AXA: la cession d’AXA Private Equity est un léger mieux – Goldman Sachs

Goldman Sachs estime que la cession du contrôle d’AXA Private Equity par l’assureur AXA devrait avoir un impact positif de 2% sur son résultat par action 2013, estime Goldman Sachs.

[cleeng_content id= »770744584″ description= »Plus d\’analyses et de commentaires à découvrir…  » price= »0.19″ t= »article » referral= »0.05″]La banque maintient son avis « buy », avec un objectif de cours de 17,50€.

« This transaction does not come as a surprise to us as numerous press reports had suggested the Group was looking to sell this business (e.g. Reuters, September 23, 2011) and management has made clear its ambition to focus growth efforts on emerging markets and streamline other parts of the group.
The transaction multiple of <9x 2012 earnings does not appear particularly high for an asset manager, but we believe the earnings from this division were relatively volatile and not necessarily growing fast. This transaction further adds to Axa’s liquidity, which was reported as €5.1 bn at FY12. »

La banque estime toujours modérée la valorisation de l’assureur au regard d’une rentabilité des fonds propres « soutenable » qu’elle évalue à 14%.

« The stock currently trades below book value despite our 2013 forecast ROE of 14% (which we consider sustainable). We believe the spread between the cost of Axa’s hybrid debt (c.6%) and implied cost of equity (14%) is too high. We view the FY13E dividend yield of 6.4% as attractive; comfortably covered by subsidiary remittances. Our 12-month ROIC/MCEV-derived price target is unchanged at €17.50. »[/cleeng_content]

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