BME:MAP

Stock Analysis Report

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Executive Summary

Mapfre, S.A., engages in the insurance and reinsurance activities worldwide.


Snowflake Analysis

Good value average dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: MAP's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

18.4%

MAP

15.8%

ES Insurance

9.1%

ES Market


1 Year Return

-29.7%

MAP

-10.7%

ES Insurance

-13.4%

ES Market

Return vs Industry: MAP underperformed the Spanish Insurance industry which returned -11.8% over the past year.

Return vs Market: MAP underperformed the Spanish Market which returned -13.6% over the past year.


Shareholder returns

MAPIndustryMarket
7 Day18.4%15.8%9.1%
30 Day16.0%17.0%14.8%
90 Day12.1%3.3%-1.8%
1 Year-26.4%-29.7%-5.9%-10.7%-10.8%-13.4%
3 Year-33.4%-41.7%9.5%-5.7%-19.0%-26.4%
5 Year-26.0%-40.6%31.2%1.8%-9.5%-24.0%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

23.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MAP (€1.88) is trading below our estimate of fair value (€2.44)

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


Price To Earnings Ratio

PE vs Industry: MAP is poor value based on its PE Ratio (10.5x) compared to the Insurance industry average (10.3x).

PE vs Market: MAP is good value based on its PE Ratio (10.5x) compared to the Spanish market (16.1x).


Price to Earnings Growth Ratio

PEG Ratio: MAP is poor value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: MAP is good value based on its PB Ratio (0.8x) compared to the XE Insurance industry average (1x).


Next Steps

Future Growth

How is Mapfre forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

10.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAP's forecast earnings growth (10.1% per year) is above the savings rate (1.3%).

Earnings vs Market: MAP's earnings (10.1% per year) are forecast to grow slower than the Spanish market (18.4% per year).

High Growth Earnings: MAP's earnings are forecast to grow, but not significantly.

Revenue vs Market: MAP's revenue (2.7% per year) is forecast to grow slower than the Spanish market (4.9% per year).

High Growth Revenue: MAP's revenue (2.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MAP's Return on Equity is forecast to be low in 3 years time (8.1%).


Next Steps

Past Performance

How has Mapfre performed over the past 5 years?

-3.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MAP has high quality earnings.

Growing Profit Margin: MAP's current net profit margins (2.6%) are higher than last year (2.5%).


Past Earnings Growth Analysis

Earnings Trend: MAP's earnings have declined by -3.9% per year over the past 5 years.

Accelerating Growth: MAP's earnings growth over the past year (3.4%) exceeds its 5-year average (-3.9% per year).

Earnings vs Industry: MAP earnings growth over the past year (3.4%) underperformed the Insurance industry 9.3%.


Return on Equity

High ROE: MAP's Return on Equity (9.8%) is considered low.


Next Steps

Financial Health

How is Mapfre's financial position?


Financial Position Analysis

Short Term Liabilities: MAP's short term assets (€23.2B) exceed its short term liabilities (€22.9B).

Long Term Liabilities: MAP's short term assets (€23.2B) do not cover its long term liabilities (€37.3B).


Debt to Equity History and Analysis

Debt Level: MAP's debt to equity ratio (29.8%) is considered satisfactory.

Reducing Debt: MAP's debt to equity ratio has increased from 16% to 29.8% over the past 5 years.

Debt Coverage: MAP's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: MAP's interest payments on its debt are well covered by EBIT (17.4x coverage).


Balance Sheet


Next Steps

Dividend

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

7.73%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: MAP's dividend (7.73%) is higher than the bottom 25% of dividend payers in the Spanish market (2.51%).

High Dividend: MAP's dividend (7.73%) is in the top 25% of dividend payers in the Spanish market (6.7%)


Stability and Growth of Payments

Stable Dividend: MAP's dividend payments have been volatile in the past 10 years.

Growing Dividend: MAP's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (81%), MAP's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MAP's dividends in 3 years are forecast to be covered by earnings (57.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.5yrs

Average management tenure


CEO

Antonio Huertas Mejías (55yo)

8.25yrs

Tenure

€2,622,000

Compensation

Mr. Antonio Huertas Mejías serves as Chairman and Chief Executive Officer of MAPFRE SA since March 10, 2012 and has been its Director since December 29, 2006. Mr. Mejías serves as President of Fundación MA ...


CEO Compensation Analysis

Compensation vs Market: Antonio's total compensation ($USD2.97M) is about average for companies of similar size in the Spanish market ($USD2.77M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Antonio Huertas Mejías
Chairman & CEO8.25yrs€2.62m0.014% 773.5k
Ignacio Baeza Gómez
First Vice Chairman of the Board8.42yrs€1.65m0.0073% 419.6k
José Manuel Inchausti Pérez
Third Vice Chairman & CEO of Iberia Regional Area1.92yrsno data0.0022% 125.2k
Fernando Mata Verdejo
Group CFO & Director3.42yrs€892.00k0.0026% 149.8k
Francisco José Marco Orenes
Group Chief Business Support Officer & Director3.25yrs€846.00k0.00066% 37.7k
José Antonio Arias Bermúdez
Group Chief Operations Officerno datano datano data
José Luís Jiménez Guajardo-Fajardo
Group Chief Investment Officer4.75yrsno datano data
Natalia Núñez Arana
Deputy Director Capital Markets & Head of Investor Relationsno datano datano data
Ángel Luis Dávila Bermejo
GM of Legal Affairs & Secretary General11.42yrsno datano data
Eva Piera Rojo
Group Chief External Relations & Communication Officerno datano datano data

6.5yrs

Average Tenure

55yo

Average Age

Experienced Management: MAP's management team is seasoned and experienced (6.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Antonio Huertas Mejías
Chairman & CEO8.25yrs€2.62m0.014% 773.5k
Ignacio Baeza Gómez
First Vice Chairman of the Board8.42yrs€1.65m0.0073% 419.6k
José Manuel Inchausti Pérez
Third Vice Chairman & CEO of Iberia Regional Area1.92yrsno data0.0022% 125.2k
Fernando Mata Verdejo
Group CFO & Director3.42yrs€892.00k0.0026% 149.8k
Francisco José Marco Orenes
Group Chief Business Support Officer & Director3.25yrs€846.00k0.00066% 37.7k
José Antonio Colomer Guiu
Independent Director4.33yrs€274.00k0.000090% 5.1k
José Manuel Martínez Martínez
Honorary Chairmanno datano datano data
Julio Castelo Matrán
Honorary Chairmanno datano datano data
Catalina Miñarro Brugarolas
Independent Second Vice-Chairwoman of the Board3.42yrs€306.00k0.00038% 21.7k
Ana Isabel Fernández Álvarez
Independent Director3.92yrs€206.00kno data

3.7yrs

Average Tenure

57.5yo

Average Age

Experienced Board: MAP's board of directors are considered experienced (3.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Mapfre, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Mapfre, S.A.
  • Ticker: MAP
  • Exchange: BME
  • Founded: 1933
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: €5.717b
  • Shares outstanding: 3.05b
  • Website: https://www.mapfre.com

Number of Employees


Location

  • Mapfre, S.A.
  • Carretera de Pozuelo
  • Majadahonda
  • Madrid
  • 28222
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MAPBME (Bolsas y Mercados Espanoles)YesOrdinary SharesESEURJan 1980
CMABDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1980
0NQ2LSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1980
MPFR.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1980
MAPEBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1980
MAPWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1980
CMABETLX (Eurotlx)YesOrdinary SharesITEURJan 1980
MPFR.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDOct 2008

Biography

Mapfre, S.A., engages in the insurance and reinsurance activities worldwide. It offers life, health, accidents, savings and investment, retirement, burial, travel and lifestyle insurance; and homeowners, automobile, third-party liability, family, and other insurance. The company also provides vehicles, third-party liability and assets, agriculture and livestock, commercial establishments, and other insurance products. In addition, it offers insurance products for engineering and buildings, hulls and aviation, transportation of goods, surety and credit, life and retirement, and other insurances and reinsurance products. The company offers its services to professionals, entrepreneurs, self-employed people, small and medium-sized enterprises, and large corporations. It distributes its products through a network of 5,110 direct and delegate offices; and 7,914 bancassurance offices, as well as through 79,000 delegates, agents, and brokers. The company was formerly known as Corporacion Mapfre and changed its name to Mapfre, S.A. in December 2006. Mapfre, S.A. was founded in 1933 and is headquartered in Majadahonda, Spain. Mapfre, S.A. is a subsidiary of Cartera Mapfre, S.L. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/07 01:14
End of Day Share Price2020/06/05 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.