Hiscox Ltd

DB:H2X3 Stock Report

Market Cap: €4.1b

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 (€12.3) is trading below our estimate of fair value (€49.85)

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 Ratio6.1x
EarningsUS$720.80m
Market CapUS$4.39b

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 Average11.3x
TLX Talanx
10.6x4.9%€20.1b
HNR1 Hannover Rück
12.8x5.7%€28.8b
NBG6 NÜRNBERGER Beteiligungs-AG
14.4x38.4%€599.0m
MCY Mercury General
7.3x-12.8%US$4.1b
H2X3 Hiscox
6.1x-2.4%€3.5b

Price-To-Earnings vs Peers: H2X3 is good value based on its Price-To-Earnings Ratio (6.1x) compared to the peer average (11.3x).

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 6.1xIndustry Avg. 11.7xNo. of Companies12PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: H2X3 is good value based on its Price-To-Earnings Ratio (6.1x) 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 Ratio6.1x
Fair PE Ratio8.5x

Price-To-Earnings vs Fair Ratio: H2X3 is good value based on its Price-To-Earnings Ratio (6.1x) compared to the estimated Fair Price-To-Earnings Ratio (8.5x).

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€12.30
€15.83
+28.7%
8.4%€18.39€14.03n/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€10.85n/a16
Dec ’24€11.75
€13.79
+17.4%
11.9%€17.46€10.79n/a16
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
Dec ’23€11.40
€11.93
+4.6%
17.2%€16.29€9.31€11.7517
Nov ’23€10.00
€12.31
+23.1%
15.4%€17.21€9.84€10.6518

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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