Ageas Upgrade

Ahead of its interim earnings report on 27 August, AlphaValue/Baader Europe upgraded Ageas from reduce to add and raised its price target to €83.40 from €73.40. The note also increased EPS assumptions, raising the 2026 EPS to €7.85 (up 9.02 %) and the 2027 EPS to €7.95 from €7.18. The upgrade is premised on expected earnings momentum in Europe, driven by synergies from the esure acquisition in the UK—particularly as motor insurance prices have begun to bottom out. In Belgium, the group is expected to benefit mechanically from the buyout of AG Insurance’s minority shareholders by BNP Paribas.