Bond.az - Goldman Sachs reinstated coverage on Ageas (AGS:BB) (OTC:AGESY) with a Neutral rating and a price target of EUR70.00. The stock trades at a P/E ratio of 7.46.
Analyst Andrew Baker cited the company's complexity following recent mergers and acquisitions. Ageas now fully owns AG Insurance, Belgium's leading insurer, and is a top-three player in UK personal lines.
Goldman Sachs believes Ageas is entering an execution phase with limited upside risk. The company returned 26% over the past year and has a 4.65% dividend yield, paying dividends for 17 consecutive years.
