French multinational, multiline insurance company AXA SA (OTCQX:AXAHY)
was badly dented during the credit crisis, particularly as the cost of
hedging its large variable annuity exposure got so expensive. Not unlike
MetLife (MET),
AXA has pursued a plan designed to increase the cash flow generated per
dollar of revenue and underlying profit while shifting business toward
more protection-oriented and less capital-intensive products. While AXA
still has a lot of leverage, the shares appear undervalued on a
long-term basis.
Read the full article here:
AXA's Progress Not Fully Reflected In The Shares
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