AXA SA

CS: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€76.00	Zvq	Jssjw

AXA Raises Dividend and Launches Another Buyback, Strategy Stays

Henry Heathfield

Feb 23, 2023

We think the market has been hesitant on the ability of AXA to meet expectations because Feb. 23's EUR 3.08 in underlying earnings per share, while in line with FactSet consensus estimates, has resulted in a 4% pop in AXA shares. We maintain our EUR 29.8 fair value estimate and our no-moat rating.

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