Hiscox Ltd

DB:H2X3 Stock Report

Market Cap: €4.4b

Hiscox Valuation

Is H2X3 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • 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 H2X3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: H2X3 (€13.2) is trading below our estimate of fair value (€52.25)

Significantly Below Fair Value: H2X3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for H2X3?

Key metric: As H2X3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for H2X3. This is calculated by dividing H2X3's market cap by their current earnings.
What is H2X3's PE Ratio?
PE Ratio6.4x
EarningsUS$720.80m
Market CapUS$4.59b

Price to Earnings Ratio vs Peers

How does H2X3's PE Ratio compare to its peers?

The above table shows the PE ratio for H2X3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.1x
TLX Talanx
11.6x5.3%€21.9b
WUW Wüstenrot & Württembergische
26x25.4%€1.1b
HNR1 Hannover Rück
13.7x5.6%€30.8b
NBG6 NÜRNBERGER Beteiligungs-AG
13x38.8%€543.7m
H2X3 Hiscox
6.4x-2.3%€3.7b

Price-To-Earnings vs Peers: H2X3 is good value based on its Price-To-Earnings Ratio (6.4x) compared to the peer average (16.1x).

Price to Earnings Ratio vs Industry

How does H2X3's PE Ratio compare vs other companies in the European Insurance Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
H2X3 6.4xIndustry Avg. 11.8xNo. of Companies14PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: H2X3 is good value based on its Price-To-Earnings Ratio (6.4x) compared to the European Insurance industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is H2X3'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.

H2X3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.4x
Fair PE Ratio8.4x

Price-To-Earnings vs Fair Ratio: H2X3 is good value based on its Price-To-Earnings Ratio (6.4x) compared to the estimated Fair Price-To-Earnings Ratio (8.4x).

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 H2X3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€13.20
€15.96
+20.9%
8.6%€18.90€14.18n/a14
Jan ’26€12.80
€15.73
+22.9%
8.5%€18.58€13.94n/a14
Dec ’25€12.50
€15.69
+25.5%
8.6%€18.42€14.05n/a14
Nov ’25€12.80
€15.72
+22.8%
7.1%€17.94€13.58n/a14
Oct ’25€13.60
€15.48
+13.8%
6.9%€17.40€13.27n/a16
Sep ’25€13.90
€15.04
+8.2%
9.6%€17.43€11.70n/a16
Aug ’25€14.80
€15.35
+3.7%
11.7%€18.25€11.36n/a16
Jul ’25€13.50
€15.31
+13.4%
11.3%€18.34€11.42n/a16
Jun ’25€13.40
€15.01
+12.0%
11.1%€18.13€11.38n/a16
May ’25€14.30
€15.11
+5.7%
10.7%€18.36€11.53n/a16
Apr ’25€14.35
€14.78
+3.0%
11.7%€18.17€11.41n/a16
Mar ’25€13.25
€14.31
+8.0%
11.0%€17.48€11.34n/a16
Feb ’25€12.05
€14.20
+17.9%
11.1%€17.63€11.30n/a16
Jan ’25€11.95
€13.88
+16.2%
12.0%€17.55€10.85€12.8016
Dec ’24€11.75
€13.79
+17.4%
11.9%€17.46€10.79€12.5016
Nov ’24€10.65
€14.29
+34.2%
12.3%€18.38€11.21€12.8016
Oct ’24€11.55
€14.64
+26.7%
10.8%€18.34€11.18€13.6016
Sep ’24€11.65
€14.42
+23.8%
10.9%€17.95€11.40€13.9016
Aug ’24€12.35
€14.08
+14.0%
13.4%€18.34€10.63€14.8017
Jul ’24€12.65
€14.00
+10.7%
13.2%€17.58€10.83€13.5017
Jun ’24€13.60
€14.04
+3.2%
13.2%€17.67€10.88€13.4017
May ’24€13.15
€13.27
+0.9%
13.3%€17.20€10.43€14.3017
Apr ’24€12.50
€13.24
+5.9%
13.3%€17.48€10.60€14.3517
Mar ’24€12.80
€13.15
+2.8%
13.4%€17.14€10.61€13.2517
Feb ’24€12.60
€12.73
+1.1%
13.7%€16.87€10.44€12.0517
Jan ’24€12.30
€12.05
-2.1%
17.5%€16.38€9.36€11.9517

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/08 23:00
End of Day Share Price 2025/01/08 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

Hiscox Ltd is covered by 39 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andrew BroadfieldBarclays
Ivan BokhmatBarclays
Tryfonas SpyrouBerenberg