Ageas Price Target Up as Berenberg Notes Maybank JV Stake Sale; Buy Rating Kept

06:54 AM EDT, 08/04/2026 (MT Newswires) -- Berenberg raised its price target for Ageas (AGS.BR), with an unchanged buy rating, as analysts took note of the Belgian insurer's sale of its 30.95% stake in Maybank Ageas Holdings to Malaysian joint venture partner Malayan Banking. "The EUR1.1bn sale value is equivalent to c2x P/book, c17x 2025 P/E and c55x the annual average EUR20m cash received by Ageas over the past five years. Once the deal closes, which Ageas expects to be in H2 2026, the EUR1.1bn will be remitted to the group, and this will boost solvency by 25%," according to a Tuesday note. The price target was raised to 86.30 euros from 73 euros, reflecting the research firm's higher valuation multiple applied to the Asian business, supported by the Malaysian transaction. "Ageas added that if at the time that it receives the cash it cannot reinvest the proceeds profitably, then it would consider a buyback. For this reason, we raise our buyback forecast for 2027E from EUR75m to EUR200m, and for 2028E from EUR125m to EUR200m," the note said. Berenberg also maintained its dividend per share forecasts for 2026 through 2028. Net income and adjusted operating EPS projections were revised across the three-year period, with the 2026 and 2028 estimates raised, while that for 2027 was trimmed.