Aviva PLC (AV)
is up about 85% since management first laid out a comprehensive
restructuring plan in July of 2012. While that sounds like an impressive
return, it's not quite as remarkable when compared to the 70%-plus
gains for Prudential PLC (PUK) and Legal & General (OTCPK:LGGNY), and the 50%-plus gains for Allianz (OTCQX:AZSEY) and AXA (OTCQX:AXAHY).
Aviva management has done a good job of turning over its senior
management and progressing with cost-cutting, shedding non-core
businesses, and reducing leverage. Evaluating Aviva's fair value is a
little more challenging, but even with the challenges presented by a
change in the key U.K. annuities market, Aviva looks about 10%
undervalued today.
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Aviva PLC Getting Better, But Maybe Not This Fast
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