%)
8.54%

Discounted Cash Flow Calculation for ENXTPA:CS using Excess Returns Model Model

The calculations below outline how an intrinsic value for AXA is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

ENXTPA:CS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12% – 8.54%) * €26.13)
€0.92
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €0.92 / (8.54% - 0.73%)
€11.75
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €26.13 + €11.75
€37.88
ENXTPA:CS Discount to Share Price
Calculation Result
Value per share (EUR) From above. €37.88
Current discount Discount to share price of €22.44
= -1 x (€22.44 - €37.88) / €37.88
40.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price AXA is available for.
Intrinsic value
41%
Share price is €22.44 vs Future cash flow value of €37.88
Current Discount Checks
For AXA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • AXA's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • AXA's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for AXA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AXA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:CS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.79
ENXTPA:CS Share Price ** ENXTPA (2019-05-22) in EUR €22.44
France Insurance Industry PE Ratio Median Figure of 5 Publicly-Listed Insurance Companies 24.19x
France Market PE Ratio Median Figure of 419 Publicly-Listed Companies 17.44x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of AXA.

ENXTPA:CS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:CS Share Price ÷ EPS (both in EUR)

= 22.44 ÷ 0.79

28.47x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AXA is overvalued based on earnings compared to the FR Insurance industry average.
  • AXA is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does AXA's expected growth come at a high price?
Raw Data
ENXTPA:CS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.47x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
27.4%per year
France Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 2.23x
France Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

ENXTPA:CS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28.47x ÷ 27.4%

1.04x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AXA is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on AXA's assets?
Raw Data
ENXTPA:CS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €26.19
ENXTPA:CS Share Price * ENXTPA (2019-05-22) in EUR €22.44
France Insurance Industry PB Ratio Median Figure of 5 Publicly-Listed Insurance Companies 0.86x
France Market PB Ratio Median Figure of 620 Publicly-Listed Companies 1.44x
ENXTPA:CS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:CS Share Price ÷ Book Value per Share (both in EUR)

= 22.44 ÷ 26.19

0.86x

* Primary Listing of AXA.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AXA is good value based on assets compared to the FR Insurance industry average.
X
Value checks
We assess AXA's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. AXA has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is AXA expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
27.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is AXA expected to grow at an attractive rate?
  • AXA's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • AXA's earnings growth is expected to exceed the France market average.
  • AXA's revenues are expected to decrease over the next 1-3 years, this is below the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:CS Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:CS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 27.4%
ENXTPA:CS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts -1.2%
France Insurance Industry Earnings Growth Rate Market Cap Weighted Average 21.5%
France Insurance Industry Revenue Growth Rate Market Cap Weighted Average -0.5%
France Market Earnings Growth Rate Market Cap Weighted Average 13.3%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:CS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:CS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 103,187 7,146 5
2020-12-31 103,553 6,875 7
2019-12-31 110,173 6,319 3
ENXTPA:CS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 106,407 7,634 1,878
2018-09-30 114,709 9,704 3,694
2018-06-30 123,010 11,773 5,509
2018-03-31 127,801 14,149 5,745
2017-12-31 132,592 16,525 5,980
2017-09-30 131,861 5,831
2017-06-30 131,129 15,904 5,682
2017-03-31 129,080 14,722 5,842
2016-12-31 127,031 13,539 6,001
2016-09-30 120,908 5,912
2016-06-30 114,784 16,396 5,823
2016-03-31 115,121 17,311 5,536

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • AXA's earnings are expected to grow significantly at over 20% yearly.
  • AXA's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:CS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from AXA Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:CS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 3.03 3.41 2.85 11.00
2020-12-31 2.94 3.27 2.78 14.00
2019-12-31 2.78 2.91 2.59 9.00
ENXTPA:CS Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.79
2018-09-30 1.55
2018-06-30 2.31
2018-03-31 2.41
2017-12-31 2.50
2017-09-30 2.43
2017-06-30 2.35
2017-03-31 2.42
2016-12-31 2.48
2016-09-30 2.45
2016-06-30 2.41
2016-03-31 2.28

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • AXA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess AXA's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
AXA has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has AXA performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare AXA's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • AXA's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • AXA's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • AXA's 1-year earnings growth is negative, it can't be compared to the FR Insurance industry average.
Earnings and Revenue History
AXA's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from AXA Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:CS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 106,407.00 1,878.00 10,976.00
2018-09-30 114,708.50 3,693.50 10,677.00
2018-06-30 123,010.00 5,509.00 10,378.00
2018-03-31 127,801.00 5,744.50 10,405.50
2017-12-31 132,592.00 5,980.00 10,433.00
2017-09-30 131,860.50 5,831.00 10,444.00
2017-06-30 131,129.00 5,682.00 10,455.00
2017-03-31 129,080.00 5,841.50 10,377.00
2016-12-31 127,031.00 6,001.00 10,299.00
2016-09-30 120,907.50 5,912.00 10,026.50
2016-06-30 114,784.00 5,823.00 9,754.00
2016-03-31 115,121.00 5,535.50 9,898.00
2015-12-31 115,458.00 5,248.00 10,042.00
2015-09-30 119,655.50 5,000.50 9,985.00
2015-06-30 123,853.00 4,753.00 9,928.00
2015-03-31 122,675.50 4,735.00 9,577.50
2014-12-31 121,498.00 4,717.00 9,227.00
2014-09-30 123,779.00 4,726.00 9,277.50
2014-06-30 126,060.00 4,735.00 9,328.00
2014-03-31 125,493.50 4,466.50 9,476.00
2013-12-31 124,927.00 4,198.00 9,624.00
2013-09-30 122,750.00 3,945.00 9,630.50
2013-06-30 120,555.00 3,692.00 9,635.00
2013-03-31 120,416.50 3,728.50 9,586.50
2012-12-31 120,278.00 3,765.00 9,538.00
2012-09-30 112,586.50 2,668.50 9,572.50
2012-06-30 104,895.00 1,519.00 9,664.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if AXA has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • AXA used its assets less efficiently than the FR Insurance industry average last year based on Return on Assets.
  • AXA has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess AXA's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
AXA has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is AXA's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up AXA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • AXA's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • AXA's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of AXA's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from AXA Company Filings, last reported 4 months ago.

ENXTPA:CS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 80,048.00 58,779.00 32,387.00
2018-09-30 80,048.00 58,779.00 32,387.00
2018-06-30 84,352.00 52,137.00 41,171.00
2018-03-31 84,352.00 52,137.00 41,171.00
2017-12-31 84,023.00 46,218.00 25,082.00
2017-09-30 84,023.00 46,218.00 25,082.00
2017-06-30 86,099.00 40,935.00 28,143.00
2017-03-31 86,099.00 40,935.00 28,143.00
2016-12-31 87,383.00 45,216.00 28,016.00
2016-09-30 87,383.00 45,216.00 28,016.00
2016-06-30 90,360.00 41,984.00 35,057.00
2016-03-31 90,360.00 41,984.00 35,057.00
2015-12-31 83,166.00 41,049.00 27,967.00
2015-09-30 83,166.00 41,049.00 27,967.00
2015-06-30 81,694.00 34,467.00 25,694.00
2015-03-31 81,694.00 34,467.00 25,694.00
2014-12-31 78,275.00 36,362.00 23,047.00
2014-09-30 78,275.00 36,362.00 23,047.00
2014-06-30 69,881.00 32,384.00 22,720.00
2014-03-31 69,881.00 32,384.00 22,720.00
2013-12-31 63,238.00 37,841.00 22,262.00
2013-09-30 62,863.00 39,004.00 22,395.00
2013-06-30 60,065.00 38,595.00 25,568.00
2013-03-31 60,065.00 38,595.00 25,568.00
2012-12-31 59,736.00 43,110.00 31,356.00
2012-09-30 59,794.00 43,110.00 31,356.00
2012-06-30 56,572.00 43,101.00 31,332.00
  • AXA's level of debt (73.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (59.7% vs 73.4% today).
  • Debt is not well covered by operating cash flow (13%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 14.5x coverage).
X
Financial health checks
We assess AXA's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. AXA has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is AXA's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.97%
Current annual income from AXA dividends. Estimated to be 6.94% next year.
If you bought €2,000 of AXA shares you are expected to receive €119 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • AXA's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.58%).
  • AXA's dividend is above the markets top 25% of dividend payers in France (4.5%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:CS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
France Insurance Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 5.5%
France Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:CS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.66 1.00
2022-12-31 1.61 1.00
2021-12-31 1.66 15.00
2020-12-31 1.56 20.00
2019-12-31 1.46 18.00
ENXTPA:CS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-12 1.340 5.867
2019-02-21 1.340 6.068
2018-03-20 1.260 5.868
2018-02-22 1.260 5.340
2017-03-27 1.160 4.653
2017-02-23 1.160 4.954
2016-04-27 1.100 5.347
2015-02-25 0.950 4.165
2014-02-21 0.810 4.338
2013-02-21 0.720 4.346
2012-08-03 0.690 5.533
2012-02-16 0.690 6.555
2011-02-17 0.690 5.724
2010-04-29 0.550 4.128

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, AXA has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but AXA only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of AXA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess AXA's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can AXA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AXA has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of AXA's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Thomas Buberl
COMPENSATION €5,042,394
AGE 45
TENURE AS CEO 2.7 years
CEO Bio

Dr. Thomas Buberl, Ph.D. served as Chairman of the Board at AXA Equitable Holdings, Inc., since November 2017 until March 2019 and has been its Director since September 2016. He has been Chief Executive Officer and Director of AXA since September 1, 2016. From March 2016 to August 2016, Dr. Buberl was Deputy Chief Executive Officer (Director Général Adjoint) of AXA. From March 2015 to March 2016, he was Chief Executive Officer of the Global Business Line for the Health Business and joined the AXA Management Committee. He was the Head of Strategy, Personnel & Organization at AXA Lebensversicherung AG. From January 2016 to March 2016, Dr. Buberl was also Chief Executive Officer of the global business line Life & Savings. From 2000 to October 2005, Dr. Buberl worked at the Boston Consulting Group and held various management positions as a Consultant for the banking & insurance sector in Germany and abroad. From November 2005 to October 2008, he had worked for the Winterthur Group as member of the Management Board of Winterthur in Switzerland, first as Chief Operating Officer and then as Chief Marketing and Distribution Officer. Then, he joined Zurich Financial Services where he had been Chief Executive Officer for Switzerland, from November 2008 to April 2012. From May 2012 to April 2016, he was Chief Executive Officer of AXA Konzern AG (Germany). He served as Managing Director and Chief Executive Officer of Vinci B.V. (the Netherlands). He served as Chairman of the Management Board at AXA Konzern AG (Germany), AXA Krankenversicherung AG (Germany), AXA Lebensversicherung AG (Germany), AXA Versicherung AG (Allemagne) and DBV Deutsche Beamtenversicherung AG (Germany). Dr. Buberl has been a Director of AXA Equitable Life Insurance Company since May 2016. Dr. Buberl has been a Director of MLOA since May 2016. He serves as Chairman of AXA Leben AG (Switzerland). He served as the Chairman of the Supervisory Board at AXA Konzern AG (Germany) since May 2016 until 2018. He served as the Chairman at AXA Versicherungen AG since 2016 until May 2018. He serves as Director at AXA ASIA (SAS), AXA America Holdings (United States), Inc since September 2016 and its Chairman since November 2017, AXA Equitable Life Insurance Company (United States) since May 2016, AXA Financial, Inc., MONY Life Insurance Company of America (United States). He served as Chairman of the Supervisory Board at AXA Krankenversicherung AG (Germany), AXA Lebensversicherung AG (Germany), AXA Versicherung AG (Allemagne) and Deutsche Ärzteversicherung AG (Germany). He served as Deputy Chairman of the Supervisory Board at Roland Rechtsschutz-Versicherungs-AG (Germany). He has been a Members of the Supervisory Board at Bertelsmann SE & Co. KGaA since January 16, 2018. He has been Director of XL Group Ltd. since September 12, 2018. He served as Director or Member of the Supervisory Board: AXA ART Versicherung AG (Germany), AXA Life Insurance Co. Ltd (Japan), Tertia GmbH (Germany). In 2008 he was nominated as a Young Global Leader by the World Economic Forum. He holds a Master of Economics degree from WHU Koblenz (Germany), an MBA from Lancaster University (UK) and a PhD in Economics from the University of St.Gallen (Switzerland).

CEO Compensation
  • Thomas's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Thomas's remuneration is higher than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the AXA management team in years:

2.8
Average Tenure
52
Average Age
  • The tenure for the AXA management team is about average.
Management Team

Thomas Buberl

TITLE
CEO & Director
COMPENSATION
€5M
AGE
45
TENURE
2.7 yrs

Doina Palici-Chehab

TITLE
Employee Shareholders' Representative Director
COMPENSATION
€108K
AGE
61

Gérald Harlin

TITLE
Deputy CEO & CFO
COMPENSATION
€1M
AGE
63
TENURE
9.3 yrs

Bertrand Poupart-Lafarge

TITLE
Chief Financial Officer of France
AGE
50
TENURE
0.3 yrs

Astrid Stange

TITLE
Chief Operating Officer
TENURE
1.4 yrs

Laurent Clamagirand

TITLE
Group Chief Investment Officer
AGE
52
TENURE
7.5 yrs

Nicolas Leclercq

TITLE
Head of Group Corporate Finance & Treasury

Marc Blottière

TITLE
Group Chief Information Officer
TENURE
1.3 yrs

Andrew Wallace-Barnett

TITLE
Senior VP & Head of Investor Relations
TENURE
5.3 yrs

Helen Browne

TITLE
Group General Counsel
TENURE
2.9 yrs
Board of Directors Tenure

Average tenure and age of the AXA board of directors in years:

7.1
Average Tenure
63.5
Average Age
  • The tenure for the AXA board of directors is about average.
Board of Directors

Denis Pierre Duverne

TITLE
Chairman of the Board
AGE
65
TENURE
1.1 yrs

Thomas Buberl

TITLE
CEO & Director
COMPENSATION
€5M
AGE
45
TENURE
2.7 yrs

Claude Bébéar

TITLE
Honorary Chairman
AGE
83
TENURE
9.1 yrs

Jean-Denis Talon

TITLE
Chairman of AXA Canada Operations
AGE
77

Doina Palici-Chehab

TITLE
Employee Shareholders' Representative Director
COMPENSATION
€108K
AGE
61
TENURE
7.1 yrs

Jacques de Peretti

TITLE
Chairman & CEO of AXA France
AGE
58
TENURE
0.9 yrs

Stefan Lippe

TITLE
Independent Director
COMPENSATION
€216K
AGE
63
TENURE
7.1 yrs

Jean-Pierre Clamadieu

TITLE
Senior Independent Director
COMPENSATION
€103K
AGE
60
TENURE
0.1 yrs

François Martineau

TITLE
Director
COMPENSATION
€81K
AGE
67
TENURE
11.1 yrs

Ramon de Oliveira-Cezar

TITLE
Independent Director
COMPENSATION
€179K
AGE
64
TENURE
10.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess AXA's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. AXA has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is AXA SA's (EPA:CS) CEO Pay Justified?

We took a group of companies with market capitalizations over €7.1b, and calculated the median CEO total compensation to be €2.9m. … It would therefore appear that AXA SA pays Thomas Buberl more than the median CEO remuneration at large companies, in the same market. … We compared total CEO remuneration at AXA SA with the amount paid at other large companies.

Simply Wall St -

Is AXA SA (EPA:CS) Potentially Undervalued?

saw significant share price movement during recent months on the ENXTPA, rising to highs of €22.32 and falling to the lows of €18.54. … Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price? … Let’s take a look at AXA’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

A Look At AXA SA's (EPA:CS) Exceptional Fundamentals

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on AXA SA (EPA:CS) due to its excellent fundamentals in more than one area.

Simply Wall St -

What To Know Before Buying AXA SA (EPA:CS) For Its Dividend

There is a lot to be liked about AXA SA (EPA:CS) as an income stock. … The stock currently pays out a dividend yield of 6.7%, and has a market cap of €45b. … 5 questions to ask before buying a dividend stock

Simply Wall St -

Do Directors Own AXA SA (EPA:CS) Shares?

The big shareholder groups in AXA SA (EPA:CS) have power over the company. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership.

Simply Wall St -

Why AXA SA (EPA:CS) Could Be Worth Watching

received a lot of attention from a substantial price movement on the ENXTPA over the last few months, increasing to €23.71 at one point, and dropping to the lows of €21.4. … A question to answer is whether AXA's current trading price of €22.32 reflective of the actual value of the? … Let’s take a look at AXA’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Does AXA SA's (EPA:CS) PE Ratio Warrant A Buy?

While this makes CS appear like a good stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … I will explain what the P/E ratio is as well as what you should look out for when using it … Demystifying the P/E ratio

Simply Wall St -

How AXA SA's (EPA:CS) Earnings Growth Stacks Up Against The Industry

In this article, I will take a look at AXA SA's (EPA:CS) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … Did CS's recent earnings growth beat the long-term trend and the industry. … CS's trailing twelve-month earnings (from 31 December 2017) of €5.98b has

Simply Wall St -

Should You Be Concerned About AXA SA's (EPA:CS) Shareholders?

I am going to take a deep dive into AXA SA’s (EPA:CS) most recent ownership structure, not a frequent subject of discussion among individual investors. … Ownership structure has been found to have an impact on shareholder returns in both short- and long-term. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment.

Simply Wall St -

What To Know Before Buying AXA SA (EPA:CS) For Its Dividend

AXA SA (EPA:CS) has pleased shareholders over the past 10 years, paying out an average dividend of 5.00% annually. … The company currently pays out a dividend yield of 6.08% to shareholders, making it a relatively attractive dividend stock. … Does AXA tick all the boxes of a great dividend stock?

Simply Wall St -

Company Info

Description

AXA SA, through its subsidiaries, provides insurance and asset management services worldwide. It operates in seven segments: France, Europe, Asia, AXA XL, the United States, International, and Transversal & Central Holdings. The company offers a range of insurance products, including life and savings, property and casualty, and health. Its products include motor, household, property and general liability insurance, banking, savings vehicles, and other investment-based products for personal/individual and commercial/group customers, as well as health, protection, and retirement products for individual or professional customers. The company also provides term life, whole life, universal life, endowment, and deferred and immediate annuities; medical cover; and other protection and health products, such as disability, cancer, and critical illness. In addition, it offers unit-linked, group term, and hospital cash products and investment products; and coverage against excess and surplus lines, environmental and professional liability, construction, marine, energy, aviation and satellite, fine art and specie, equine, livestock and aquaculture, accident and health and crisis management, and other risks. Further, the company provides casualty, property risk, property catastrophe, specialty, and other reinsurance lines; and individual and group retirement products, and employee benefits. Additionally, it is involved in the provision of investment management services through managed accounts, hedge funds, mutual funds, and other investment vehicles to private clients, as well as fundamental research, quantitative, and brokerage-related services in equities and listed options for institutional investors; management of retail mutual funds for individual investors; and management of investments on behalf of institutional clients. The company was founded in 1852 and is headquartered in Paris, France.

Details
Name: AXA SA
CS
Exchange: ENXTPA
Founded: 1852
€53,480,439,568
2,383,794,944
Website: http://www.axa.com
Address: AXA SA
25, avenue Matignon,
Paris,
Ile-de-France, 75008,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA CS Ordinary Shares Euronext Paris FR EUR 02. Jan 1980
OTCPK AXAH.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1980
DB AXA Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1980
XTRA AXA Ordinary Shares XETRA Trading Platform DE EUR 02. Jan 1980
LSE 0HAR Ordinary Shares London Stock Exchange GB EUR 02. Jan 1980
SWX CS Ordinary Shares SIX Swiss Exchange CH CHF 02. Jan 1980
BIT AXA Ordinary Shares Borsa Italiana IT EUR 02. Jan 1980
WBAG CS Ordinary Shares Wiener Boerse AG AT EUR 02. Jan 1980
BMV AXA N Ordinary Shares Bolsa Mexicana de Valores MX MXN 02. Jan 1980
BATS-CHIXE CSP Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1980
OTCPK AXAH.Y SPONSORED ADR Pink Sheets LLC US USD 25. Jun 1996
DB AXAA SPONSORED ADR Deutsche Boerse AG DE EUR 25. Jun 1996
Number of employees
Current staff
Staff numbers
119,780
AXA employees.
Industry
Multi-line Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 21:12
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/03/12
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.