(News Bulletin 247) – Berenberg announced on Friday that it had raised its price target on AXA, which it raised from 32 to 33 euros following the pleasant surprise of share buybacks announced yesterday on the occasion of the 2022 annual results.
The French insurance giant yesterday formalized the immediate launch of a share buyback program for a maximum amount of 1.1 billion euros, an announcement that surprised the market according to the analyst.
According to the intermediary, the surprise comes mainly from the desire shown by the management team to propose a payout ratio of 70% of operating profit, in the form of both share buybacks and dividends.
For Berenberg, maintaining such a level of shareholder remuneration appears sustainable over time, as does the continuation of a rate of share buybacks of around 1.1 billion euros.
The professional therefore maintains his buying advice on the value.
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