Company Valuation: AXA SA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 62,576 62,187 64,437 72,930 83,440 89,338 - -
Change - -0.62% 3.62% 13.18% 14.41% 7.07% - -
Enterprise Value (EV) 1 59,292 94,301 96,039 113,315 118,464 104,938 104,938 104,938
Change - 59.04% 1.84% 17.99% 4.54% -11.42% 0% 0%
P/E 8.82x 9.21x 9.42x 9.81x 9.04x 10.7x 9.74x 9.07x
PBR 0.96x 1.49x 1.3x 1.4x 1.71x 1.85x 1.75x 1.7x
PEG - -1.95x 0.9x 0.8x 0.3x -1.23x 1.01x 1.22x
Capitalization / Revenue 0.63x 0.61x 0.77x 0.84x 0.92x 0.78x 0.75x 0.72x
EV / Revenue 0.59x 0.92x 1.15x 1.3x 1.3x 0.92x 0.88x 0.84x
EV / EBITDA - - - - - - - -
EV / EBIT 6.23x 10.1x 10.4x 10.9x 11.4x 9.07x 8.37x 7.94x
EV / FCF 9.6x 12.5x 16x 9.45x 5.4x 15.4x 14.6x 11.8x
FCF Yield 10.4% 7.98% 6.26% 10.6% 18.5% 6.49% 6.84% 8.48%
Dividend per Share 2 1.54 1.7 1.98 2.15 2.32 2.502 2.715 2.935
Rate of return 5.88% 6.52% 6.71% 6.26% 5.66% 5.66% 6.15% 6.65%
EPS 2 2.97 2.83 3.13 3.5 4.53 4.136 4.534 4.87
Distribution rate 51.9% 60.1% 63.3% 61.4% 51.2% 60.5% 59.9% 60.3%
Net sales 1 99,931 102,345 83,627 87,303 91,139 113,822 119,231 124,784
EBITDA - - - - - - - -
EBIT 1 9,514 9,329 9,218 10,412 10,368 11,576 12,541 13,217
Net income 1 7,294 6,675 7,189 7,886 9,797 8,374 9,000 9,518
Net Debt 1 -3,284 32,114 31,602 40,385 35,024 15,600 15,600 15,600
Reference price 2 26.18 26.06 29.49 34.32 40.96 44.16 44.16 44.16
Nbr of stocks (in thousands) 2,389,774 2,386,757 2,185,051 2,124,998 2,037,115 2,023,058 - -
Announcement Date 24/02/22 23/02/23 22/02/24 27/02/25 26/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
6.72x4.94x - 5.11% 143B
10.68x0.92x - 5.66% 104B
13.14x - - 2.76% 101B
14.2x1.06x1.07x4.05% 78.73B
14.72x - - 3.16% 73.7B
12.75x - - 2.4% 62.04B
17.57x - - 2.9% 60.02B
16.53x3.11x - 2.09% 58.76B
12.49x - - 4.4% 53.23B
Average 13.20x 2.51x 1.07x 3.62% 81.63B
Weighted average by Cap. 12.37x 2.78x 1.07x 3.85%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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