LSE:0N69

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

Moderate growth potential and overvalued.

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: 0N69 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

0N69

-10.5%

GB Insurance

-8.6%

GB Market


1 Year Return

n/a

0N69

-11.4%

GB Insurance

-1.3%

GB Market

Return vs Industry: Insufficient data to determine how 0N69 performed against the UK Insurance industry.

Return vs Market: Insufficient data to determine how 0N69 performed against the UK Market.


Shareholder returns

0N69IndustryMarket
7 Day0%-10.5%-8.6%
30 Day0%-6.7%-8.4%
90 Dayn/a-4.1%-5.3%
1 Yearn/a-1.4%-11.4%4.0%-1.3%
3 Yearn/a5.6%-13.1%7.6%-6.1%
5 Year88.2%83.3%15.1%-14.5%23.4%-4.8%

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

No news available

Valuation

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

60.77x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 0N69 (€21.7) is trading above our estimate of fair value (€12.91)

Significantly Below Fair Value: 0N69 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 0N69 is poor value based on its PE Ratio (61x) compared to the Insurance industry average (14.3x).

PE vs Market: 0N69 is poor value based on its PE Ratio (61x) compared to the UK market (18.5x).


Price to Earnings Growth Ratio

PEG Ratio: 0N69 is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: 0N69 is good value based on its PB Ratio (1.4x) compared to the GB Insurance industry average (1.8x).


Next Steps

Future Growth

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

52.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0N69's forecast earnings growth (52.9% per year) is above the savings rate (0.5%).

Earnings vs Market: 0N69's earnings (52.9% per year) are forecast to grow faster than the UK market (11.7% per year).

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

Revenue vs Market: 0N69's revenue (0.6% per year) is forecast to grow slower than the UK market (3.6% per year).

High Growth Revenue: 0N69's revenue (0.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if 0N69'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?

-11.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0N69 has high quality earnings.

Growing Profit Margin: 0N69's current net profit margins (1.4%) are lower than last year (4.4%).


Past Earnings Growth Analysis

Earnings Trend: 0N69's earnings have declined by -11.2% per year over the past 5 years.

Accelerating Growth: 0N69's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 0N69 had negative earnings growth (-66.1%) over the past year, making it difficult to compare to the Insurance industry average (21.9%).


Return on Equity

High ROE: 0N69's Return on Equity (2.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is April'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: 0N69 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0N69's debt is covered by short term assets (assets are 18x debt).


Financial Institutions Analysis

Asset Level: 0N69's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if 0N69 has a sufficient allowance for bad loans.

Low Risk Liabilities: 0N69 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if 0N69 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0N69 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if 0N69 has an appropriate level of bad loans.


Next Steps

Dividend

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

0.78%

Current Dividend Yield


Dividend Yield vs Market

company0.8%marketbottom25%1.9%markettop25%5.4%industryaverage5.3%forecastin3Years1.4%

Current dividend yield vs market & industry

Notable Dividend: 0N69's dividend (0.77%) isn’t notable compared to the bottom 25% of dividend payers in the UK market (1.83%).

High Dividend: 0N69's dividend (0.77%) is low compared to the top 25% of dividend payers in the UK market (4.95%).


Stability and Growth of Payments

Stable Dividend: 0N69 is not paying a notable dividend for the UK market, therefore no need to check if payments are stable.

Growing Dividend: 0N69 is not paying a notable dividend for the UK market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: 0N69 is not paying a notable dividend for the UK market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of 0N69's dividend in 3 years as they are not forecast to pay a notable one for the UK market.


Next Steps

Management

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

1.2yrs

Average management tenure


CEO

Eric Maumy (52yo)

0.3yrs

Tenure

0

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


Leadership Team

NamePositionTenureCompensationOwnership
Eric Maumy
Chief Executive Officer0.3yrsno datano data
Emmanuel Maillet
Deputy Director General in charge of Finance & Legal Affairs2.8yrsno datano data
Guillaume CEREZO
Investor relations & analysts / investors0yrsno datano data
Marc-André Dupont
President & CEO of Pole Dommage and President of APRIL Brokerage0yrsno datano data
Roger Mainguy
Chairman & CEO of Health Provident Division1.8yrsno datano data
Jean-Hubert Bannwarth
Deputy CEO of Health & Welfare Pole and Director Borrower0.6yrsno datano data
Claude Cuerin
Chairman of April Partenaires and Chief Executive Officer of April Partenaires0yrsno datano data
Lionel Boismery
Chairman of April Marine and Chief Executive Officer of April Marine0yrsno datano data

1.2yrs

Average Tenure

Experienced Management: 0N69's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Claude Cuerin
Chairman of April Partenaires and Chief Executive Officer of April Partenaires0yrsno datano data
Lionel Boismery
Chairman of April Marine and Chief Executive Officer of April Marine0yrsno datano data
Bruno Rousset
Honorary Chairman0yrs€110.76kno data
Didier Valet
Chairman of the Board0yrsno datano data
Jean-Christophe Germani
Director0.6yrsno datano data
Edouard Conques
Director0.6yrsno datano data
Nicolas Bonnard
Director0.6yrsno datano data
Nick Kidd
Chairman of April Canada Inc0yrsno datano data
Dominique Cartier
Director0.6yrsno datano data
Muriel Fages
Employee Representative Director1yrsno datano data

0.6yrs

Average Tenure

48yo

Average Age

Experienced Board: 0N69's board of directors are not considered experienced ( 0.6 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: 0N69
  • Exchange: LSE
  • 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. April SA is a subsidiary of Andromeda Investissements Sas. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/01/26 21:21
End of Day Share Price2019/10/29 00:00
Earnings2019/06/30
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.