AXA SA (AXAF.PA): Model Update

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31 Jul 2026 09:15:37 ET │ 11 pages

AXA SA (AXAF.PA)

Model Update

CITI'S TAKE

Buy

Price (30 Jul 26 17:30)

Target price

Expected share price return

Expected dividend yield

Expected total return

Market Cap

We update our model post 1H earnings, leaving Underlying EPS largely

unchanged (+/- 1%).

James A ShuckAC

AXA SA (EUR)

Year to 31 Dec

2024A

2025A

2026E

2027E

2028E

Operating Profit (€M)

Diluted EPS (€)

10,701.0

3.59

11,041.0

3.86

11,641.1

4.20

12,298.4

4.50

12,756.9

4.76

Diluted EPS (Old) (€)

3.59

3.86

4.20

4.46

4.71

PE (x)

12.6

11.7

10.8

10.1

9.5

DPS (€)

2.15

2.32

2.52

2.70

2.86

Net Div Yield (%)

Solvency II BV Per Share (€)

Price/ SIIBVPS (x)

4.8

5.1

5.6

6.0

6.3

35.04

35.55

37.35

39.57

41.95

1.3

1.2

1.1