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COFACE

ENXTPA:COFA
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
COFA
ENXTPA
€1B
Market Cap
  1. Home
  2. FR
  3. Insurance
Company description

COFACE SA, through its subsidiaries, provides credit insurance products and related services for small and medium enterprises, mid-market companies, multi-nationals, financial institutions, and clients of distributer partners. The last earnings update was 55 days ago. More info.


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COFA Share Price and Events
7 Day Returns
-2%
ENXTPA:COFA
1.4%
FR Insurance
1.5%
FR Market
1 Year Returns
-6.9%
ENXTPA:COFA
7.7%
FR Insurance
1.7%
FR Market
COFA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
COFACE (COFA) -2% -4.4% 10.1% -6.9% 26.8% -
FR Insurance 1.4% 1.6% 1.2% 7.7% 18.5% 31.7%
FR Market 1.5% 1.1% 2.3% 1.7% 32.4% 31.2%
1 Year Return vs Industry and Market
  • COFA underperformed the Insurance industry which returned 7.7% over the past year.
  • COFA underperformed the Market in France which returned 1.7% over the past year.
Price Volatility
COFA
Industry
5yr Volatility vs Market

Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of COFACE to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for COFACE.

ENXTPA:COFA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= €12.83 * 7%
€0.90
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. €12.83
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:COFA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.69 (1 + (1- 33%) (219.57%))
1.473
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.47
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (1.473 * 6.65%)
10.53%

Discounted Cash Flow Calculation for ENXTPA:COFA using Excess Returns Model Model

The calculations below outline how an intrinsic value for COFACE is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

ENXTPA:COFA Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7% – 10.53%) * €12.83)
€-0.45
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-0.45 / (10.53% - 0.73%)
€-4.62
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €12.83 + €-4.62
€8.21
ENXTPA:COFA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €8.21
Current discount Discount to share price of €8.70
= -1 x (€8.70 - €8.21) / €8.21
-5.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of COFACE is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for COFACE's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are COFACE's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:COFA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.79
ENXTPA:COFA Share Price ** ENXTPA (2019-06-19) in EUR €8.7
France Insurance Industry PE Ratio Median Figure of 5 Publicly-Listed Insurance Companies 25.44x
France Market PE Ratio Median Figure of 423 Publicly-Listed Companies 17.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of COFACE.

ENXTPA:COFA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:COFA Share Price ÷ EPS (both in EUR)

= 8.7 ÷ 0.79

10.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • COFACE is good value based on earnings compared to the FR Insurance industry average.
  • COFACE is good value based on earnings compared to the France market.
Price based on expected Growth
Does COFACE's expected growth come at a high price?
Raw Data
ENXTPA:COFA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
3.3%per year
France Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 2.65x
France Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

ENXTPA:COFA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.95x ÷ 3.3%

3.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • COFACE is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on COFACE's assets?
Raw Data
ENXTPA:COFA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €11.94
ENXTPA:COFA Share Price * ENXTPA (2019-06-19) in EUR €8.7
France Insurance Industry PB Ratio Median Figure of 5 Publicly-Listed Insurance Companies 0.88x
France Market PB Ratio Median Figure of 623 Publicly-Listed Companies 1.46x
ENXTPA:COFA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:COFA Share Price ÷ Book Value per Share (both in EUR)

= 8.7 ÷ 11.94

0.73x

* Primary Listing of COFACE.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • COFACE is good value based on assets compared to the FR Insurance industry average.
X
Value checks
We assess COFACE's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. COFACE has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is COFACE expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is COFACE expected to grow at an attractive rate?
  • COFACE's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • COFACE's earnings growth is positive but not above the France market average.
  • COFACE's revenue growth is positive but not above the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:COFA Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:COFA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 3.3%
ENXTPA:COFA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 1.7%
France Insurance Industry Earnings Growth Rate Market Cap Weighted Average 20.8%
France Insurance Industry Revenue Growth Rate Market Cap Weighted Average -0.1%
France Market Earnings Growth Rate Market Cap Weighted Average 12.9%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:COFA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:COFA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,491 133 1
2021-12-31 1,521 133 3
2020-12-31 1,483 126 3
2019-12-31 1,439 122 3
ENXTPA:COFA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 1,442 111 123
2018-12-31 1,424 125 122
2018-09-30 1,408 277 126
2018-06-30 1,384 163 126
2018-03-31 1,392 175 111
2018-01-01 1,402 211 83
2017-09-30 1,402 225 82
2017-06-30 1,435 243 36
2017-03-31 1,437 233 27
2016-12-31 1,450 133 42
2016-09-30 1,515 101 42
2016-06-30 1,486 134 86

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • COFACE's earnings are expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
  • COFACE's revenue is expected to grow by 1.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:COFA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from COFACE Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:COFA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.90 0.90 0.90 1.00
2021-12-31 0.92 1.03 0.86 5.00
2020-12-31 0.86 0.97 0.80 5.00
2019-12-31 0.82 0.90 0.78 5.00
ENXTPA:COFA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31
2018-12-31 0.79
2018-09-30
2018-06-30 0.81
2018-03-31
2018-01-01 0.53
2017-09-30
2017-06-30 0.23
2017-03-31
2016-12-31 0.26
2016-09-30 0.27
2016-06-30 0.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • COFACE is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess COFACE's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
COFACE has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has COFACE performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare COFACE's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • COFACE's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • COFACE's 1-year earnings growth exceeds its 5-year average (10.5% vs -5.8%)
  • COFACE's earnings growth has exceeded the FR Insurance industry average in the past year (10.5% vs -8%).
Earnings and Revenue History
COFACE's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from COFACE Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:COFA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,441.98 123.16 246.68
2018-12-31 1,423.69 122.33 241.14
2018-09-30 1,407.72 126.47 261.24
2018-06-30 1,384.34 125.83 248.23
2018-03-31 1,391.75 111.44 249.62
2018-01-01 1,402.18 83.21 253.53
2017-09-30 1,402.19 82.13 257.48
2017-06-30 1,434.60 36.12 266.92
2017-03-31 1,436.90 26.54 274.03
2016-12-31 1,449.95 41.53 275.10
2016-09-30 1,514.97 42.35 275.24
2016-06-30 1,486.20 85.72 274.84
2016-03-31 1,515.27 108.23 272.32
2015-12-31 1,540.21 126.24 269.96
2015-09-30 1,512.70 120.47 277.51
2015-06-30 1,527.42 122.10 274.85
2015-03-31 1,504.18 129.13 270.72
2014-12-31 1,482.53 125.03 269.12
2014-09-30 1,476.80 132.28 259.93
2014-06-30 1,477.36 128.61 258.70
2014-03-31 1,506.17 133.96 253.52
2013-12-31 1,508.23 127.44 255.55
2012-12-31 1,524.01 129.23 218.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • COFACE has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • COFACE used its assets more efficiently than the FR Insurance industry average last year based on Return on Assets.
  • COFACE's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess COFACE's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
COFACE has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is COFACE's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up COFACE's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • COFACE is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • COFACE's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of COFACE's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from COFACE Company Filings, last reported 2 months ago.

ENXTPA:COFA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,881.91 2,878.65 315.30
2018-12-31 1,806.40 2,933.45 311.95
2018-09-30 1,804.72 2,928.93 463.80
2018-06-30 1,791.16 3,006.49 328.54
2018-03-31 1,817.86 2,787.06 300.64
2018-01-01 1,802.58 2,915.95 294.44
2017-09-30 1,784.62 2,975.42 314.52
2017-06-30 1,749.49 2,891.32 302.05
2017-03-31 1,770.56 2,972.30 286.69
2016-12-31 1,760.67 2,799.74 401.77
2016-09-30 1,740.56 2,686.54 392.55
2016-06-30 1,740.43 2,760.40 431.78
2016-03-31 1,797.76 2,690.66 446.36
2015-12-31 1,767.03 2,762.26 452.31
2015-09-30 1,721.84 2,710.56 501.91
2015-06-30 1,726.78 2,725.35 492.12
2015-03-31 1,819.45 2,719.48 390.91
2014-12-31 1,724.53 2,612.91 309.49
2014-09-30 1,709.55 2,572.74 380.35
2014-06-30 1,667.02 2,482.51 375.59
2014-03-31 1,841.44 2,427.21 716.25
2013-12-31 1,793.33 2,124.43 326.19
2012-12-31 1,776.24 2,094.40 360.96
  • COFACE's level of debt (153%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (132% vs 153% today).
  • Debt is not well covered by operating cash flow (3.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.5x coverage).
X
Financial health checks
We assess COFACE's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. COFACE has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.09%
Current annual income from COFACE dividends. Estimated to be 6.75% next year.
If you bought €2,000 of COFACE shares you are expected to receive €182 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • COFACE's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.55%).
  • COFACE's dividend is above the markets top 25% of dividend payers in France (4.38%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:COFA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
France Insurance Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 5.4%
France Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3%
France Minimum Threshold Dividend Yield 10th Percentile 1%
France Bottom 25% Dividend Yield 25th Percentile 1.5%
France Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:COFA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.60 1.00
2021-12-31 0.62 5.00
2020-12-31 0.59 5.00
2019-12-31 0.55 5.00
ENXTPA:COFA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-28 0.790 9.092
2018-04-16 0.340 4.059
2018-02-12 0.340 3.562
2017-05-17 0.130 1.515
2016-02-09 0.480 7.793

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • COFACE has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but COFACE only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of COFACE's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess COFACE's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can COFACE afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. COFACE has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Xavier Durand
COMPENSATION €2,091,377
AGE 54
TENURE AS CEO 3.3 years
CEO Bio

Mr. Xavier Pascal Durand has been Chief Executive Officer of Coface SA since February 9, 2016 and serves as its General Manager. Mr. Durand has been Chief Executive Officer of the Insurance Group Coface since February 2016. Mr. Durand served as the Head of Strategy & Growth and Vice President of GE at General Electric Capital Corporation. He served as the Head of Strategy & Development at GE Capital International from 2013 to 2015. Mr. Durand served as the Chief Executive Officer of GE Capital Asia Pacific since 2011 until 2013 and also served as its President of Asia Pacific. He served as Chief Executive Officer of the Europe and Russia banking activities of GE Capital from 2005 to 2011; President and Chief Executive Officer of GE Money France from 2000 to 2005 and Head of Strategy and New Partnerships of GEC Auto Financial Services based in Chicago from 1996 to 2000. Mr. Durand served as the President and Chief Executive Officer for GE Capital Global Banking in Western Europe, Latvia & Russia since January 2010. He served as the President and Chief Executive Officer of GE Capital Global Banking Western Europe from January 2008 to December 2009 and GE Money South West Europe from May 2005 to January 2008. He held the position of Chief Executive Officer for GE Money France and DOMS and held various commercial leadership roles in both GE Money Europe and the Americas. He held a variety of positions in strategy consulting, insurance and financial services industries with different companies. He joined GE Consumer Finance in 1996. He joined GE Capital, where he led an international career, first in Chicago as Director of Strategy and Growth of the finance division of the Global Auto business. He started his career in 1987 in consultancy Xavier Durand a The Mac Group (Gemini Consulting) and Strategy Project Management (GMF Insurer 1991-1993) before joining Banque Sovac Immobilier in 1994 as deputy Chief Executive Officer. Mr. Durand served as Deputy General Manager of the Sovac Real Estate Bank in France from 1994 to 1996. He served as Chairman at GE Capital Asia Pacific. He served as Chairman of the Supervisory Council at GE Money Bank CJSC since April 2010. He served as Chairman and Member of the Council at GE Capital Latvia, AS (formerly, AS GE Money Bank) from December 28, 2010 to April 1, 2011. He served as Chairman of the Supervisory Board of GE Artesia Bank in the Netherlands. He serves as a Member of Supervisory Board at Banque Artesia Nederland N.V. He serves as an Independent Board Member at Wizink Bank (Banco Popular Et Varde) and AXA France. He has been Independent Director at ALD S.A. since June 16, 2017. He served as a Board Member at Krungsri Group and Hyundai Capital Cards. He served as a Non-Executive Director of Bank of Ayudhya Public Company Limited from February 2, 2012 to June 24, 2013. He served as a Director of Turkiye Garanti Bankasi AS since April 2, 2009. Mr. Durand holds ME degree from both the Ecole Polytechnique in 1986 and of Ecole Nationale des Ponts et Chaussées in Paris, France in 1988.

CEO Compensation
  • Xavier's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Xavier's remuneration is higher than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the COFACE management team in years:

2.6
Average Tenure
54
Average Age
  • The tenure for the COFACE management team is about average.
Management Team

Xavier Durand

TITLE
CEO & GM
COMPENSATION
€2M
AGE
54
TENURE
3.3 yrs

Carine Pichon

TITLE
Chief Financial & Risk Officer
AGE
45
TENURE
6.4 yrs

Keyvan Shamsa

TITLE
Business Technology Director
AGE
56
TENURE
0.6 yrs

Thomas Jacquet

TITLE
Head of Group Financial Communication and Group IR & Rating Agencies Director
TENURE
2.8 yrs

Franck Marzilli

TITLE
Group Compliance Director
TENURE
2.5 yrs

Monica Coull

TITLE
Communications Director

Pierre Bevierre

TITLE
Chief Human Resources Officer

Antonio Marchitelli

TITLE
Chief Executive Officer of Western Europe Region
TENURE
2.2 yrs

Katarzyna Kompowska

TITLE
Chief Executive Officer of Northern Europe Region
TENURE
1.7 yrs

Nicolas Andriopoulos

TITLE
Managing Director of Coface Re
TENURE
2.8 yrs
Board of Directors Tenure

Average tenure and age of the COFACE board of directors in years:

4.9
Average Tenure
54
Average Age
  • The tenure for the COFACE board of directors is about average.
Board of Directors

François Riahi

TITLE
Chairman of the Board
COMPENSATION
€1M
AGE
45
TENURE
1 yrs

Michael Ferrante

TITLE
Chairman & CEO of Coface Holding North America & Director of Coface Holding North America

Eric Hémar

TITLE
Independent Director
COMPENSATION
€51K
AGE
54
TENURE
4.9 yrs

Olivier Zarrouati

TITLE
Independent Director
COMPENSATION
€40K
AGE
59
TENURE
4.9 yrs

Daniel Karyotis

TITLE
Non-Independent Director
COMPENSATION
€22K
AGE
57
TENURE
2.3 yrs

Jean Arondel

TITLE
Director
COMPENSATION
€24K
AGE
68
TENURE
6.6 yrs

Jean-Paul Dumortier

TITLE
Non-Independent Director
COMPENSATION
€33K
AGE
70
TENURE
5.9 yrs

Sharon MacBeath

TITLE
Independent Director
COMPENSATION
€29K
AGE
49
TENURE
4.9 yrs

Isabelle Rodney

TITLE
Non-Independent Director
COMPENSATION
€31K
AGE
52
TENURE
2.6 yrs

Anne Sallé-Mongauze

TITLE
Non-Independent Director
AGE
52
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess COFACE's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. COFACE has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

COFACE SA (EPA:COFA): Should The Future Outlook Worry You?

However, this is still an improvement on its past 5-year earnings growth rate of -5.8%, on average. … To get an idea of the overall earnings growth trend for COFA, I’ve plotted out each year’s earnings expectations and inserted a line of best fit to determine an annual rate of growth from the slope of this line. … ENXTPA:COFA Past and Future Earnings, June 13th 2019 From the current net income level of €122m and the final forecast of €132m by 2022, the annual rate of growth for COFA’s earnings is 3.3%.

Simply Wall St -

Should You Worry About COFACE SA's (EPA:COFA) CEO Pay Cheque?

Check out our latest analysis for COFACE How Does Xavier Durand's Compensation Compare With Similar Sized Companies? … Boasting a total shareholder return of 43% over three years, COFACE SA has done well by shareholders. … We compared the total CEO remuneration paid by COFACE SA, and compared it to remuneration at a group of similar sized companies.

Simply Wall St -

Is COFACE SA's (EPA:COFA) P/E Ratio Really That Good?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll look at COFACE SA's (EPA:COFA) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Could The COFACE SA (EPA:COFA) Ownership Structure Tell Us Something Useful?

If you want to know who really controls COFACE SA (EPA:COFA), then you'll have to look at the makeup of its share registry. … Taking a look at our data on the ownership groups (below), it's seems that. … We can zoom in on the different ownership groups, to learn more about COFA

Simply Wall St -

Introducing COFACE (EPA:COFA), A Stock That Climbed 17% In The Last Three Years

Unfortunately for shareholders, while the COFACE SA (EPA:COFA) share price is up 17% in the last three years, that falls short of the market return. … During the three years of share price growth, COFACE actually saw its earnings per share (EPS) drop 0.4% per year. … Companies are not always focussed on EPS growth in the short term, and looking at how the share price has reacted, we don't think EPS is the most important metric for COFACE at the moment.

Simply Wall St -

How Does COFACE SA (EPA:COFA) Fare As A Dividend Stock?

Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … In the last few years COFACE SA (EPA:COFA) has paid a dividend to shareholders. … Let's dig deeper into whether COFACE should have a place in your portfolio.

Simply Wall St -

How Much Did COFACE SA's (EPA:COFA) CEO Pocket Last Year?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Xavier Durand's Compensation Compare With Similar Sized Companies. … According to our data, COFACE SA has a market capitalization of €1.2b, and pays its CEO total annual compensation worth €1.8m.

Simply Wall St -

COFACE SA (EPA:COFA): Set To Experience A Decrease In Earnings?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … Since COFACE SA (EPA:COFA) released its earnings in September 2018,

Simply Wall St -

Is COFACE SA's (EPA:COFA) P/E Ratio Really That Good?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll show how you can use COFACE SA's (EPA:COFA) P/E ratio to inform your assessment of the investment opportunity. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

What Kind Of Shareholders Own COFACE SA (EPA:COFA)?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Companies that have been privatized tend to have low insider ownership. … institutions own shares in the company.

Simply Wall St -

Company Info

Description

COFACE SA, through its subsidiaries, provides credit insurance products and related services for small and medium enterprises, mid-market companies, multi-nationals, financial institutions, and clients of distributer partners. It offers credit insurance products to protect companies against potential non-payment by their customers. The company also provides factoring, business information, and debt collection services, as well as contract, and customs and excise bonds. It operates in Western Europe, Northern Europe, Central Europe, the Mediterranean and Africa, North America, Latin America, and the Asia-Pacific. COFACE SA has a strategic partnership with Tradeshift. The company was founded in 1946 and is headquartered in Bois-Colombes, France.

Details
Name: COFACE SA
COFA
Exchange: ENXTPA
Founded: 1946
€1,311,012,240
150,777,716
Website: http://www.coface.com
Address: COFACE SA
1, place Costes et Bellonte,
Bois-Colombes,
Ile-de-France, 92270,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA COFA Ordinary Shares Euronext Paris FR EUR 27. Jun 2014
DB 65C Ordinary Shares Deutsche Boerse AG DE EUR 27. Jun 2014
LSE 0QVK Ordinary Shares London Stock Exchange GB EUR 27. Jun 2014
BATS-CHIXE COFAP Ordinary Shares BATS 'Chi-X Europe' GB EUR 27. Jun 2014
Number of employees
Current staff
Staff numbers
3,156
COFACE employees.
Industry
Property and Casualty Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 22:10
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/06/06
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.