DB:A16

Stock Analysis Report

Executive Summary

ASR Nederland N.V. provides various insurance and non-insurance products and services to private and business customers in the Netherlands and internationally.

Snowflake

Fundamentals

Undervalued average dividend payer.


Similar Companies

Share Price & News

How has ASR Nederland's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.1%

A16

2.6%

DE Insurance

1.7%

DE Market


1 Year Return

-13.7%

A16

23.6%

DE Insurance

7.2%

DE Market

Return vs Industry: A16 underperformed the German Insurance industry which returned 23.6% over the past year.

Return vs Market: A16 underperformed the German Market which returned 7.2% over the past year.


Shareholder returns

A16IndustryMarket
7 Day-1.1%2.6%1.7%
30 Day1.1%3.9%2.4%
90 Day-4.7%3.9%2.3%
1 Year-8.9%-13.7%29.0%23.6%10.6%7.2%
3 Year103.7%73.4%69.7%49.2%18.4%8.1%
5 Yearn/a119.2%75.5%42.3%22.9%

Price Volatility Vs. Market

How volatile is ASR Nederland's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is ASR Nederland undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: A16 (€33.32) is trading below our estimate of fair value (€69.74)

Significantly Below Fair Value: A16 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: A16 is good value based on its PE Ratio (5.7x) compared to the Insurance industry average (13.4x).

PE vs Market: A16 is good value based on its PE Ratio (5.7x) compared to the German market (19x).


Price to Earnings Growth Ratio

PEG Ratio: A16's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: A16 is good value based on its PB Ratio (0.8x) compared to the DE Insurance industry average (1.1x).


Next Steps

Future Growth

How is ASR Nederland forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

-0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: A16's earnings are forecast to decline over the next 3 years (-0.2% per year).

Earnings vs Market: A16's earnings are forecast to decline over the next 3 years (-0.2% per year).

High Growth Earnings: A16's earnings are forecast to decline over the next 3 years.

Revenue vs Market: A16's revenue is expected to decline over the next 3 years (-3.8% per year).

High Growth Revenue: A16's revenue is forecast to decline over the next 3 years (-3.8% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: A16's Return on Equity is forecast to be low in 3 years time (12.4%).


Next Steps

Past Performance

How has ASR Nederland performed over the past 5 years?

15.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: A16's earnings have grown by 15.3% per year over the past 5 years.

Accelerating Growth: A16's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: A16 had negative earnings growth (-0.8%) over the past year, making it difficult to compare to the Insurance industry average (15.2%).


Return on Equity

High ROE: A16's Return on Equity (15.1%) is considered low.


Return on Assets

ROA vs Industry: A16 has a higher Return on Assets than the Insurance industry average last year.


Return on Capital Employed

ROCE Improving: A16 has improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is ASR Nederland's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: A16 has a low level of unsold assets or inventory.

Debt Coverage by Assets: A16's debt is covered by short term assets (assets are 3.617280x debt).


Financial Institutions Analysis

Asset Level: A16's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if A16 has a sufficient allowance for bad loans.

Low Risk Liabilities: A16 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if A16 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: A16 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if A16 has an appropriate level of bad loans.


Next Steps

Dividend

What is ASR Nederland's current dividend yield, its reliability and sustainability?

6.51%

Current Dividend Yield


Dividend Yield vs Market

company6.5%marketbottom25%1.5%markettop25%3.8%industryaverage3.9%forecastin3Years6.1%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: A16's dividend (6.51%) is higher than the bottom 25% of dividend payers in the German market (1.48%).

High Dividend: A16's dividend (6.51%) is in the top 25% of dividend payers in the German market (3.83%)

Stable Dividend: A16 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: A16's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.3%), A16's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: A16's dividends in 3 years are forecast to be well covered by earnings (42.2% payout ratio).


Next Steps

Management

What is the CEO of ASR Nederland's salary, the management and board of directors tenure and is there insider trading?

7.3yrs

Average management tenure


CEO

Jos P. Baeten (61yo)

10.8yrs

Tenure

€956,000

Compensation

Mr. J.P.M. Baeten, also known as Jos, LL.M., is the Founder of ASR Nederland N.V. and has been its Chief Executive Officer since January 26, 2009. Mr. Baeten has been Chairman of The Executive Board at ASR ...


CEO Compensation Analysis

Compensation vs. Market: Jos P.'s total compensation ($USD1.07M) is below average for companies of similar size in the German market ($USD3.65M).

Compensation vs Earnings: Jos P.'s compensation has been consistent with company performance over the past year.


Management Age and Tenure

7.3yrs

Average Tenure

49yo

Average Age

Experienced Management: A16's management team is seasoned and experienced (7.3 years average tenure).


Board Age and Tenure

3.8yrs

Average Tenure

65.5yo

Average Age

Experienced Board: A16's board of directors are considered experienced (3.8 years average tenure).


Insider Trading

Insider Buying: A16 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buy€13,47428 Aug 19
H. Figee
EntityIndividual
Role
Chief Financial Officer
CFO & Member of Executive Board
Shares416
Max Price€32.39
Buy€24,51928 Aug 19
Jos P. Baeten
EntityIndividual
Role
Chief Executive Officer
Chairman of the Executive Board & CEO
Shares757
Max Price€32.39

Ownership Breakdown


Management Team

  • Jolanda Sappelli

    Managing Director of Human Resources

    • Tenure: 0yrs
  • Michel Hülters

    Head of Investor Relations and Ratings

    • Tenure: 0yrs
  • Jos P. Baeten (61yo)

    Chairman of the Executive Board & CEO

    • Tenure: 10.8yrs
    • Compensation: €956.00k
  • Fleur Rieter (49yo)

    Managing Director of Pension Business

    • Tenure: 0yrs
  • H. Figee (47yo)

    CFO & Member of Executive Board

    • Tenure: 5.4yrs
    • Compensation: €627.00k
  • Robert Schaaf

    Managing Director of Non-Life Business

    • Tenure: 0yrs
  • Frank Romijn

    Managing Director of Occupational Disability Business

    • Tenure: 0yrs
  • Patrick Klijnsmit

    Director of Accounting

    • Tenure: 7.3yrs
  • Boudewijn Uden

    Managing Director of Corporate Communications

    • Tenure: 0yrs
  • Jan de Jager

    Member of Management Board

    • Tenure: 0yrs

Board Members

  • Herman Hintzen (64yo)

    Supervisory Board Member

    • Tenure: 3.8yrs
    • Compensation: €44.00k
  • Cor van den Bos (67yo)

    Vice Chairman of the Supervisory Board

    • Tenure: 3.8yrs
    • Compensation: €44.00k
  • Kick Van der Pol (70yo)

    Chairman of the Supervisory Board

    • Tenure: 10.8yrs
    • Compensation: €54.00k
  • Sonja Barendregt-Roojers (62yo)

    Member of Supervisory Board

    • Tenure: 1.4yrs
    • Compensation: €30.00k

Company Information

ASR Nederland N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ASR Nederland N.V.
  • Ticker: A16
  • Exchange: DB
  • Founded: 1720
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: €4.722b
  • Shares outstanding: 141.00m
  • Website: https://www.asrnl.com

Number of Employees


Location

  • ASR Nederland N.V.
  • Archimedeslaan 10
  • Utrecht
  • Utrecht
  • 3584 BA
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
A1AK9TDB (Deutsche Boerse AG)10%-FRN GTD SUB PERP EUR1 'REGS'DEEURAug 2009
ASRNLENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJun 2016
A16DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2016
0RHSLSE (London Stock Exchange)YesOrdinary SharesGBEURJun 2016
ASRNLABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 2016
ASRR.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 2016

Biography

ASR Nederland N.V. provides various insurance and non-insurance products and services to private and business customers in the Netherlands and internationally. It operates through Non-Life, Life, Banking a ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 21:42
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.