ENXTPA:APR

Stock Analysis Report

Executive Summary

April SA, together with its subsidiaries, designs, manages, and distributes insurance solutions and assistance services for individuals, professionals, and businesses.

Snowflake

Fundamentals

Excellent balance sheet with moderate growth potential.

Risks

  • April is covered by less than 3 analysts.

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

0%

ENXTPA:APR

-0.6%

FR Insurance

-0.8%

FR Market


1 Year Return

75.6%

ENXTPA:APR

-1.8%

FR Insurance

-1.5%

FR Market

APR outperformed the Insurance industry which returned -1.8% over the past year.

APR outperformed the Market in France which returned -1.5% over the past year.


Share holder returns

APRIndustryMarket
7 Day0%-0.6%-0.8%
30 Day2.8%-9.5%-4.8%
90 Day4.7%-5.4%-1.3%
1 Year77.0%75.6%3.7%-1.8%1.8%-1.5%
3 Year109.1%99.3%46.7%26.2%39.1%25.5%
5 Year46.2%32.0%52.0%18.9%56.4%33.2%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is April undervalued based on future cash flows and its price relative to the stock market?

32.08x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

April's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

April's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

April is overvalued based on earnings compared to the FR Insurance industry average.

April is overvalued based on earnings compared to the France market.


Price Based on Expected Growth

April is poor value based on expected growth next year.


Price Based on Value of Assets

April is overvalued based on assets compared to the FR Insurance industry average.


Next Steps

Future Growth

How is April expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

21.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

April's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).

April's earnings are expected to grow significantly at over 20% yearly.

April's revenue growth is positive but not above the France market average.

April's earnings growth is expected to exceed the France market average.

April's earnings growth is expected to exceed the low risk savings rate of 0.7%.


Earnings per Share Growth Estimates


Future Return on Equity

April is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has April performed over the past 5 years?

-9.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

April's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.

April's 1-year earnings growth is negative, it can't be compared to the 5-year average.

April's 1-year earnings growth is negative, it can't be compared to the FR Insurance industry average.


Return on Equity

April has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

April used its assets more efficiently than the FR Insurance industry average last year based on Return on Assets.


Return on Capital Employed

April's use of capital has not improved over the past 3 years (Return on Capital Employed).


Next Steps

Financial Health

How is April's financial position?


Financial Position Analysis

April is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

April's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

April's level of debt (11.1%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has increased over the past 5 years (3.6% vs 11.1% today).

Debt is well covered by operating cash flow (120%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 682.9x coverage).


Balance Sheet

Low level of unsold assets.

Debt is covered by short term assets, assets are 8.8x debt.


Next Steps

Dividend

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

1.48%

Expected Dividend Yield


Dividend Yield and Payments Analysis

April's pays a lower dividend yield than the bottom 25% of dividend payers in France (1.59%).

April's dividend is below the markets top 25% of dividend payers in France (4.63%).

April is not paying a notable dividend for France, therefore no need to check if the payments are stable.

April is not paying a notable dividend for France, therefore no need to check if the payments are increasing.


Current Payout to Shareholders

No need to calculate the sustainability of April's dividends as it is not paying a notable one for France.


Future Payout to Shareholders

Dividends after 3 years are expected to be well covered by earnings (4x coverage).


Next Steps

Management

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

1.8yrs

Average management tenure


CEO

Emmanuel Morandini (57yo)

2.7yrs

Tenure

€640,670

Compensation

Mr. Emmanuel Morandini is an ISTOM engineering graduate and holds an Executive MBA from ESSEC business school. He started his career in 1986 at CERIC Group (engineering) and later joined La Hénin Vie, whic ...


CEO Compensation Analysis

Emmanuel's remuneration is about average for companies of similar size in France.

Emmanuel's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

1.8yrs

Average Tenure

The average tenure for the April management team is less than 2 years, this suggests a new team.


Board Age and Tenure

6.3yrs

Average Tenure

58yo

Average Age

The tenure for the April board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

Buy€34,66831 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares1,605
Max Price€21.60
Buy€3,153,11929 Jul 19
ESCA
EntityCompany
Shares145,305
Max Price€21.70
Buy€41029 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares19
Max Price€21.60
Buy€9,96026 Jul 19
ESCA
EntityCompany
Shares459
Max Price€21.70
Buy€79,57425 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares3,684
Max Price€21.60
Buy€12,171,92125 Jul 19
ESCA
EntityCompany
Shares560,918
Max Price€21.70
Buy€1,893,65124 Jul 19
ESCA
EntityCompany
Shares87,265
Max Price€21.70
Buy€564,20023 Jul 19
ESCA
EntityCompany
Shares26,000
Max Price€21.70
Buy€16,39423 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares759
Max Price€21.60
Buy€29,29022 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares1,356
Max Price€21.60
Buy€4,340,00022 Jul 19
ESCA
EntityCompany
Shares200,000
Max Price€21.70
Buy€69,94119 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares3,238
Max Price€21.60
Buy€4,047,72418 Jul 19
DOM Finance
EntityCompany
Shares186,000
Max Price€21.79
Buy€2,788,45218 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares129,095
Max Price€21.60
Buy€37,313,02217 Jul 19
ESCA
EntityCompany
Shares1,721,478
Max Price€21.70
Buy€1,462,42817 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares67,705
Max Price€21.60
Buy€97,97816 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares4,536
Max Price€21.60
Sell€27,544,48216 Jul 19
Syquant Capital SAS
EntityCompany
Shares1,269,331
Max Price€21.70
Buy€40,82415 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares1,890
Max Price€21.60
Buy€7,061,36412 Jul 19
Andromeda Investissements Sas
EntityCompany
Shares326,915
Max Price€21.60
Buy€65,88502 Jul 19
Syquant Capital SAS
EntityCompany
Shares3,063
Max Price€21.51
Buy€1,726,51018 Jun 19
Andromeda Investissements Sas
EntityCompany
Shares79,931
Max Price€21.60
Sell€80,882,67017 Jun 19
FMR LLC
EntityCompany
Shares3,744,568
Max Price€21.60
Buy€89,901,62017 Jun 19
Andromeda Investissements Sas
EntityCompany
Shares4,162,112
Max Price€21.60
Buy€256,80003 Jun 19
Syquant Capital SAS
EntityCompany
Shares12,000
Max Price€21.40
Buy€1,862,23220 May 19
Syquant Capital SAS
EntityCompany
Shares87,224
Max Price€21.35
Buy€42,60015 May 19
Syquant Capital SAS
EntityCompany
Shares2,000
Max Price€21.30
Buy€3,25914 May 19
Syquant Capital SAS
EntityCompany
Shares153
Max Price€21.30
Buy€118,21513 May 19
Syquant Capital SAS
EntityCompany
Shares5,550
Max Price€21.30
Buy€1,462,58610 May 19
Syquant Capital SAS
EntityCompany
Shares68,666
Max Price€21.30
Sell€1,336,53206 May 19
FMR LLC
EntityCompany
Shares62,748
Max Price€21.30
Buy€1,336,53203 May 19
Syquant Capital SAS
EntityCompany
Shares62,748
Max Price€21.30
Buy€241,56302 May 19
Syquant Capital SAS
EntityCompany
Shares11,288
Max Price€21.40
Buy€157,29025 Apr 19
Syquant Capital SAS
EntityCompany
Shares7,350
Max Price€21.40
Buy€393,13924 Apr 19
Syquant Capital SAS
EntityCompany
Shares18,371
Max Price€21.40
Buy€480,90123 Apr 19
Syquant Capital SAS
EntityCompany
Shares22,472
Max Price€21.40
Buy€13,24917 Apr 19
Syquant Capital SAS
EntityCompany
Shares622
Max Price€21.30
Buy€183,26511 Apr 19
Syquant Capital SAS
EntityCompany
Shares8,604
Max Price€21.30
Buy€106,25004 Apr 19
Syquant Capital SAS
EntityCompany
Shares5,000
Max Price€21.25
Buy€786,25003 Apr 19
Syquant Capital SAS
EntityCompany
Shares37,000
Max Price€21.25
Buy€148,75002 Apr 19
Syquant Capital SAS
EntityCompany
Shares7,000
Max Price€21.25
Buy€106,00027 Mar 19
Syquant Capital SAS
EntityCompany
Shares5,000
Max Price€21.20
Buy€212,00026 Mar 19
Syquant Capital SAS
EntityCompany
Shares10,000
Max Price€21.20
Buy€106,93322 Mar 19
Syquant Capital SAS
EntityCompany
Shares5,044
Max Price€21.20
Buy€117,56919 Mar 19
Syquant Capital SAS
EntityCompany
Shares5,572
Max Price€21.10
Buy€51,90614 Mar 19
Syquant Capital SAS
EntityCompany
Shares2,460
Max Price€21.10
Buy€13,58813 Mar 19
Syquant Capital SAS
EntityCompany
Shares644
Max Price€21.10
Buy€32,23512 Mar 19
Syquant Capital SAS
EntityCompany
Shares1,535
Max Price€21.00
Buy€309,47708 Mar 19
Syquant Capital SAS
EntityCompany
Shares14,737
Max Price€21.00
Buy€4,200,00001 Feb 19
Syquant Capital SAS
EntityCompany
Shares200,000
Max Price€21.00
Buy€9,360,00030 Jan 19
Syquant Capital SAS
EntityCompany
Shares450,000
Max Price€20.80

Ownership Breakdown


Management Team

  • Marc-André Dupont

    President & CEO of Pole Dommage and President of APRIL Brokerage

    • Tenure: 0.0yrs
  • Roger Mainguy

    Chairman & CEO of Health Provident Division

    • Tenure: 1.3yrs
  • Claude Cuerin

    Chairman of April Partenaires and Chief Executive Officer of April Partenaires

    • Tenure: 0.0yrs
  • Lionel Boismery

    Chairman of April Marine and Chief Executive Officer of April Marine

    • Tenure: 0.0yrs
  • Emmanuel Morandini (57yo)

    Chief Executive Officer

    • Tenure: 2.7yrs
    • Compensation: €640.67k
  • Emmanuel Maillet (41yo)

    Deputy Director General in charge of Finance & Legal Affairs

    • Tenure: 2.3yrs
  • Guillaume CEREZO

    Investor relations & analysts / investors

    • Tenure: 0.0yrs
  • Jean-Hubert Bannwarth

    Deputy CEO of Health & Welfare Pole and Director Borrower

    • Tenure: 0.2yrs

Board Members

  • Jacques Tassi (71yo)

    Independent Director

    • Tenure: 8.3yrs
    • Compensation: €25.30k
  • Bruno Rousset (63yo)

    Chairman of the Board

    • Tenure: 12.0yrs
    • Compensation: €110.76k
  • Dominique Takizawa (62yo)

    Independent Director

    • Tenure: 9.4yrs
    • Compensation: €26.95k
  • Rachael Hughes (48yo)

    Independent Director

    • Tenure: 5.3yrs
    • Compensation: €26.95k
  • Dominique Druon (54yo)

    Independent Director

    • Tenure: 6.3yrs
    • Compensation: €23.10k
  • Claude Cuerin

    Chairman of April Partenaires and Chief Executive Officer of April Partenaires

    • Tenure: 0.0yrs
  • Lionel Boismery

    Chairman of April Marine and Chief Executive Officer of April Marine

    • Tenure: 0.0yrs
  • Nicolas Bonnard

    Director

    • Tenure: 0.2yrs
  • Nick Kidd

    Chairman of April Canada Inc

    • Tenure: 0.0yrs
  • Emmanuel Maillet (41yo)

    Deputy Director General in charge of Finance & Legal Affairs

    • Tenure: 2.3yrs

Company Information

April SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: April SA
  • Ticker: APR
  • Exchange: ENXTPA
  • Founded: 1988
  • Industry: Insurance Brokers
  • Sector: Insurance
  • Market Cap: €912.868m
  • Shares outstanding: 40.94m
  • Website: https://www.april.com

Number of Employees


Location

  • April SA
  • 114 Boulevard Marius Vivier Merle
  • Lyon
  • Rhône-Alpes
  • 69003
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
APRENXTPA (Euronext Paris)YesOrdinary SharesFREURJan 1998
B2BDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1998
0N69LSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1998
APRPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1998

Biography

April SA, together with its subsidiaries, designs, manages, and distributes insurance solutions and assistance services for individuals, professionals, and businesses. The company’s Health & Personal Prote ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/18 20:50
End of Day Share Price2019/08/16 00:00
Earnings2018/12/31
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.