ageas SA/NV

XTRA:FO4 Stock Report

Market Cap: €8.9b

ageas Valuation

Is FO4 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 FO4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FO4 (€48.04) is trading below our estimate of fair value (€134.11)

Significantly Below Fair Value: FO4 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FO4?

Key metric: As FO4 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FO4. This is calculated by dividing FO4's market cap by their current earnings.
What is FO4's PE Ratio?
PE Ratio8.4x
Earnings€1.06b
Market Cap€8.93b

Price to Earnings Ratio vs Peers

How does FO4's PE Ratio compare to its peers?

The above table shows the PE ratio for FO4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.2x
TLX Talanx
10.7x4.9%€20.3b
ALV Allianz
11.8x6.0%€111.3b
NBG6 NÜRNBERGER Beteiligungs-AG
14.1x38.4%€587.5m
RLV RheinLand Holding
12.3xn/a€119.0m
FO4 ageas
8.4x5.5%€8.9b

Price-To-Earnings vs Peers: FO4 is good value based on its Price-To-Earnings Ratio (8.4x) compared to the peer average (12.6x).

Price to Earnings Ratio vs Industry

How does FO4's PE Ratio compare vs other companies in the European Insurance Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
FO4 8.4xIndustry Avg. 11.8xNo. of Companies13PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FO4 is good value based on its Price-To-Earnings Ratio (8.4x) compared to the European Insurance industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is FO4'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.

FO4 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.4x
Fair PE Ratio10x

Price-To-Earnings vs Fair Ratio: FO4 is good value based on its Price-To-Earnings Ratio (8.4x) compared to the estimated Fair Price-To-Earnings Ratio (10x).

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 FO4 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€48.04
€52.54
+9.4%
9.0%€63.50€45.00n/a12
Nov ’25€48.22
€51.42
+6.6%
10.5%€63.50€42.00n/a12
Oct ’25€47.66
€50.87
+6.7%
10.4%€63.50€42.00n/a12
Sep ’25€46.10
€49.78
+8.0%
11.1%€63.50€41.00n/a12
Aug ’25€43.30
€48.66
+12.4%
12.7%€63.50€40.00n/a12
Jul ’25€43.04
€48.20
+12.0%
14.2%€63.50€37.00n/a12
Jun ’25€45.98
€48.12
+4.6%
14.8%€64.50€37.00n/a12
May ’25€43.16
€47.72
+10.6%
15.3%€64.50€37.00n/a11
Apr ’25€42.84
€48.49
+13.2%
14.9%€64.50€37.00n/a10
Mar ’25€38.99
€48.93
+25.5%
14.9%€64.50€37.00n/a9
Feb ’25€39.94
€47.44
+18.8%
14.1%€64.50€37.00n/a14
Jan ’25€39.35
€47.51
+20.7%
13.7%€64.50€37.00n/a14
Dec ’24€39.60
€45.76
+15.5%
11.5%€54.90€37.00n/a14
Nov ’24n/a
€45.47
0%
12.0%€54.90€35.50€48.2214
Oct ’24€39.02
€45.58
+16.8%
11.6%€54.90€37.00€47.6614
Sep ’24€37.09
€45.44
+22.5%
12.1%€54.90€37.00€46.1014
Aug ’24€38.65
€45.45
+17.6%
11.2%€54.90€36.50€43.3013
Jul ’24€37.10
€45.13
+21.6%
10.8%€54.90€36.50€43.0415
Jun ’24€40.19
€45.42
+13.0%
10.8%€54.90€36.50€45.9814
May ’24€40.38
€44.92
+11.2%
10.6%€54.90€36.50€43.1614
Apr ’24€39.86
€44.92
+12.7%
10.6%€54.90€36.50€42.8414
Mar ’24€42.70
€45.03
+5.5%
10.2%€54.90€36.50€38.9914
Feb ’24€44.62
€44.95
+0.7%
9.1%€52.30€36.50€39.9414
Jan ’24€41.30
€42.56
+3.1%
11.8%€50.50€34.00€39.3514
Dec ’23€37.30
€43.84
+17.5%
14.0%€57.00€34.00€39.6014
Nov ’23€35.58
€44.64
+25.5%
12.0%€57.00€36.50n/a15

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

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