Ageas BE0974264930

wk 5 ageas

1. Jeliazkov 4 februari 2011 14:21

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   Nederlandse maffia:
   
   www.telegraaf.nl/dft/nieuws_dft/89280...
2. [verwijderd] 4 februari 2011 14:31

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   Wat denk je hiervan!
   
   BUY OR SELL-Ageas shares to brush off bond, legacy concerns 2011-02-04 13:04:03 GMT (Reuters)
   
   By Ben Deighton
   
   BRUSSELS, Feb 4 (Reuters) - Ageas, the insurer left after the break-up of Dutch-Belgian bank Fortis, is tipped to keep outperforming in 2011, despite legal threats from former Fortis shareholders and exposure to Belgian government debt.
   
   According to Starmine data, six brokers have Ageas as a "strong buy", 10 a "buy", four a "hold" and one a "sell".
   
   The company's shares have fallen 16 percent in the last 12 months, but since the beginning of the year they have risen by 28 percent, and closed on Thursday at 2.1960 euros.
   
   The Stoxx European insurance index has risen 21 percent in the past year and 14 percent since the end of 2010.
   
   BUY ON VALUATION
   
   Ageas trades at 8.45 times estimated earnings, while its global multiline insurance peers trade at an average multiple of 15.45, Reuters data shows.
   
   "When I look at the stock, it's simply a valuation exercise; I arrive at a valuation of over 3 euros," said Dirk Peeters at KBC, who has a "buy" recommendation and 3.25 euro price target.
   
   Peeters said drawn-out litigation could take at least five years to conclude, so was not a short or medium-term problem.
   
   "Aside from that, operating earnings are doing fine ... and if there is any positive news to come, then it's going to be a little bit earlier in time."
   
   RBS analyst Thomas Nagtegaal, who has a 'buy' rating on Ageas, said he was not worried about the Belgian economy as the country's budget deficit was low.
   
   In November, Ageas said it was still expecting a full-year increase in premiums after they rose by 17 percent in the third quarter, boosted by its Asian operations.
   
   "You have a significant repricing drive in their non-life business, especially in the UK, plus you have nice earnings growth, valuable assets in Asia and more value in the legacy items than the market is giving them credit for," said Nagtegaal.
   
   SELL ON LEGAL RISKS, BELGIAN BONDS
   
   Fortis was carved up by the Dutch, Belgian and Luxembourg governments in October 2008 after an 11.2 billion euro ($15.3 billion) cash injection failed to stem the slide of Fortis shares. It has left a lot of irate shareholders.
   
   Ageas could face damage claims from former Fortis shareholders who lost cash during the financial crisis, after a report ordered by a Dutch court concluded last year that Fortis made mistakes in communicating with the public.
   
   "We put an uncertainty discount as it is unclear how the lawsuits will end," says Rabobank in a note. It has a "hold" recommendation and a 2.50 euro target price.
   
   Around a third of Ageas's government bond portfolio is Belgian, a country that has been without a government since elections last June.
   
   Belgium's national debt is about the same size as its annual output, and investors worry that it will have difficulty trimming this without a government.
   
   The spread between Belgian 10-year bonds and benchmark German bunds widened to more than 140 basis points in January due to worries about its debt, though the spreads have since fallen back.
   
   Autonomous analyst Farquhar Murray cut his Ageas rating to 'underperform' from 'outperform' in December 2010 due to deteriorating sovereign sentiment.
   
   "Belgium is particularly vulnerable to weakening sentiment," he said in a note. "With 10.3 billion euros of Belgian exposure, Ageas is likely to suffer most." (Editing by Will Waterman) ($1=.7335 euro)
   
3. [verwijderd] 4 februari 2011 15:07

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   "When I look at the stock, it's simply a valuation exercise; I arrive at a valuation of over 3 euros," said Dirk Peeters at KBC, who has a "buy" recommendation and 3.25 euro price target.
   
   3,25?? altijd al gedacht dat die 2 een 3 moet zijn.lol
4. dulieu 4 februari 2011 16:25

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   Klinkt allemaal positief, met een wat onzekere ondergrond.Die 3.00 moet haalbaar zijn en zal worden overschreden als er meer juridische duidelijkheid is. Ik ben ook benieuwd naar de schikking met de Ned. Staat. Als dat gunstig uitpakt krijgt Ageas weer een slinger omhoog.
5. [verwijderd] 4 februari 2011 16:40

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   me shortpositie maar wat uitgebreid vandaag
6. [verwijderd] 4 februari 2011 16:44

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   quote:

   jeliazkov schreef op 4 februari 2011 14:21:

   Nederlandse maffia:
   
   www.telegraaf.nl/dft/nieuws_dft/89280...
   

   :S
7. Jeliazkov 4 februari 2011 17:22

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   Dat de grootste schurk van Italie de naam Silvio draagt en dat dat Bos betekent, kan geen toeval zijn.
8. [verwijderd] 4 februari 2011 22:48

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   quote:

   jeliazkov schreef op 4 februari 2011 17:22:

   Dat de grootste schurk van Italie die naam Silvio draagt en dat dat Bos betekent, kan geen toeval zijn.
   

   ;-)
   iedereen kooptie om. anders zatie allang in de bak.
   Zou Bos nog steeds zo`n vreselijke stem hebben? je zou z`n partner maar zijn...