AXA
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
1 Year Returns
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.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for AXA.
| 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.
| 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.
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess AXA's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check) 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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess AXA's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from AXA Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess AXA's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from AXA Company Filings, last reported 4 months ago.
| 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).
Financial health checks
We assess AXA's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) AXA has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
€2,000 of
AXA
shares you are expected to receive
€119
in your first year as a dividend.
Dividend Amount
- 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.
| 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.
| 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 |
| 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.
Income/ dividend checks
We assess AXA's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the AXA management team is about average.
Management Team
Thomas Buberl
CEO & Director
€5M
45
2.7 yrs
Doina Palici-Chehab
Employee Shareholders' Representative Director
€108K
61
Gérald Harlin
Deputy CEO & CFO
€1M
63
9.3 yrs
Bertrand Poupart-Lafarge
Chief Financial Officer of France
50
0.3 yrs
Astrid Stange
Chief Operating Officer
1.4 yrs
Laurent Clamagirand
Group Chief Investment Officer
52
7.5 yrs
Nicolas Leclercq
Head of Group Corporate Finance & Treasury
Marc Blottière
Group Chief Information Officer
1.3 yrs
Andrew Wallace-Barnett
Senior VP & Head of Investor Relations
5.3 yrs
Helen Browne
Group General Counsel
2.9 yrs
Board of Directors Tenure
Average tenure and age of the AXA board of directors in years:
- The tenure for the AXA board of directors is about average.
Board of Directors
Denis Pierre Duverne
Chairman of the Board
65
1.1 yrs
Thomas Buberl
CEO & Director
€5M
45
2.7 yrs
Claude Bébéar
Honorary Chairman
83
9.1 yrs
Jean-Denis Talon
Chairman of AXA Canada Operations
77
Doina Palici-Chehab
Employee Shareholders' Representative Director
€108K
61
7.1 yrs
Jacques de Peretti
Chairman & CEO of AXA France
58
0.9 yrs
Stefan Lippe
Independent Director
€216K
63
7.1 yrs
Jean-Pierre Clamadieu
Senior Independent Director
€103K
60
0.1 yrs
François Martineau
Director
€81K
67
11.1 yrs
Ramon de Oliveira-Cezar
Independent Director
€179K
64
10.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess AXA's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleIs 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 - – Full articleA 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 - – Full articleWhat 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 - – Full articleDo 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 - – Full articleWhy 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 - – Full articleDoes 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 - – Full articleHow 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 - – Full articleShould 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 - – Full articleWhat 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 - – Full articleCompany 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
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.
