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 Analysis

Worrying balance sheet with weak fundamentals.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: APR has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

APR

-2.9%

FR Insurance

-0.5%

FR Market


1 Year Return

2.8%

APR

-40.9%

FR Insurance

-19.6%

FR Market

Return vs Industry: APR exceeded the French Insurance industry which returned -41.4% over the past year.

Return vs Market: APR exceeded the French Market which returned -21.9% over the past year.


Shareholder returns

APRIndustryMarket
7 Day0%-2.9%-0.5%
30 Day0%-27.6%-15.3%
90 Day-3.1%-43.2%-26.1%
1 Year3.6%2.8%-37.6%-40.9%-16.8%-19.6%
3 Year97.4%88.1%-29.8%-39.6%-0.3%-9.6%
5 Year87.5%69.4%-23.8%-40.5%5.6%-9.4%

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 compared to its fair value and its price relative to the market?

1.45x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: APR (€21.9) is trading above our estimate of fair value (€12.03)

Significantly Below Fair Value: APR is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: APR is unprofitable, so we can't compare its PE Ratio to the Insurance industry average.

PE vs Market: APR is unprofitable, so we can't compare its PE Ratio to the French market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate APR's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: APR is overvalued based on its PB Ratio (1.5x) compared to the FR Insurance industry average (0.5x).


Next Steps

Future Growth

How is April forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

7.7%

Forecasted Insurance industry annual growth in earnings


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if APR's forecast earnings growth is above the savings rate (-0.1%).

Earnings vs Market: Insufficient data to determine if APR's earnings are forecast to grow faster than the French market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: Insufficient data to determine if APR's revenue is forecast to grow faster than the French market.

High Growth Revenue: Insufficient data to determine if APR's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if APR's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has April performed over the past 5 years?

-18.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: APR is currently unprofitable.

Growing Profit Margin: APR is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: APR is unprofitable, and losses have increased over the past 5 years at a rate of -18.4% per year.

Accelerating Growth: Unable to compare APR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: APR is unprofitable, making it difficult to compare its past year earnings growth to the Insurance industry (11.4%).


Return on Equity

High ROE: APR has a negative Return on Equity (0.18%), as it is currently unprofitable.


Next Steps

Financial Health

How is April's financial position?


Financial Position Analysis

Short Term Liabilities: APR's short term assets (€958.6M) exceed its short term liabilities (€868.3M).

Long Term Liabilities: APR's short term assets (€958.6M) exceed its long term liabilities (€472.7M).


Debt to Equity History and Analysis

Debt Level: APR's debt to equity ratio (9.8%) is considered satisfactory.

Reducing Debt: APR's debt to equity ratio has increased from 2.7% to 9.8% over the past 5 years.

Debt Coverage: APR's debt is well covered by operating cash flow (172.1%).

Interest Coverage: APR is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

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

1.37%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate APR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate APR's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if APR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if APR's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: APR is not paying a notable dividend for the French market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of APR's dividend in 3 years as they are not forecast to pay a notable one for the French market.


Next Steps

Management

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

1.4yrs

Average management tenure


CEO

Eric Maumy (52yo)

0.58

Tenure

Mr. Eric Maumy has been Chief Executive Officer of April SA since September 9, 2019. Mr. Maumy has a degree in Private Law, Insurance law and graduated from the Paris Insurance Institute at Paris I La Sorb ...


Leadership Team

NamePositionTenureCompensationOwnership
Eric Maumy
Chief Executive Officer0.58yrno datano data
Emmanuel Maillet
Deputy Director General in charge of Finance & Legal Affairs3yrsno datano data
Guillaume CEREZO
Investor relations & analysts / investorsno datano datano data
Marc-André Dupont
President & CEO of Pole Dommage and President of APRIL Brokerageno datano datano data
Roger Mainguy
Chairman & CEO of Health Provident Division2yrsno datano data
Jean-Hubert Bannwarth
Deputy CEO of Health & Welfare Pole and Director Borrower0.83yrno datano data
Claude Cuerin
Chairman of April Partenaires and Chief Executive Officer of April Partenairesno datano datano data
Lionel Boismery
Chairman of April Marine and Chief Executive Officer of April Marineno datano datano data

1.4yrs

Average Tenure

Experienced Management: APR's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Claude Cuerin
Chairman of April Partenaires and Chief Executive Officer of April Partenairesno datano datano data
Lionel Boismery
Chairman of April Marine and Chief Executive Officer of April Marineno datano datano data
Bruno Rousset
Honorary Chairman0.83yr€110.76kno data
Didier Valet
Chairman of the Board0.83yrno datano data
Jean-Christophe Germani
Director0.83yrno datano data
Nick Kidd
Chairman of April Canada Incno datano datano data
Dominique Cartier
Director0.83yrno datano data
Muriel Fages
Employee Representative Director0.75yrno datano data
Meritxell Maestre
Director0.83yrno datano data

0.8yrs

Average Tenure

46yo

Average Age

Experienced Board: APR's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.


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

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: €896.493m
  • 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 Protection segment offers insurance policies that provide coverage for individual health, loan, corporate brokerage, professional and individual personal protection in France, and local health and personal protection outside of France. Its Property & Casualty segment provides individual property and casualty, corporate brokerage, travel insurance and assistance, expat, international property and casualty, and legal protection policies. The company also offers funeral insurance, pet insurance policies, etc.; and reinsurance products. It sells its products through a network of agencies and distributors, as well as through online sales channel linked with call centers and mobile sales networks. The company was founded in 1988 and is headquartered in Lyon, France.  


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/06 21:31
End of Day Share Price2020/04/06 00:00
Earnings2019/12/31
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.