AXA SA ADR

AXAHY: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$92.00	Wmkh	Bgx

AXA Earnings: Good Performance Overshadowed by Mergers and Acquisitions

Henry Heathfield

Aug 2, 2024

AXA has, by and large, reported a good set of results for first-half 2024 with underlying earnings and underlying EPS ahead of our forecasts for the full year. They are also ahead of company-compiled consensus. However, these good results have been overshadowed by the lure of, and AXA’s appetite for, mergers and acquisitions.

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