QBE Insurance Group Limited

ASX:QBE Stock Report

Market Cap: AU$28.8b

QBE Insurance Group Valuation

Is QBE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of QBE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: QBE (A$19.13) is trading below our estimate of fair value (A$45.67)

Significantly Below Fair Value: QBE is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for QBE?

Key metric: As QBE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for QBE. This is calculated by dividing QBE's market cap by their current earnings.
What is QBE's PE Ratio?
PE Ratio10.6x
EarningsUS$1.71b
Market CapUS$18.01b

Price to Earnings Ratio vs Peers

How does QBE's PE Ratio compare to its peers?

The above table shows the PE ratio for QBE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.4x
IAG Insurance Australia Group
21.8x7.4%AU$19.6b
SUN Suncorp Group
25.3x4.4%AU$23.8b
SDF Steadfast Group
28.2x11.0%AU$6.4b
NHF nib holdings
14.3x6.3%AU$2.7b
QBE QBE Insurance Group
10.6x1.4%AU$28.8b

Price-To-Earnings vs Peers: QBE is good value based on its Price-To-Earnings Ratio (10.6x) compared to the peer average (22.4x).

Price to Earnings Ratio vs Industry

How does QBE's PE Ratio compare vs other companies in the Global Insurance Industry?

14 CompaniesPrice / EarningsEstimated GrowthMarket Cap
QBE 10.6xIndustry Avg. 11.1xNo. of Companies73PE0816243240+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: QBE is good value based on its Price-To-Earnings Ratio (10.6x) compared to the Global Insurance industry average (11.1x).

Price to Earnings Ratio vs Fair Ratio

What is QBE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

QBE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.6x
Fair PE Ratio20.3x

Price-To-Earnings vs Fair Ratio: QBE is good value based on its Price-To-Earnings Ratio (10.6x) compared to the estimated Fair Price-To-Earnings Ratio (20.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst QBE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$19.13
AU$20.23
+5.8%
9.6%AU$22.30AU$14.50n/a14
Dec ’25AU$20.00
AU$20.17
+0.9%
9.3%AU$22.00AU$14.50n/a14
Nov ’25AU$17.08
AU$18.76
+9.9%
8.9%AU$21.00AU$14.00n/a13
Oct ’25AU$16.28
AU$18.58
+14.2%
8.7%AU$21.00AU$14.00n/a13
Sep ’25AU$15.79
AU$18.82
+19.2%
8.8%AU$21.00AU$14.00n/a14
Aug ’25AU$17.91
AU$19.49
+8.8%
9.1%AU$21.10AU$14.00n/a14
Jul ’25AU$17.06
AU$19.44
+13.9%
9.1%AU$21.20AU$14.00n/a14
Jun ’25AU$17.80
AU$19.56
+9.9%
8.9%AU$21.50AU$14.00n/a15
May ’25AU$17.52
AU$19.03
+8.6%
9.0%AU$20.75AU$14.00n/a14
Apr ’25AU$18.13
AU$18.49
+2.0%
8.4%AU$20.49AU$14.00n/a14
Mar ’25AU$17.32
AU$18.39
+6.2%
8.5%AU$20.49AU$14.00n/a14
Feb ’25AU$16.02
AU$18.09
+12.9%
9.5%AU$20.15AU$13.50n/a13
Jan ’25AU$14.81
AU$17.94
+21.2%
9.6%AU$20.90AU$13.50n/a13
Dec ’24AU$15.33
AU$18.01
+17.5%
9.4%AU$20.90AU$13.50AU$20.0014
Nov ’24AU$15.75
AU$17.92
+13.7%
9.5%AU$21.00AU$13.50AU$17.0814
Oct ’24AU$15.71
AU$17.85
+13.6%
8.7%AU$20.00AU$13.50AU$16.2814
Sep ’24AU$15.11
AU$17.85
+18.1%
8.7%AU$20.00AU$13.50AU$15.7914
Aug ’24AU$15.85
AU$17.61
+11.1%
9.4%AU$20.00AU$13.00AU$17.9114
Jul ’24AU$15.67
AU$17.21
+9.8%
8.9%AU$19.65AU$13.00AU$17.0614
Jun ’24AU$14.63
AU$17.19
+17.5%
8.8%AU$19.65AU$13.00AU$17.8015
May ’24AU$15.47
AU$17.10
+10.5%
8.8%AU$19.00AU$13.00AU$17.5213
Apr ’24AU$14.59
AU$17.06
+17.0%
9.0%AU$19.00AU$13.00AU$18.1313
Mar ’24AU$15.24
AU$16.72
+9.7%
10.8%AU$19.00AU$13.00AU$17.3214
Feb ’24AU$13.86
AU$15.78
+13.9%
11.7%AU$19.00AU$12.00AU$16.0214
Jan ’24AU$13.43
AU$15.76
+17.4%
12.5%AU$19.00AU$12.00AU$14.8113
Dec ’23AU$12.95
AU$15.87
+22.5%
12.7%AU$19.00AU$12.00AU$15.3312

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 05:26
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

QBE Insurance Group Limited is covered by 29 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brett Le MesurierAxiome Equities
Russell WrightBarclay Pearce Capital Pty Limited
Andrew AdamsBarrenjoey Markets Pty Limited