LSE:0Q99

Stock Analysis Report

Executive Summary

ageas SA/NV, together with its subsidiaries, engages in insurance business in Europe and Asia.


Snowflake Analysis

Undervalued established dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: 0Q99's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

23.8%

0Q99

20.0%

GB Insurance

6.0%

GB Market


1 Year Return

-24.9%

0Q99

-26.5%

GB Insurance

-22.7%

GB Market

Return vs Industry: 0Q99 exceeded the UK Insurance industry which returned -26.5% over the past year.

Return vs Market: 0Q99 underperformed the UK Market which returned -22.7% over the past year.


Shareholder returns

0Q99IndustryMarket
7 Day23.8%20.0%6.0%
30 Day-22.9%-19.5%-20.3%
90 Day-38.9%-26.8%-28.1%
1 Year-22.2%-24.9%-18.3%-26.5%-18.6%-22.7%
3 Year-1.7%-11.7%-16.9%-31.7%-13.4%-24.6%
5 Year13.1%-5.6%-7.5%-31.1%1.3%-22.0%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is ageas 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: 0Q99 (€32.3) is trading below our estimate of fair value (€91.9)

Significantly Below Fair Value: 0Q99 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 0Q99 is good value based on its PE Ratio (6.2x) compared to the Insurance industry average (13.2x).

PE vs Market: 0Q99 is good value based on its PE Ratio (6.2x) compared to the UK market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: 0Q99's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: 0Q99 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 ageas forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

-3.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0Q99's earnings are forecast to decline over the next 3 years (-3.4% per year).

Earnings vs Market: 0Q99's earnings are forecast to decline over the next 3 years (-3.4% per year).

High Growth Earnings: 0Q99's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 0Q99's revenue is expected to decline over the next 3 years (-11% per year).

High Growth Revenue: 0Q99's revenue is forecast to decline over the next 3 years (-11% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0Q99's Return on Equity is forecast to be low in 3 years time (8%).


Next Steps

Past Performance

How has ageas performed over the past 5 years?

15.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0Q99 has high quality earnings.

Growing Profit Margin: 0Q99's current net profit margins (7.3%) are lower than last year (7.4%).


Past Earnings Growth Analysis

Earnings Trend: 0Q99's earnings have grown by 15.2% per year over the past 5 years.

Accelerating Growth: 0Q99's earnings growth over the past year (12.2%) is below its 5-year average (15.2% per year).

Earnings vs Industry: 0Q99 earnings growth over the past year (12.2%) exceeded the Insurance industry 4.5%.


Return on Equity

High ROE: 0Q99's Return on Equity (9%) is considered low.


Next Steps

Financial Health

How is ageas'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: 0Q99 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0Q99's debt is covered by short term assets (assets are 1.4x debt).


Financial Institutions Analysis

Asset Level: 0Q99's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if 0Q99 has a sufficient allowance for bad loans.

Low Risk Liabilities: 0Q99 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if 0Q99 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0Q99 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if 0Q99 has an appropriate level of bad loans.


Next Steps

Dividend

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

6.63%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 30 2020Ex Dividend DateJun 02 2020Dividend Pay DateJun 04 20202 days from Ex DividendBuy in the next 64 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: 0Q99's dividend (6.63%) is higher than the bottom 25% of dividend payers in the UK market (2.7%).

High Dividend: 0Q99's dividend (6.63%) is low compared to the top 25% of dividend payers in the UK market (7.3%).


Stability and Growth of Payments

Stable Dividend: 0Q99's dividends per share have been stable in the past 10 years.

Growing Dividend: 0Q99's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (41.3%), 0Q99's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0Q99's dividends in 3 years are forecast to be covered by earnings (55.9% payout ratio).


Next Steps

Management

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

7.2yrs

Average management tenure


CEO

Bart De Smet (62yo)

10.67s

Tenure

€1,668,696

Compensation

Mr. Bart De Smet serves as Vice-Chairman of the Board at AG Insurance SA. He serves as Director at Taiping Life Insurance Company Limited since 2013. He serves as a Director of Board at De Eik N.V. He bega ...


CEO Compensation Analysis

Compensation vs Market: Bart's total compensation ($USD1.85M) is below average for companies of similar size in the UK market ($USD3.42M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Bart De Smet
CEO & Executive Director10.67yrs€1.67m0.011% 679.3k
Christophe Boizard
CFO & Executive Director4.92yrs€1.16m0.0086% 543.5k
Antonio Cano Y Bosque
COO & Executive Director3.92yrs€1.13m0.0039% 248.0k
Filip André Coremans
Chief Development Officer & Executive Director4.92yrs€1.14m0.0019% 119.9k
Jerry Bata
Head of Legalno datano datano data
Emmanuel Van Grimbergen
Chief Risk Officer & Executive Director0.83yrno datano data
Steven Georges Braekeveldt
Chief Executive Officer of Continental Europeno datano datano data
Gary Lee Crist
Chief Executive Officer of Asia8.58yrsno datano data
Andrew Watson
Chief Executive Officer of United Kingdom7.17yrsno datano data
Valerie Van Zeveren
Company Secretary7.17yrsno datano data

7.2yrs

Average Tenure

58yo

Average Age

Experienced Management: 0Q99's management team is seasoned and experienced (7.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bart De Smet
CEO & Executive Director10.67yrs€1.67m0.011% 679.3k
Christophe Boizard
CFO & Executive Director4.92yrs€1.16m0.0086% 543.5k
Antonio Cano Y Bosque
COO & Executive Director3.92yrs€1.13m0.0039% 248.0k
Filip André Coremans
Chief Development Officer & Executive Director4.92yrs€1.14m0.0019% 119.9k
Emmanuel Van Grimbergen
Chief Risk Officer & Executive Director0.83yrno datano data
Jozef De Mey
Independent Chairman of the Board2.25yrsno data0.083% 5.3m
Guy de Selliers de Moranville
Independent Vice Chairman of the Board10.83yrsno data0.053% 3.4m
Jan H. J. Hadders
Independent Non-Executive Director11yrsno datano data
Lionel Perl
Independent Non-Executive Director10.92yrsno datano data
Jane Murphy
Independent Non-Executive Director6.92yrsno datano data

5.9yrs

Average Tenure

61yo

Average Age

Experienced Board: 0Q99's board of directors are considered experienced (5.9 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

ageas SA/NV's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ageas SA/NV
  • Ticker: 0Q99
  • Exchange: LSE
  • Founded: 1824
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: €6.342b
  • Shares outstanding: 191.03m
  • Website: https://www.ageas.com

Number of Employees


Location

  • ageas SA/NV
  • Rue du Marquis 1/Markiesstraat 1
  • Box 7
  • Brussels
  • Brussels
  • 1000
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AGES.YOTCPK (Pink Sheets LLC)SPON ADR EACH REP 1 ORD (POST REV-SPLIT)USUSDNov 1992
AGES.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 2001
AGSENXTBR (Euronext Brussels)YesOrdinary SharesBEEURDec 2001
AGSSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFDec 2001
AGSBIT (Borsa Italiana)YesOrdinary SharesITEURDec 2001
0Q99LSE (London Stock Exchange)YesOrdinary SharesGBEURDec 2001
AGSBBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 2001
FO4NDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2001
AGSWBAG (Wiener Boerse AG)YesOrdinary SharesATEURDec 2001

Biography

ageas SA/NV, together with its subsidiaries, engages in insurance business in Europe and Asia. It operates through Belgium, United Kingdom, Continental Europe, Asia, and Reinsurance segments. The company primarily offers property, casualty, and life insurance products, as well as pension products; and reinsurance products. Its life insurance products include risks related to the life and death of individuals; and non-life insurance products comprise accident and health, motor, fire, and other insurance products, as well as other damages to property covering the risk of property losses or claims liabilities. The company serves private individuals, as well as small, medium-sized, and large companies through independent brokers and the bank channels. ageas SA/NV was founded in 1824 and is based in Brussels, Belgium. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 22:00
End of Day Share Price2020/03/27 00:00
Earnings2019/09/30
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.