View Valuationageas 将来の成長Future 基準チェック /16ageasの収益は年間0.1%で減少すると予測されていますが、年間収益は年間10.7%で増加すると予測されています。EPS は年間 減少すると予測されています。自己資本利益率は 3 年後に15.6% 0.4%なると予測されています。主要情報-0.1%収益成長率-0.40%EPS成長率Insurance 収益成長5.6%収益成長率10.7%将来の株主資本利益率15.57%アナリストカバレッジGood最終更新日28 Apr 2026今後の成長に関する最新情報Major Estimate Revision • Feb 04Consensus EPS estimates increase by 12%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €7.05 to €7.88. Revenue forecast unchanged at €11.6b. Net income forecast to grow 24% next year vs 8.8% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €64.94. Share price rose 5.0% to €62.50 over the past week.Price Target Changed • Sep 04Price target increased by 7.0% to €63.03Up from €58.88, the current price target is an average from 10 analysts. New target price is 7.4% above last closing price of €58.70. Stock is up 25% over the past year. The company is forecast to post earnings per share of €7.01 for next year compared to €6.10 last year.Major Estimate Revision • Mar 27Consensus revenue estimates increase by 37%The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €14.0b to €19.3b. EPS estimate unchanged at €7.17. Net income forecast to grow 20% next year vs 9.7% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €55.47. Share price was steady at €56.15 over the past week.Major Estimate Revision • Sep 29Consensus revenue estimates increase by 78%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €7.20b to €12.8b. EPS estimate unchanged at €6.86. Net income forecast to grow 20% next year vs 15% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €50.74. Share price rose 2.5% to €48.14 over the past week.Major Estimate Revision • Sep 04Consensus revenue estimates decrease by 44%, EPS upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €12.9b to €7.20b. EPS estimate increased from €6.52 to €6.81 per share. Net income forecast to grow 20% next year vs 14% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €49.87. Share price was steady at €46.68 over the past week.Major Estimate Revision • Aug 14Consensus revenue estimates increase by 53%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €12.3b to €18.8b. EPS estimate unchanged at €6.52. Net income forecast to grow 24% next year vs 12% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €48.99. Share price rose 2.2% to €42.48 over the past week.すべての更新を表示Recent updatesお知らせ • Apr 30ageas SA/NV (ENXTBR:AGS) completed the acquisition of remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539).ageas SA/NV (ENXTBR:AGS) signed a framework agreement to acquire remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539) for €1.9 billion on December 7, 2025. A cash consideration of €1.9 billion will be paid by ageas SA/NV. As part of consideration, €1.9 billion is paid towards common equity of AG Insurance SA/NV. Upon completion, ageas SA/NV will own 100% stake in AG Insurance SA/NV. The transaction will be financed via equity placement of 18.5 million shares at a price if €60 per share valued at €1.1 billion to BNP Paribas Cardif and use of existing cash, existing financing facilities and flexibility in debt capital market. The deal is expected to be finalized in 2Q26, after obtaining the necessary regulatory approvals. ageas SA/NV (ENXTBR:AGS) completed the acquisition of remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539) on April 28, 2026. Pursuant the agreement, BNP Paribas nominated Renaud Dumora for appointment as a non-executive member of the Board of Directors of ageas SA/NV at the upcoming General Shareholders Meeting of May 20, 2026.Declared Dividend • Apr 26Final dividend of €1.58 announcedShareholders will receive a dividend of €1.58. Ex-date: 3rd June 2026 Payment date: 5th June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.2% over the next 3 years. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range.お知らせ • Apr 22ageas SA/NV, Annual General Meeting, May 20, 2026ageas SA/NV, Annual General Meeting, May 20, 2026, at 10:30 Romance Standard Time. Location: auditorium of ag insurance, ag campus rue du pont neuf 17, 1000 brussels, BelgiumReported Earnings • Apr 19Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: €9.10 (up from €6.10 in FY 2024). Revenue: €9.43b (up 11% from FY 2024). Net income: €1.71b (up 53% from FY 2024). Profit margin: 18% (up from 13% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 70%. Earnings per share (EPS) also surpassed analyst estimates by 9.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • Feb 25ageas SA/NV Proposes Gross Cash Dividend for 2025ageas SA/NV proposed total gross cash dividend of EUR 3.75 for 2025, fully in line with its commitment, +7% vs 2024.Major Estimate Revision • Feb 04Consensus EPS estimates increase by 12%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €7.05 to €7.88. Revenue forecast unchanged at €11.6b. Net income forecast to grow 24% next year vs 8.8% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €64.94. Share price rose 5.0% to €62.50 over the past week.分析記事 • Jan 14ageas SA/NV (EBR:AGS) Could Be Riskier Than It LooksWith a price-to-earnings (or "P/E") ratio of 9.7x ageas SA/NV ( EBR:AGS ) may be sending bullish signals at the moment...お知らせ • Dec 08ageas SA/NV (ENXTBR:AGS) signed a framework agreement to acquire remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539) for €1.9 billion.ageas SA/NV (ENXTBR:AGS) signed a framework agreement to acquire remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539) for €1.9 billion on December 7, 2025. A cash consideration of €1.9 billion will be paid by ageas SA/NV. As part of consideration, €1.9 billion is paid towards common equity of AG Insurance SA/NV. Upon completion, ageas SA/NV will own 100% stake in AG Insurance SA/NV. The transaction will be financed via equity placement of 18.5 million shares at a price if €60 per share valued at €1,110 million to BNP Paribas Cardif and use of existing cash, existing financing facilities and flexibility in debt capital market. The deal is expected to be finalized in 2Q26, after obtaining the necessary regulatory approvals.Declared Dividend • Nov 21First half dividend of €1.05 announcedShareholders will receive a dividend of €1.05. Ex-date: 3rd December 2025 Payment date: 5th December 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Sep 12+ 2 more updatesageas SA/NV to Report Fiscal Year 2025 Final Results on Apr 09, 2026ageas SA/NV announced that they will report fiscal year 2025 final results on Apr 09, 2026Price Target Changed • Sep 04Price target increased by 7.0% to €63.03Up from €58.88, the current price target is an average from 10 analysts. New target price is 7.4% above last closing price of €58.70. Stock is up 25% over the past year. The company is forecast to post earnings per share of €7.01 for next year compared to €6.10 last year.Reported Earnings • Aug 28First half 2025 earnings released: EPS: €3.66 (vs €3.50 in 1H 2024)First half 2025 results: EPS: €3.66 (up from €3.50 in 1H 2024). Revenue: €4.41b (up 2.3% from 1H 2024). Net income: €677.0m (up 5.5% from 1H 2024). Profit margin: 15% (in line with 1H 2024). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth.分析記事 • Jul 07There's No Escaping ageas SA/NV's (EBR:AGS) Muted EarningsWhen close to half the companies in Belgium have price-to-earnings ratios (or "P/E's") above 16x, you may consider...Upcoming Dividend • May 28Upcoming dividend of €1.40 per shareEligible shareholders must have bought the stock before 04 June 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 6.1%. Lower than top quartile of Belgian dividend payers (6.8%). Higher than average of industry peers (4.2%).Declared Dividend • Apr 28Final dividend of €1.40 announcedShareholders will receive a dividend of €1.40. Ex-date: 4th June 2025 Payment date: 6th June 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Apr 11Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: EPS: €6.10 (up from €5.19 in FY 2023). Revenue: €8.51b (up 13% from FY 2023). Net income: €1.12b (up 17% from FY 2023). Profit margin: 13% (in line with FY 2023). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 9.4%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year.Major Estimate Revision • Mar 27Consensus revenue estimates increase by 37%The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €14.0b to €19.3b. EPS estimate unchanged at €7.17. Net income forecast to grow 20% next year vs 9.7% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €55.47. Share price was steady at €56.15 over the past week.お知らせ • Mar 13Allianz, ageas Reportedly Eye British Insurer esureBelgian insurer ageas SA/NV (ENXTBR:AGS) has retained advisors to explore a bid for British motor and home insurer esure Group plc, four people familiar with the matter told Reuters, as part of plans to consolidate the UK personal lines market. Allianz SE (XTRA:ALV) has also been working on an offer for esure in recent weeks, said two of the people, speaking on condition of anonymity. There will only be one main round of bidding, with a deadline in the next few weeks, the third person said, cautioning that a deal is not guaranteed. Bids for esure, owned by private equity firm Bain Capital, could be around GBP 1.5 billion ($1.94 billion), a fifth person said. All five people were speaking on condition of anonymity because the process is private. Spokespeople for Bain, Ageas, Allianz and esure declined to comment.お知らせ • Feb 28Ageas Sa/Nv Proposes Final Dividendageas SA/NV proposed total dividend of EUR 3.50 per share. Final dividend of EUR 2.00 per share.お知らせ • Jan 01+ 2 more updatesageas SA/NV to Report First Half, 2025 Results on Aug 27, 2025ageas SA/NV announced that they will report first half, 2025 results on Aug 27, 2025Upcoming Dividend • Nov 27Upcoming dividend of €1.05 per shareEligible shareholders must have bought the stock before 04 December 2024. Payment date: 06 December 2024. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 6.8%. Lower than top quartile of Belgian dividend payers (7.5%). Higher than average of industry peers (4.8%).Major Estimate Revision • Sep 29Consensus revenue estimates increase by 78%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €7.20b to €12.8b. EPS estimate unchanged at €6.86. Net income forecast to grow 20% next year vs 15% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €50.74. Share price rose 2.5% to €48.14 over the past week.Major Estimate Revision • Sep 04Consensus revenue estimates decrease by 44%, EPS upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €12.9b to €7.20b. EPS estimate increased from €6.52 to €6.81 per share. Net income forecast to grow 20% next year vs 14% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €49.87. Share price was steady at €46.68 over the past week.Reported Earnings • Sep 01First half 2024 earnings released: EPS: €3.49 (vs €2.89 in 1H 2023)First half 2024 results: EPS: €3.49 (up from €2.89 in 1H 2023). Revenue: €4.31b (up 16% from 1H 2023). Net income: €642.0m (up 21% from 1H 2023). Profit margin: 15% (in line with 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 29ageas SA/NV (ENXTBR:AGS) announces an Equity Buyback for €200 million worth of its shares.ageas SA/NV (ENXTBR:AGS) announces a share repurchase program. Under the program, the company will repurchase up to €200 million of its shares. The shares repurchased will be held in treasury. The program is valid till July 31, 2025.New Risk • Aug 29New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (160% cash payout ratio).お知らせ • Aug 28ageas SA/NV Declares Interim Gross Cash Dividend for the Fiscal Year 2024ageas SA/NV declared a Interim gross cash dividend of EUR 1.50 per share for the fiscal year 2024.Major Estimate Revision • Aug 14Consensus revenue estimates increase by 53%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €12.3b to €18.8b. EPS estimate unchanged at €6.52. Net income forecast to grow 24% next year vs 12% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €48.99. Share price rose 2.2% to €42.48 over the past week.お知らせ • May 31ageas SA/NV to Report First Half, 2024 Results on Aug 28, 2024ageas SA/NV announced that they will report first half, 2024 results on Aug 28, 2024Upcoming Dividend • May 29Upcoming dividend of €1.23 per shareEligible shareholders must have bought the stock before 05 June 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Belgian dividend payers (6.8%). Higher than average of industry peers (5.0%).Declared Dividend • Apr 24Final dividend of €1.23 announcedShareholders will receive a dividend of €1.23. Ex-date: 5th June 2024 Payment date: 7th June 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Mar 25Ageas Plans Not to Make Further Offer for Direct Line Insuranceageas SA/NV (ENXTBR:AGS) announced that, following the two recent attempts to engage with the Board of Directors of Direct Line Insurance Group plc (LSE:DLG) ("Direct Line") in relation to the acquisition by Ageas of the entire issued and to be issued share capital of Direct Line, which were both rejected, it will not make an offer for Direct Line. As a result of this announcement, Ageas (and any persons acting in concert with it) will, except with the consent of the UK Panel on Takeovers and Mergers (the "Panel"), be bound by the restrictions contained in Rule 2.8 of the Code. For the purposes of Rule 2.8 of the Code, Ageas (and any persons acting in concert with it) reserves the right to announce an offer or possible offer for Direct Line or make or participate in an offer or possible offer for Direct Line and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the following circumstances described in Note 2 to Rule 2.8 of the Code: (i) with the agreement of the Board of Directors of Direct Line; (ii) if a third party (including another publicly identified potential offeror) announces a firm intention to make an offer for Direct Line; (iii) if Direct Line announces a Rule 9 waiver or a reverse takeover (as defined in the Code); or (iv) if the Panel determines there has been a material change of circumstances. On 19 January 2024, Ageas provided the Board of Direct Line with an initial possible offer proposal (the "Initial Possible Offer") to acquire the entire issued and to be issued share capital of Direct Line. The terms of the Initial Possible Offer were improved on 9 March 2024 and set out in an announcement (the "Improved Possible Offer") on 13 March 2024. Ageas believes that the proposal, on these terms, would have created significant value for both groups of shareholders and other stakeholders. Throughout the entire process, Ageas has always sought engagement with Direct Line's Board. Ageas regrets that it has not been able to work collaboratively together with the Board of Directors of Direct Line towards a recommended Firm Offer. Ageas was not able to identify additional elements based on publicly available information that would justify significant adjustments to the terms of its possible offer. Therefore, consistent with its financial discipline, Ageas has decided not to make a Firm Offer. Ageas continues to believe in the underlying attractiveness and future opportunities of the UK personal lines sector and the role of Ageas UK in this market, underpinned by its successful turnaround over the last few years. Ageas UK will continue to execute its focused personal lines insurance strategy alongside its valued distribution partners. Ageas remains focused on the execution of its strategy, as a group of local companies outperforming in their markets, benefitting from synergies within the Group. Ageas re-iterates its confidence to deliver on its stated Impact24 financial and operating targets thanks to the strong performance of its operating entities. The Group's solid foundations underpin our attractive dividend growth ambitions in line with our stated Impact24 ambitions and beyond this strategic cycle. Hans De Cuyper, CEO of Ageas, said: "We had hoped to reach agreement on a jointly recommended Firm Offer together with the Direct Line Board. However, I am convinced that given the circumstances we took the right decision not to make an offer, staying true to who we are and what we stand for in terms of maintaining a friendly approach and respecting our financial discipline. I sincerely want to thank our employees and advisors who delivered outstanding performance exploring this opportunity, and our investors for their continued trust in our company".お知らせ • Mar 16BNP Paribas Reportedly Considers Buying Fosun's Ageas StakeBNP Paribas SA (ENXTPA:BNP) is considering a potential acquisition of Fosun International Limited (SEHK:656)’s stake in Belgian insurer ageas SA/NV (ENXTBR:AGS), according to people with knowledge of the matter. The French lender has been holding discussions on a possible purchase of Fosun’s holding in Ageas, said the people, who asked not to be identified because the information is private. Fosun has about a 10% interest in Ageas valued at roughly €750 million ($816 million) based on March 14, 2024 closing price, according to a regulatory filing. The figure includes its stock ownership as well as derivative holdings. The deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said. Representatives for BNP and Ageas declined to comment. Fosun couldn’t immediately be reached for comment outside regular business hours. Bloomberg News reported last month that Fosun has been working with advisers to explore a sale of its Ageas stake. The Chinese conglomerate, which is backed by billionaire Guo Guangchang, has been accelerating a divestment push as it seeks to cut its debt load following a global acquisition spree. BNP’s potential move comes as Ageas pushes ahead with a contentious pursuit of a takeover of London-listed Direct Line Insurance Group Plc. The UK insurer said this week it had rejected a second takeover offer from Ageas valuing it at about £3.2 billion ($4.1 billion).Major Estimate Revision • Mar 06Consensus revenue estimates decrease by 12%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €7.36b to €6.44b. EPS estimate unchanged at €6.70 per share. Net income forecast to grow 30% next year vs 14% growth forecast for Insurance industry in Belgium. Consensus price target up from €47.22 to €48.71. Share price was steady at €38.42 over the past week.お知らせ • Feb 29Direct Line Soars as Ageas Mulls 3.10b BidShares in Direct Line Insurance Group plc (LSE:DLG) jumped on February 28, 2024 after Belgian insurer ageas SA/NV (ENXTBR:AGS) confirmed it was considering making an offer for the company. Shares in Direct Line, the Bromley, England-based motor and home insurer, soared 22% to 199.69 pence each in London on February 28, 2024. Ageas said the terms of the proposed cash and shares offer had an implied value of 233p per Direct Line share, representing a premium of 43% to 163.35 pence, closing price on February 27, 2024. The terms of the proposed bid are 100p in cash for each Direct Line share, and one new Ageas share for every 25.24047 Direct Line shares. Ageas said this would value Direct Line at around GBP 3.10 billion. A combination offered "compelling strategic and financial value for both Ageas and Direct Line shareholders", it added. Ageas highlighted the potential to drive operational improvements and efficiencies, in part through the removal of overlapping overhead costs after the integration of Ageas' and Direct Line'sUK businesses. Earlier February 28, 2024, Bloomberg reported that Direct Line had rebuffed an approach from Ageas, citing people familiar with the matter.お知らせ • Jan 01+ 2 more updatesageas SA/NV to Report Fiscal Year 2023 Final Results on Apr 12, 2024ageas SA/NV announced that they will report fiscal year 2023 final results on Apr 12, 2024Upcoming Dividend • Oct 18Upcoming dividend of €1.05 per share at 7.7% yieldEligible shareholders must have bought the stock before 25 October 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 7.7%. Lower than top quartile of Belgian dividend payers (7.8%). Higher than average of industry peers (5.2%).New Risk • Oct 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.01% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.3% net profit margin).お知らせ • Sep 27La Mutuelle Epargne Retraite Prévoyance Carac acquired French Life Insurance activities of Ageas.La Mutuelle Epargne Retraite Prévoyance Carac signed an agreement to acquire French Life Insurance activities of Ageas on April 21, 2023. Ageas’s French Life and Pension activities consist of Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline. The transaction is subject to regulatory approval. French Life Insurance activities generated revenue of €6.1 million in 2022. The transaction is expected to be closed during third quarter of 2023. La Mutuelle Epargne Retraite Prévoyance Carac completed the acquisition of French Life Insurance activities of Ageas on September 25, 2023. All regulatory approvals regarding the sale of French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac have been obtained.Major Estimate Revision • Sep 21Consensus revenue estimates decrease by 15%, EPS upgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €10.5b to €9.00b. EPS estimate increased from €5.65 to €5.79 per share. Net income forecast to grow 22% next year vs 16% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €45.47. Share price fell 2.1% to €39.25 over the past week.Reported Earnings • Sep 01First half 2023 earnings released: EPS: €2.89 (vs €3.05 in 1H 2022)First half 2023 results: EPS: €2.89 (down from €3.05 in 1H 2022). Revenue: €5.30b (up 49% from 1H 2022). Net income: €531.0m (down 5.7% from 1H 2022). Profit margin: 10.0% (down from 16% in 1H 2022). Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year.New Risk • Aug 04New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows.Upcoming Dividend • May 24Upcoming dividend of €1.05 per share at 7.4% yieldEligible shareholders must have bought the stock before 31 May 2023. Payment date: 02 June 2023. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Belgian dividend payers (6.7%). Higher than average of industry peers (5.1%).お知らせ • May 13ageas SA/NV to Report First Half, 2023 Results on Aug 30, 2023ageas SA/NV announced that they will report first half, 2023 results on Aug 30, 2023Reported Earnings • Apr 17Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2022 results: EPS: €5.49 (up from €4.52 in FY 2021). Revenue: €9.87b (down 27% from FY 2021). Net income: €1.01b (up 20% from FY 2021). Profit margin: 10% (up from 6.3% in FY 2021). The increase in margin was driven by lower expenses. Combined ratio: 96.5% (up from 95.4% in FY 2021). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 6.9%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.Reported Earnings • Feb 25Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2022 results: EPS: €5.49 (up from €4.52 in FY 2021). Revenue: €10.4b (down 23% from FY 2021). Net income: €1.01b (up 20% from FY 2021). Profit margin: 9.7% (up from 6.3% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) exceeded analyst estimates by 6.9%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings.お知らせ • Jan 12ageas SA/NV to Report Fiscal Year 2022 Final Results on Mar 31, 2023ageas SA/NV announced that they will report fiscal year 2022 final results on Mar 31, 2023お知らせ • Jan 02ageas SA/NV to Report Fiscal Year 2022 Results on Feb 22, 2023ageas SA/NV announced that they will report fiscal year 2022 results on Feb 22, 2023Upcoming Dividend • Oct 20Upcoming dividend of €1.05 per shareEligible shareholders must have bought the stock before 26 October 2022. Payment date: 28 October 2022. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 7.5%. Within top quartile of Belgian dividend payers (7.5%). Higher than average of industry peers (5.8%).Upcoming Dividend • May 25Upcoming dividend of €1.93 per shareEligible shareholders must have bought the stock before 01 June 2022. Payment date: 03 June 2022. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Belgian dividend payers (5.8%). Higher than average of industry peers (5.4%).Reported Earnings • May 22First quarter 2022 earnings: Revenues miss analyst expectationsFirst quarter 2022 results: Revenue: €2.25b (down 35% from 1Q 2021). Net income: €271.8m (down 8.1% from 1Q 2021). Profit margin: 12% (up from 8.6% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 19% compared to a 16% growth forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year.Reported Earnings • Apr 06Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2021 results: EPS: €4.52 (down from €6.07 in FY 2020). Revenue: €13.5b (up 12% from FY 2020). Net income: €845.0m (down 26% from FY 2020). Profit margin: 6.3% (down from 9.5% in FY 2020). The decrease in margin was driven by higher expenses. Combined ratio: 95.4% (up from 91.3% in FY 2020). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is expected to shrink by 25% compared to a 16% growth forecast for the insurance industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat.Major Estimate Revision • Feb 25Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €9.91b to €8.68b. EPS estimate increased from €5.26 to €5.44 per share. Net income forecast to grow 32% next year vs 4.2% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €49.91. Share price rose 3.0% to €44.05 over the past week.Reported Earnings • Aug 12Second quarter 2021 earnings released: EPS €0.60 (vs €1.78 in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €3.29b (down 7.8% from 2Q 2020). Net income: €111.1m (down 67% from 2Q 2020). Profit margin: 3.4% (down from 9.5% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.Reported Earnings • Apr 05Full year 2020 earnings released: EPS €6.07 (vs €5.09 in FY 2019)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €12.0b (down 19% from FY 2019). Net income: €1.14b (up 17% from FY 2019). Profit margin: 9.5% (up from 6.6% in FY 2019). The increase in margin was driven by lower expenses. Combined ratio: 91.3% (down from 95.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Is New 90 Day High Low • Feb 22New 90-day high: €47.23The company is up 10.0% from its price of €43.00 on 24 November 2020. The Belgian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €69.52 per share.Is New 90 Day High Low • Jan 04New 90-day high: €44.34The company is up 22% from its price of €36.28 on 06 October 2020. The Belgian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €69.57 per share.Is New 90 Day High Low • Dec 16New 90-day high: €43.36The company is up 15% from its price of €37.78 on 17 September 2020. The Belgian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €77.16 per share.業績と収益の成長予測ENXTBR:AGS - アナリストの将来予測と過去の財務データ ( )EUR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/202815,1241,7361,2741,688112/31/202712,4661,6531,1541,553212/31/202612,0801,4611,2001,418212/31/20259,4291,7122,5772,898N/A9/30/20259,0191,4332,0112,363N/A6/30/20258,6101,1531,4441,827N/A3/31/20258,5611,1361,0441,436N/A12/31/20248,5101,1186441,045N/A9/30/20248,3101,091522889N/A6/30/20248,1091,064400733N/A3/31/20247,8191,009143427N/A12/31/20237,529953-115121N/A9/30/20236,3971,135N/AN/AN/A6/30/20239,049997378567N/A3/31/20236,6681,091N/AN/AN/A12/31/20226,9911,0978711,019N/A9/30/20229,951982N/AN/AN/A6/30/20228,5411,069-997-887N/A3/31/202212,260821N/AN/AN/A12/31/202113,459845-1,212-1,065N/A9/30/202113,277715N/AN/AN/A6/30/202113,117757-465-121N/A3/31/202113,558985N/AN/AN/A12/31/202011,9481,141-1,685-1,329N/A9/30/202011,7401,096N/AN/AN/A6/30/202012,0721,164-1,262-1,062N/A3/31/202012,3131,179N/AN/AN/A12/31/201914,761979282466N/A9/30/201914,0491,031N/AN/AN/A6/30/201913,594974N/A662N/A3/31/201912,949813N/AN/AN/A12/31/201811,565809N/A862N/A9/30/201812,378919N/AN/AN/A6/30/201812,376781N/A58N/A3/31/201812,293761N/AN/AN/A12/31/201712,519623N/A-725N/A9/30/201712,385269N/AN/AN/A6/30/201712,880378N/A376N/A3/31/201712,980771N/AN/AN/A12/31/201613,31827N/A405N/A9/30/201613,611289N/A849N/A6/30/201613,675234N/A-191N/A3/31/201613,230-104N/A218N/A12/31/201513,529770N/A-313N/A9/30/201514,413793N/A-681N/A6/30/201514,577914N/A-5N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: AGSの収益は今後 3 年間で減少すると予測されています (年間-0.1% )。収益対市場: AGSの収益は今後 3 年間で減少すると予測されています (年間-0.1% )。高成長収益: AGSの収益は今後 3 年間で減少すると予測されています。収益対市場: AGSの収益 ( 10.7% ) Belgian市場 ( 6.7% ) よりも速いペースで成長すると予測されています。高い収益成長: AGSの収益 ( 10.7% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: AGSの 自己資本利益率 は、3年後には低くなると予測されています ( 15.6 %)。成長企業の発掘7D1Y7D1Y7D1YInsurance 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/20 05:49終値2026/05/20 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋ageas SA/NV 9 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。22 アナリスト機関Alessia MagniBarclaysMichael HuttnerBerenbergFrancois BoissinBNP Paribas19 その他のアナリストを表示
Major Estimate Revision • Feb 04Consensus EPS estimates increase by 12%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €7.05 to €7.88. Revenue forecast unchanged at €11.6b. Net income forecast to grow 24% next year vs 8.8% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €64.94. Share price rose 5.0% to €62.50 over the past week.
Price Target Changed • Sep 04Price target increased by 7.0% to €63.03Up from €58.88, the current price target is an average from 10 analysts. New target price is 7.4% above last closing price of €58.70. Stock is up 25% over the past year. The company is forecast to post earnings per share of €7.01 for next year compared to €6.10 last year.
Major Estimate Revision • Mar 27Consensus revenue estimates increase by 37%The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €14.0b to €19.3b. EPS estimate unchanged at €7.17. Net income forecast to grow 20% next year vs 9.7% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €55.47. Share price was steady at €56.15 over the past week.
Major Estimate Revision • Sep 29Consensus revenue estimates increase by 78%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €7.20b to €12.8b. EPS estimate unchanged at €6.86. Net income forecast to grow 20% next year vs 15% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €50.74. Share price rose 2.5% to €48.14 over the past week.
Major Estimate Revision • Sep 04Consensus revenue estimates decrease by 44%, EPS upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €12.9b to €7.20b. EPS estimate increased from €6.52 to €6.81 per share. Net income forecast to grow 20% next year vs 14% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €49.87. Share price was steady at €46.68 over the past week.
Major Estimate Revision • Aug 14Consensus revenue estimates increase by 53%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €12.3b to €18.8b. EPS estimate unchanged at €6.52. Net income forecast to grow 24% next year vs 12% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €48.99. Share price rose 2.2% to €42.48 over the past week.
お知らせ • Apr 30ageas SA/NV (ENXTBR:AGS) completed the acquisition of remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539).ageas SA/NV (ENXTBR:AGS) signed a framework agreement to acquire remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539) for €1.9 billion on December 7, 2025. A cash consideration of €1.9 billion will be paid by ageas SA/NV. As part of consideration, €1.9 billion is paid towards common equity of AG Insurance SA/NV. Upon completion, ageas SA/NV will own 100% stake in AG Insurance SA/NV. The transaction will be financed via equity placement of 18.5 million shares at a price if €60 per share valued at €1.1 billion to BNP Paribas Cardif and use of existing cash, existing financing facilities and flexibility in debt capital market. The deal is expected to be finalized in 2Q26, after obtaining the necessary regulatory approvals. ageas SA/NV (ENXTBR:AGS) completed the acquisition of remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539) on April 28, 2026. Pursuant the agreement, BNP Paribas nominated Renaud Dumora for appointment as a non-executive member of the Board of Directors of ageas SA/NV at the upcoming General Shareholders Meeting of May 20, 2026.
Declared Dividend • Apr 26Final dividend of €1.58 announcedShareholders will receive a dividend of €1.58. Ex-date: 3rd June 2026 Payment date: 5th June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.2% over the next 3 years. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range.
お知らせ • Apr 22ageas SA/NV, Annual General Meeting, May 20, 2026ageas SA/NV, Annual General Meeting, May 20, 2026, at 10:30 Romance Standard Time. Location: auditorium of ag insurance, ag campus rue du pont neuf 17, 1000 brussels, Belgium
Reported Earnings • Apr 19Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: €9.10 (up from €6.10 in FY 2024). Revenue: €9.43b (up 11% from FY 2024). Net income: €1.71b (up 53% from FY 2024). Profit margin: 18% (up from 13% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 70%. Earnings per share (EPS) also surpassed analyst estimates by 9.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • Feb 25ageas SA/NV Proposes Gross Cash Dividend for 2025ageas SA/NV proposed total gross cash dividend of EUR 3.75 for 2025, fully in line with its commitment, +7% vs 2024.
Major Estimate Revision • Feb 04Consensus EPS estimates increase by 12%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €7.05 to €7.88. Revenue forecast unchanged at €11.6b. Net income forecast to grow 24% next year vs 8.8% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €64.94. Share price rose 5.0% to €62.50 over the past week.
分析記事 • Jan 14ageas SA/NV (EBR:AGS) Could Be Riskier Than It LooksWith a price-to-earnings (or "P/E") ratio of 9.7x ageas SA/NV ( EBR:AGS ) may be sending bullish signals at the moment...
お知らせ • Dec 08ageas SA/NV (ENXTBR:AGS) signed a framework agreement to acquire remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539) for €1.9 billion.ageas SA/NV (ENXTBR:AGS) signed a framework agreement to acquire remaining 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA (ENXTBR:017250539) for €1.9 billion on December 7, 2025. A cash consideration of €1.9 billion will be paid by ageas SA/NV. As part of consideration, €1.9 billion is paid towards common equity of AG Insurance SA/NV. Upon completion, ageas SA/NV will own 100% stake in AG Insurance SA/NV. The transaction will be financed via equity placement of 18.5 million shares at a price if €60 per share valued at €1,110 million to BNP Paribas Cardif and use of existing cash, existing financing facilities and flexibility in debt capital market. The deal is expected to be finalized in 2Q26, after obtaining the necessary regulatory approvals.
Declared Dividend • Nov 21First half dividend of €1.05 announcedShareholders will receive a dividend of €1.05. Ex-date: 3rd December 2025 Payment date: 5th December 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Sep 12+ 2 more updatesageas SA/NV to Report Fiscal Year 2025 Final Results on Apr 09, 2026ageas SA/NV announced that they will report fiscal year 2025 final results on Apr 09, 2026
Price Target Changed • Sep 04Price target increased by 7.0% to €63.03Up from €58.88, the current price target is an average from 10 analysts. New target price is 7.4% above last closing price of €58.70. Stock is up 25% over the past year. The company is forecast to post earnings per share of €7.01 for next year compared to €6.10 last year.
Reported Earnings • Aug 28First half 2025 earnings released: EPS: €3.66 (vs €3.50 in 1H 2024)First half 2025 results: EPS: €3.66 (up from €3.50 in 1H 2024). Revenue: €4.41b (up 2.3% from 1H 2024). Net income: €677.0m (up 5.5% from 1H 2024). Profit margin: 15% (in line with 1H 2024). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth.
分析記事 • Jul 07There's No Escaping ageas SA/NV's (EBR:AGS) Muted EarningsWhen close to half the companies in Belgium have price-to-earnings ratios (or "P/E's") above 16x, you may consider...
Upcoming Dividend • May 28Upcoming dividend of €1.40 per shareEligible shareholders must have bought the stock before 04 June 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 6.1%. Lower than top quartile of Belgian dividend payers (6.8%). Higher than average of industry peers (4.2%).
Declared Dividend • Apr 28Final dividend of €1.40 announcedShareholders will receive a dividend of €1.40. Ex-date: 4th June 2025 Payment date: 6th June 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Apr 11Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: EPS: €6.10 (up from €5.19 in FY 2023). Revenue: €8.51b (up 13% from FY 2023). Net income: €1.12b (up 17% from FY 2023). Profit margin: 13% (in line with FY 2023). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 9.4%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year.
Major Estimate Revision • Mar 27Consensus revenue estimates increase by 37%The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €14.0b to €19.3b. EPS estimate unchanged at €7.17. Net income forecast to grow 20% next year vs 9.7% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €55.47. Share price was steady at €56.15 over the past week.
お知らせ • Mar 13Allianz, ageas Reportedly Eye British Insurer esureBelgian insurer ageas SA/NV (ENXTBR:AGS) has retained advisors to explore a bid for British motor and home insurer esure Group plc, four people familiar with the matter told Reuters, as part of plans to consolidate the UK personal lines market. Allianz SE (XTRA:ALV) has also been working on an offer for esure in recent weeks, said two of the people, speaking on condition of anonymity. There will only be one main round of bidding, with a deadline in the next few weeks, the third person said, cautioning that a deal is not guaranteed. Bids for esure, owned by private equity firm Bain Capital, could be around GBP 1.5 billion ($1.94 billion), a fifth person said. All five people were speaking on condition of anonymity because the process is private. Spokespeople for Bain, Ageas, Allianz and esure declined to comment.
お知らせ • Feb 28Ageas Sa/Nv Proposes Final Dividendageas SA/NV proposed total dividend of EUR 3.50 per share. Final dividend of EUR 2.00 per share.
お知らせ • Jan 01+ 2 more updatesageas SA/NV to Report First Half, 2025 Results on Aug 27, 2025ageas SA/NV announced that they will report first half, 2025 results on Aug 27, 2025
Upcoming Dividend • Nov 27Upcoming dividend of €1.05 per shareEligible shareholders must have bought the stock before 04 December 2024. Payment date: 06 December 2024. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 6.8%. Lower than top quartile of Belgian dividend payers (7.5%). Higher than average of industry peers (4.8%).
Major Estimate Revision • Sep 29Consensus revenue estimates increase by 78%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €7.20b to €12.8b. EPS estimate unchanged at €6.86. Net income forecast to grow 20% next year vs 15% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €50.74. Share price rose 2.5% to €48.14 over the past week.
Major Estimate Revision • Sep 04Consensus revenue estimates decrease by 44%, EPS upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €12.9b to €7.20b. EPS estimate increased from €6.52 to €6.81 per share. Net income forecast to grow 20% next year vs 14% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €49.87. Share price was steady at €46.68 over the past week.
Reported Earnings • Sep 01First half 2024 earnings released: EPS: €3.49 (vs €2.89 in 1H 2023)First half 2024 results: EPS: €3.49 (up from €2.89 in 1H 2023). Revenue: €4.31b (up 16% from 1H 2023). Net income: €642.0m (up 21% from 1H 2023). Profit margin: 15% (in line with 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 29ageas SA/NV (ENXTBR:AGS) announces an Equity Buyback for €200 million worth of its shares.ageas SA/NV (ENXTBR:AGS) announces a share repurchase program. Under the program, the company will repurchase up to €200 million of its shares. The shares repurchased will be held in treasury. The program is valid till July 31, 2025.
New Risk • Aug 29New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (160% cash payout ratio).
お知らせ • Aug 28ageas SA/NV Declares Interim Gross Cash Dividend for the Fiscal Year 2024ageas SA/NV declared a Interim gross cash dividend of EUR 1.50 per share for the fiscal year 2024.
Major Estimate Revision • Aug 14Consensus revenue estimates increase by 53%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €12.3b to €18.8b. EPS estimate unchanged at €6.52. Net income forecast to grow 24% next year vs 12% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €48.99. Share price rose 2.2% to €42.48 over the past week.
お知らせ • May 31ageas SA/NV to Report First Half, 2024 Results on Aug 28, 2024ageas SA/NV announced that they will report first half, 2024 results on Aug 28, 2024
Upcoming Dividend • May 29Upcoming dividend of €1.23 per shareEligible shareholders must have bought the stock before 05 June 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Belgian dividend payers (6.8%). Higher than average of industry peers (5.0%).
Declared Dividend • Apr 24Final dividend of €1.23 announcedShareholders will receive a dividend of €1.23. Ex-date: 5th June 2024 Payment date: 7th June 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 25Ageas Plans Not to Make Further Offer for Direct Line Insuranceageas SA/NV (ENXTBR:AGS) announced that, following the two recent attempts to engage with the Board of Directors of Direct Line Insurance Group plc (LSE:DLG) ("Direct Line") in relation to the acquisition by Ageas of the entire issued and to be issued share capital of Direct Line, which were both rejected, it will not make an offer for Direct Line. As a result of this announcement, Ageas (and any persons acting in concert with it) will, except with the consent of the UK Panel on Takeovers and Mergers (the "Panel"), be bound by the restrictions contained in Rule 2.8 of the Code. For the purposes of Rule 2.8 of the Code, Ageas (and any persons acting in concert with it) reserves the right to announce an offer or possible offer for Direct Line or make or participate in an offer or possible offer for Direct Line and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the following circumstances described in Note 2 to Rule 2.8 of the Code: (i) with the agreement of the Board of Directors of Direct Line; (ii) if a third party (including another publicly identified potential offeror) announces a firm intention to make an offer for Direct Line; (iii) if Direct Line announces a Rule 9 waiver or a reverse takeover (as defined in the Code); or (iv) if the Panel determines there has been a material change of circumstances. On 19 January 2024, Ageas provided the Board of Direct Line with an initial possible offer proposal (the "Initial Possible Offer") to acquire the entire issued and to be issued share capital of Direct Line. The terms of the Initial Possible Offer were improved on 9 March 2024 and set out in an announcement (the "Improved Possible Offer") on 13 March 2024. Ageas believes that the proposal, on these terms, would have created significant value for both groups of shareholders and other stakeholders. Throughout the entire process, Ageas has always sought engagement with Direct Line's Board. Ageas regrets that it has not been able to work collaboratively together with the Board of Directors of Direct Line towards a recommended Firm Offer. Ageas was not able to identify additional elements based on publicly available information that would justify significant adjustments to the terms of its possible offer. Therefore, consistent with its financial discipline, Ageas has decided not to make a Firm Offer. Ageas continues to believe in the underlying attractiveness and future opportunities of the UK personal lines sector and the role of Ageas UK in this market, underpinned by its successful turnaround over the last few years. Ageas UK will continue to execute its focused personal lines insurance strategy alongside its valued distribution partners. Ageas remains focused on the execution of its strategy, as a group of local companies outperforming in their markets, benefitting from synergies within the Group. Ageas re-iterates its confidence to deliver on its stated Impact24 financial and operating targets thanks to the strong performance of its operating entities. The Group's solid foundations underpin our attractive dividend growth ambitions in line with our stated Impact24 ambitions and beyond this strategic cycle. Hans De Cuyper, CEO of Ageas, said: "We had hoped to reach agreement on a jointly recommended Firm Offer together with the Direct Line Board. However, I am convinced that given the circumstances we took the right decision not to make an offer, staying true to who we are and what we stand for in terms of maintaining a friendly approach and respecting our financial discipline. I sincerely want to thank our employees and advisors who delivered outstanding performance exploring this opportunity, and our investors for their continued trust in our company".
お知らせ • Mar 16BNP Paribas Reportedly Considers Buying Fosun's Ageas StakeBNP Paribas SA (ENXTPA:BNP) is considering a potential acquisition of Fosun International Limited (SEHK:656)’s stake in Belgian insurer ageas SA/NV (ENXTBR:AGS), according to people with knowledge of the matter. The French lender has been holding discussions on a possible purchase of Fosun’s holding in Ageas, said the people, who asked not to be identified because the information is private. Fosun has about a 10% interest in Ageas valued at roughly €750 million ($816 million) based on March 14, 2024 closing price, according to a regulatory filing. The figure includes its stock ownership as well as derivative holdings. The deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said. Representatives for BNP and Ageas declined to comment. Fosun couldn’t immediately be reached for comment outside regular business hours. Bloomberg News reported last month that Fosun has been working with advisers to explore a sale of its Ageas stake. The Chinese conglomerate, which is backed by billionaire Guo Guangchang, has been accelerating a divestment push as it seeks to cut its debt load following a global acquisition spree. BNP’s potential move comes as Ageas pushes ahead with a contentious pursuit of a takeover of London-listed Direct Line Insurance Group Plc. The UK insurer said this week it had rejected a second takeover offer from Ageas valuing it at about £3.2 billion ($4.1 billion).
Major Estimate Revision • Mar 06Consensus revenue estimates decrease by 12%The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €7.36b to €6.44b. EPS estimate unchanged at €6.70 per share. Net income forecast to grow 30% next year vs 14% growth forecast for Insurance industry in Belgium. Consensus price target up from €47.22 to €48.71. Share price was steady at €38.42 over the past week.
お知らせ • Feb 29Direct Line Soars as Ageas Mulls 3.10b BidShares in Direct Line Insurance Group plc (LSE:DLG) jumped on February 28, 2024 after Belgian insurer ageas SA/NV (ENXTBR:AGS) confirmed it was considering making an offer for the company. Shares in Direct Line, the Bromley, England-based motor and home insurer, soared 22% to 199.69 pence each in London on February 28, 2024. Ageas said the terms of the proposed cash and shares offer had an implied value of 233p per Direct Line share, representing a premium of 43% to 163.35 pence, closing price on February 27, 2024. The terms of the proposed bid are 100p in cash for each Direct Line share, and one new Ageas share for every 25.24047 Direct Line shares. Ageas said this would value Direct Line at around GBP 3.10 billion. A combination offered "compelling strategic and financial value for both Ageas and Direct Line shareholders", it added. Ageas highlighted the potential to drive operational improvements and efficiencies, in part through the removal of overlapping overhead costs after the integration of Ageas' and Direct Line'sUK businesses. Earlier February 28, 2024, Bloomberg reported that Direct Line had rebuffed an approach from Ageas, citing people familiar with the matter.
お知らせ • Jan 01+ 2 more updatesageas SA/NV to Report Fiscal Year 2023 Final Results on Apr 12, 2024ageas SA/NV announced that they will report fiscal year 2023 final results on Apr 12, 2024
Upcoming Dividend • Oct 18Upcoming dividend of €1.05 per share at 7.7% yieldEligible shareholders must have bought the stock before 25 October 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 7.7%. Lower than top quartile of Belgian dividend payers (7.8%). Higher than average of industry peers (5.2%).
New Risk • Oct 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.01% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.3% net profit margin).
お知らせ • Sep 27La Mutuelle Epargne Retraite Prévoyance Carac acquired French Life Insurance activities of Ageas.La Mutuelle Epargne Retraite Prévoyance Carac signed an agreement to acquire French Life Insurance activities of Ageas on April 21, 2023. Ageas’s French Life and Pension activities consist of Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline. The transaction is subject to regulatory approval. French Life Insurance activities generated revenue of €6.1 million in 2022. The transaction is expected to be closed during third quarter of 2023. La Mutuelle Epargne Retraite Prévoyance Carac completed the acquisition of French Life Insurance activities of Ageas on September 25, 2023. All regulatory approvals regarding the sale of French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac have been obtained.
Major Estimate Revision • Sep 21Consensus revenue estimates decrease by 15%, EPS upgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €10.5b to €9.00b. EPS estimate increased from €5.65 to €5.79 per share. Net income forecast to grow 22% next year vs 16% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €45.47. Share price fell 2.1% to €39.25 over the past week.
Reported Earnings • Sep 01First half 2023 earnings released: EPS: €2.89 (vs €3.05 in 1H 2022)First half 2023 results: EPS: €2.89 (down from €3.05 in 1H 2022). Revenue: €5.30b (up 49% from 1H 2022). Net income: €531.0m (down 5.7% from 1H 2022). Profit margin: 10.0% (down from 16% in 1H 2022). Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year.
New Risk • Aug 04New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows.
Upcoming Dividend • May 24Upcoming dividend of €1.05 per share at 7.4% yieldEligible shareholders must have bought the stock before 31 May 2023. Payment date: 02 June 2023. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Belgian dividend payers (6.7%). Higher than average of industry peers (5.1%).
お知らせ • May 13ageas SA/NV to Report First Half, 2023 Results on Aug 30, 2023ageas SA/NV announced that they will report first half, 2023 results on Aug 30, 2023
Reported Earnings • Apr 17Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2022 results: EPS: €5.49 (up from €4.52 in FY 2021). Revenue: €9.87b (down 27% from FY 2021). Net income: €1.01b (up 20% from FY 2021). Profit margin: 10% (up from 6.3% in FY 2021). The increase in margin was driven by lower expenses. Combined ratio: 96.5% (up from 95.4% in FY 2021). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 6.9%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.
Reported Earnings • Feb 25Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2022 results: EPS: €5.49 (up from €4.52 in FY 2021). Revenue: €10.4b (down 23% from FY 2021). Net income: €1.01b (up 20% from FY 2021). Profit margin: 9.7% (up from 6.3% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) exceeded analyst estimates by 6.9%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings.
お知らせ • Jan 12ageas SA/NV to Report Fiscal Year 2022 Final Results on Mar 31, 2023ageas SA/NV announced that they will report fiscal year 2022 final results on Mar 31, 2023
お知らせ • Jan 02ageas SA/NV to Report Fiscal Year 2022 Results on Feb 22, 2023ageas SA/NV announced that they will report fiscal year 2022 results on Feb 22, 2023
Upcoming Dividend • Oct 20Upcoming dividend of €1.05 per shareEligible shareholders must have bought the stock before 26 October 2022. Payment date: 28 October 2022. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 7.5%. Within top quartile of Belgian dividend payers (7.5%). Higher than average of industry peers (5.8%).
Upcoming Dividend • May 25Upcoming dividend of €1.93 per shareEligible shareholders must have bought the stock before 01 June 2022. Payment date: 03 June 2022. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Belgian dividend payers (5.8%). Higher than average of industry peers (5.4%).
Reported Earnings • May 22First quarter 2022 earnings: Revenues miss analyst expectationsFirst quarter 2022 results: Revenue: €2.25b (down 35% from 1Q 2021). Net income: €271.8m (down 8.1% from 1Q 2021). Profit margin: 12% (up from 8.6% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 19% compared to a 16% growth forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year.
Reported Earnings • Apr 06Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2021 results: EPS: €4.52 (down from €6.07 in FY 2020). Revenue: €13.5b (up 12% from FY 2020). Net income: €845.0m (down 26% from FY 2020). Profit margin: 6.3% (down from 9.5% in FY 2020). The decrease in margin was driven by higher expenses. Combined ratio: 95.4% (up from 91.3% in FY 2020). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is expected to shrink by 25% compared to a 16% growth forecast for the insurance industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat.
Major Estimate Revision • Feb 25Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €9.91b to €8.68b. EPS estimate increased from €5.26 to €5.44 per share. Net income forecast to grow 32% next year vs 4.2% growth forecast for Insurance industry in Belgium. Consensus price target broadly unchanged at €49.91. Share price rose 3.0% to €44.05 over the past week.
Reported Earnings • Aug 12Second quarter 2021 earnings released: EPS €0.60 (vs €1.78 in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €3.29b (down 7.8% from 2Q 2020). Net income: €111.1m (down 67% from 2Q 2020). Profit margin: 3.4% (down from 9.5% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.
Reported Earnings • Apr 05Full year 2020 earnings released: EPS €6.07 (vs €5.09 in FY 2019)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €12.0b (down 19% from FY 2019). Net income: €1.14b (up 17% from FY 2019). Profit margin: 9.5% (up from 6.6% in FY 2019). The increase in margin was driven by lower expenses. Combined ratio: 91.3% (down from 95.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Is New 90 Day High Low • Feb 22New 90-day high: €47.23The company is up 10.0% from its price of €43.00 on 24 November 2020. The Belgian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €69.52 per share.
Is New 90 Day High Low • Jan 04New 90-day high: €44.34The company is up 22% from its price of €36.28 on 06 October 2020. The Belgian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €69.57 per share.
Is New 90 Day High Low • Dec 16New 90-day high: €43.36The company is up 15% from its price of €37.78 on 17 September 2020. The Belgian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €77.16 per share.