EFTA Document EFTA01385510

> Financials Deutsche Bank 0 AXA - Oliver Steel, BUY, close €25.20, €28.50 tgt, 13% upside ■ AXA is geared to rising bond yields, especially in the US, and the DB house view sees upside to bond yields from better macro. - The downside in any case is modest: US 10 year would need to fall to 1.5% before further reserving fears could be valid. ■ The solvency ratio is robust at 200%. ■ We see re-rating potential as M&A plans are executed. This cannot be risk free, but the scale of the plans