Opinions Benj Gallander
Aegon N.V.AEGBUYFeb 19, 2020
He owns this and is underwater on it. It pays a great dividend and they just increased it again. This is still a buy for him. It is an insurance and wealth management company.
Benj GallanderOwned
$4.04
Stock price when the opinion was issued
Financial Services
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STRONG BUY
It's been a laggard for many years. As soon as long-term bond yields rose, this has performed well. This should be trading 50% higher, so he's very bullish.
Lorne SteinbergOwned
Financial Services
HOLD
A lifeco based in Holland with many operations in the U.S. Like all its European peers, it has suspended its dividend. Actually, the PE is less than 4x. AEG and most lifecos will survive this crisis; the assets side of their balance sheet are strong with highly rated bonds. Selling this is painful and criminal, so just endure the pain and ride it out. This is a strange time, but investors shouldn't fear that we're entering a black hole.
Financial Services
PAST TOP PICK
(A Top Pick Jan 31/19, Down 15%) They keep on raising the dividend. Private equity is paying so much more for businesses than investors are that we expect to see some businesses divested from AEG-N. This would be a catalyst.
Lorne SteinbergOwned
Financial Services
COMMENT
Brexit deal positive for them? Doesn't know how Brexit will effect them. 33% of their business is in the UK and half in the U.S. They've been struggling like all insurers because of low interest rates. If those rates don't rise, AEG will languish. They have enough capital, and boast reasonable total returns. Dividend is high at 7%.
Financial Services
HOLD
He owns this one as he paid over $7. He still likes the wealth management and insurance businesses. Negative interest rates are impacted their profitability although he thinks it is very dangerous. Longer term he thinks rates will return. He is happy to continue holding it, but will be looking for tax loss selling in the spring.
Benj GallanderOwned
Financial Services
WEAK BUY
It is a 50% US / 50% Europe insurance company. The dividend is covered by cash flow. It is suffering with zero interest rates that are killing the entire sector. They are making money and are profitable. You will have to live through a volatile time.
Lorne SteinbergOwned
Financial Services
HOLD
Long term? A big Dutch insurer. They were too active for him, selling off division and buying new ones. Good dividend. This could return to double digits. He's happy to wait. They almost didn't survive the 2008 recession, but is doing much better now. But for now, he'll collect the dividend and see if it improves.
Benj GallanderOwned
Financial Services
PAST TOP PICK
(A Top Pick Jan 16/18, Down 19%) He's owned this since 2014. It reported last week: revenues and earnings were down, but increased their dividend which is fat and what's he looking for. He sees this going to $20, but that's a long way off.
Benj GallanderOwned
Financial Services
