Allianz SE
ALV: XETR (DEU)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€361.00 | Rfmh | Lqsyjqnft |
Allianz Beats On; Shares Remain Undervalued
Allianz has reported typically strong results for the third quarter and first nine months. The results are by and large technically driven, and we like the beat. Our conservative estimate is that we’re probably behind what the business will deliver for the full year by around EUR 700 million in operating profit. The company has announced another EUR 1 billion buyback that will start soon and last for a year. Capitalisation remains good at 199%. We maintain our EUR 230 per share fair value estimate.