Talanx AG

TLX: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€33.30	Ymcn	Wsscztnx

Talanx Earnings: Solid Performance; Shares Are Overvalued

Henry Heathfield

Aug 14, 2024

Talanx has reported a decent set of results for the first half of 2024, delivering net income of EUR 1.09 billion. This means the business generated EUR 518 million of net income in the second quarter, ahead of the EUR 457 million company-compiled consensus estimate. While the results, so far, mean Talanx is on track to deliver ahead of our EUR 1.8 billion estimate for full-year net income, Talanx’s full-year target of equal to, or better, than EUR 1.7 billion stands as does the target of a more than 15% return on equity. We maintain our EUR 62.20 fair value estimate and no moat rating.

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