Exane sees 'good value' offering in Aegon shares, ups to 'outperform'

Aegon

07/05/2025 10:09

** Exane BNP Paribas raises Aegon to "outperform" from "neutral," saying that after recent underperformance the stock now offers "good value"

** "FY 2024 results did not see the upgrades that investors have become accustomed to," broker says, adding that surprises were negative rather than positive

** Exane says that given Aegon's highest sensitivity to equity markets in the sector, a 10% move in US equity markets could equate to a 60 million euro ($68.17 million) impact on operating capital generation

** "This has been a material benefit in recent years," it says, adding that a weaker dollar is "the greatest headwind"

** Exane notes that Aegon's plan to reduce cash at holding to 1 billion euros, suggests 500 million euros of excess cash

** "A partial placement, plus excess cash reduction, could point to significant capital returns," Exane says

** Shares are up 1.2% at 0906 GMT

** Of 16 analysts that cover Aegon, ten rate the stock "strong buy" or "buy" and ​six rate it "hold"

($1 = 0.8802 euros)

 (Reporting by Dimitri Rhodes)

 ((Dimitri.rhodes@thomsonreuters.com))