In addition to the generous dividend yield, the investment bank expects shares to rise by 30% over the next 12 months.
Bank of America has named European insurance giant AXA as one of its top picks in the insurance sector, given its attractively low valuation and generous dividends. The investment bank believes AXA shares are a bargain because it is predicted to earn much more than its stock price suggests. Andrew Sinclair, analyst at Bank of America, said in a note to clients on June 5 that AXA was currently trading on 7 times its estimated earnings in 2024, with a 9.2% total capital return yield.
CS-FR 1Y line The Wall Street bank's analyst said AXA is looking even more attractive after changes in accounting rules, known as IFRS17. This new system, which the bank has already adopted in its predictions, reduces uncertainty about future earnings. It now sees the company's earnings per share growing 7% annually from 2023 to 2026. At the same time, the dividends per share are expected to increase by 9% annually from 2022 to 2025.
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