Aviva (AV.V): what's it worth

[Asagi]

I bought shares in Aviva yesterday, ahead of today's results.

ticker: AV.
Year end: December
Market cap: £20.4bn
bid:offer: 498.6p:498.9p

2018 P/E: 9.0
forecast yield: 5.8%

the company seems to have turned a corner after decades of cyclical performance. Aviva looks to be on the strongest footing I have seen it.

Results this morning:
https://www.investegate.co.uk/aviva-plc ... 00020478H/

Operating EPS up 7% to 54.8 pence (2016: 51.1 pence)
Operating profit up 2% to £3,068 million (2016: £3,010 million)
...
Dividend
2017 total dividend per share up 18% to 27.4 pence (2016: 23.3 pence)
Dividend payout ratio 50%, 2017 target delivered
...
Capital
Solvency II capital surplus £12.2 billion (2016: £11.3 billion)

management speak:

This marks the fourth consecutive year of double-digit growth in the total dividend and we have reached our target of paying out 50% of operating EPS.

Having successfully executed our plan to strengthen the balance sheet and focus Aviva on those businesses with the strongest fundamentals, we have increased our growth ambitions. Our 2017 results provide evidence that we are capable of delivering consistent growth in operating EPS and dividends.

despite management's noises on growth, it seems that the market isn't buying it. I will try and update with 2019 forecast if I see one. Opinions?

Regards,

Asagi

(long AV.)