LSE:0IT3

Stock Analysis Report

Executive Summary

SCOR SE provides life and non-life reinsurance products worldwide.


Snowflake Analysis

Very undervalued 6 star dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: 0IT3's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-11.4%

0IT3

10.8%

GB Insurance

3.9%

GB Market


1 Year Return

-49.2%

0IT3

-29.3%

GB Insurance

-22.4%

GB Market

Return vs Industry: 0IT3 underperformed the UK Insurance industry which returned -26.5% over the past year.

Return vs Market: 0IT3 underperformed the UK Market which returned -22.7% over the past year.


Shareholder returns

0IT3IndustryMarket
7 Day-11.4%10.8%3.9%
30 Day-38.7%-17.6%-16.1%
90 Day-47.3%-27.5%-26.1%
1 Year-46.8%-49.2%-21.4%-29.3%-18.2%-22.4%
3 Year-33.8%-42.5%-17.7%-32.3%-11.7%-23.1%
5 Year-21.9%-38.2%-9.6%-32.7%1.9%-21.5%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 0IT3 (€20.01) is trading below our estimate of fair value (€53.98)

Significantly Below Fair Value: 0IT3 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 0IT3 is good value based on its PE Ratio (8.8x) compared to the Insurance industry average (13.2x).

PE vs Market: 0IT3 is good value based on its PE Ratio (8.8x) compared to the UK market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: 0IT3 is good value based on its PEG Ratio (0.7x)


Price to Book Ratio

PB vs Industry: 0IT3 is good value based on its PB Ratio (0.6x) compared to the GB Insurance industry average (1.3x).


Next Steps

Future Growth

How is SCOR forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

13.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0IT3's forecast earnings growth (13.5% per year) is above the savings rate (0.5%).

Earnings vs Market: 0IT3's earnings (13.5% per year) are forecast to grow slower than the UK market (15.4% per year).

High Growth Earnings: 0IT3's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0IT3's revenue (4.3% per year) is forecast to grow faster than the UK market (2.6% per year).

High Growth Revenue: 0IT3's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0IT3's Return on Equity is forecast to be low in 3 years time (9.6%).


Next Steps

Past Performance

How has SCOR performed over the past 5 years?

-13.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0IT3 has high quality earnings.

Growing Profit Margin: 0IT3's current net profit margins (2.6%) are higher than last year (2.1%).


Past Earnings Growth Analysis

Earnings Trend: 0IT3's earnings have declined by -13.2% per year over the past 5 years.

Accelerating Growth: 0IT3's earnings growth over the past year (31.1%) exceeds its 5-year average (-13.2% per year).

Earnings vs Industry: 0IT3 earnings growth over the past year (31.1%) exceeded the Insurance industry 4.5%.


Return on Equity

High ROE: 0IT3's Return on Equity (6.6%) is considered low.


Next Steps

Financial Health

How is SCOR's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: 0IT3 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0IT3's debt is covered by short term assets (assets are 7.1x debt).


Financial Institutions Analysis

Asset Level: 0IT3's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if 0IT3 has a sufficient allowance for bad loans.

Low Risk Liabilities: 0IT3 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if 0IT3 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0IT3 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if 0IT3 has an appropriate level of bad loans.


Next Steps

Dividend

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

8.96%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: 0IT3's dividend (8.97%) is higher than the bottom 25% of dividend payers in the UK market (2.7%).

High Dividend: 0IT3's dividend (8.97%) is in the top 25% of dividend payers in the UK market (7.3%)


Stability and Growth of Payments

Stable Dividend: 0IT3's dividends per share have been stable in the past 10 years.

Growing Dividend: 0IT3's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (79.2%), 0IT3's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0IT3's dividends in 3 years are forecast to be covered by earnings (57% payout ratio).


Next Steps

Management

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

6.9yrs

Average management tenure


CEO

Denis Kessler (67yo)

17.42s

Tenure

€6,700,700

Compensation

Mr. Denis Jean-Marie Kessler serves as Chairman and Chief Executive Officer at SCOR Holding (Switzerland) AG and SCOR SE since November 4, 2002. Mr. Kessler serves as the Chairman at SCOR Reinsurance Compa ...


CEO Compensation Analysis

Compensation vs Market: Denis's total compensation ($USD7.39M) is above average for companies of similar size in the UK market ($USD2.48M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Denis Kessler
Chairman & CEO17.42yrs€6.70m0.83% 31.0m
Mark Kociancic
Group Chief Financial Officer6.92yrsno datano data
Romain Launay
Group Chief Operating Officer4.17yrsno datano data
Frieder Knüpling
Group Chief Risk Officer13.25yrsno datano data
François de Varenne
Chief Executive Officer of SCOR Global Investments11.5yrsno datano data
Paolo De Martin
Chief Executive Officer of SCOR Global Life6.25yrsno datano data
Jean-Paul Conoscente
Chief Executive Officer of SCOR Global P&C1yrno datano data
Michèle Lacroix
Head of the Group Investment Officeno datano datano data
Marc Philippe
Chief Information Officerno datano datano data
Ian Kelly
Head of Investor Relationsno datano datano data

6.9yrs

Average Tenure

51yo

Average Age

Experienced Management: 0IT3's management team is seasoned and experienced (6.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Denis Kessler
Chairman & CEO17.42yrs€6.70m0.83% 31.0m
Jane Wicker-Miurin
Independent Director7yrs€156.00k0.0012% 45.3k
Bruno Pfister
Independent Director4yrs€165.00k0.00062% 23.2k
Claude Tendil
Director16.92yrs€110.00k0.0030% 110.8k
Augustin Pascal Pierre Louis de Romanet de Beaune
Lead Independent Director3.25yrs€140.00k0.00079% 29.6k
Vincent Foucart
Employee Representative Director2yrs€76.00k0.019% 695.0k
Jean-Marc Raby
Independent Director5yrs€74.00k0.00060% 22.5k
Marguerite Bérard-Andrieu
Independent Director5yrs€83.00k0.00079% 29.6k
Kory Sorenson
Independent Director7yrs€125.00k0.0020% 73.4k
Vanessa Marquette
Independent Director5yrs€138.00k0.00079% 29.6k

5.0yrs

Average Tenure

58.5yo

Average Age

Experienced Board: 0IT3's board of directors are considered experienced (4.9 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.


Ownership Breakdown

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


Top Shareholders

Company Information

SCOR SE's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SCOR SE
  • Ticker: 0IT3
  • Exchange: LSE
  • Founded: 1970
  • Industry: Reinsurance
  • Sector: Insurance
  • Market Cap: €3.743b
  • Shares outstanding: 186.38m
  • Website: https://www.scor.com

Number of Employees


Location

  • SCOR SE
  • 5, Avenue Kléber
  • Cedex 16
  • Paris
  • Ile-de-France
  • 75795
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SCRENXTPA (Euronext Paris)YesCommon StockFREURFeb 1994
SDRCDB (Deutsche Boerse AG)YesCommon StockDEEURFeb 1994
SCRSWX (SIX Swiss Exchange)YesCommon StockCHCHFFeb 1994
0IT3LSE (London Stock Exchange)YesCommon StockGBEURFeb 1994
SZCR.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDFeb 1994
SCRPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURFeb 1994
SCRZBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBCHFFeb 1994
SDRCETLX (Eurotlx)YesCommon StockITEURFeb 1994
SCRY.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDOct 1996

Biography

SCOR SE provides life and non-life reinsurance products worldwide. It operates through SCOR Global P&C and SCOR Global Life segments. The SCOR Global P&C segment offers reinsurance products in the areas of property and casualty treaties; specialty treaties, including credit and surety, decennial, agriculture, marine and energy, aviation, engineering, and space solutions; business solutions; and business ventures and partnerships. The SCOR Global Life segment provides life reinsurance products, including protection for mortality, morbidity, behavioral risks, disability, long-term care, critical illness, medical, and personal accident. This segment also provides financial solutions that combine traditional life reinsurance with financial components and provide liquidity, balance sheet, solvency, and income improvements to clients; longevity solutions that include products covering the risk of negative deviation from expected results due to the insured or annuitant living longer than assumed in the pricing of insurance covers provided by insurers or pension funds; and distribution solutions. In addition, the company is involved in the asset management business. SCOR SE was founded in 1970 and is headquartered in Paris, France. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 02:42
End of Day Share Price2020/03/31 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.