Berenberg Tweaks Ageas Forecasts After 'Strong Set' of H1 Results; Price Target Up

MT Newswires · 1d ago
10:32 AM EDT, 08/28/2026 (MT Newswires) -- Berenberg revised its earnings forecasts for ageas (AGS.BR) to better reflect the Belgian insurer's raised full-year 2026 net operating result guidance, alongside its "strong set" of first-half results. "Ageas reported a strong set of H1 2026 results on 27 August, with a EUR776m net operating result (versus consensus of EUR697m) and cash at holding of EUR1,167m (versus consensus of EUR1,038m). In addition, the company raised its FY 2026 net operating result guidance from over EUR1,500m to over EUR1,950m, which reflects the benefit of the EUR450m gain on the sale of the Malaysian joint venture (JV), as well as raising its cash remittance guidance from over EUR1.2bn to over EUR1.4bn, and stating that cash at holding could reach a range of EUR2.1bn-2.2bn for FY 2026," according to a Friday note. As such, Berenberg lowered its "relatively optimistic" net operating result forecasts by 2% to 2.02 billion euros for 2026, by 3% to 1.73 billion euros for 2027, and by 2% to 1.99 billion euros for 2028. The research firm also raised its price target to 90 euros from 86.30 euros, noting "deal optionality" tied to its estimate of 1.2 billion euros in excess cash. Ageas' buy rating was maintained.