Upcoming Dividend • May 19
Upcoming dividend of €1.25 per share Eligible shareholders must have bought the stock before 26 May 2026. Payment date: 28 May 2026. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 7.6%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.3%). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: €0.36 (vs €0.42 in 1Q 2025) First quarter 2026 results: EPS: €0.36 (down from €0.42 in 1Q 2025). Revenue: €471.7m (down 1.6% from 1Q 2025). Net income: €53.6m (down 14% from 1Q 2025). Profit margin: 11% (down from 13% in 1Q 2025). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to €15.91. The fair value is estimated to be €20.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 6.3% per annum over the same time period. Announcement • May 06
COFACE SA Announces Executive Appointments, Effective May 1, 2026 COFACE SA announced the appointment of Katarzyna Kompowska as CEO of Strategic Partnerships, covering all of the Group’s business lines. This appointment is fully in line with the strategic direction of the ‘Power the Core’ plan. It illustrates the Group’s strengthened ambition to develop partnerships with high growth potential that create value and sustainable synergies across its business lines. In this new position, her role will be to accelerate the development of strategic partnerships to drive commercial performance. She joins the Group Management Committee and reports directly to Xavier Durand, Chief Executive Officer of Coface. Christian Stoffel succeeds Katarzyna Kompowska as Managing Director of the Northern Europe region. Building on his experience as Sales Director for Northern Europe since April 2022, Christian Stoffel will continue to roll out the Group’s strategy in this key region, strengthening customer proximity, sales momentum and long-term value creation. These two appointments reflect a clear commitment to managerial and strategic continuity and support Coface’s ambition to further strengthen the growth drivers offered by partnerships. These changes take effect from 1 May 2026. Katarzyna Kompowska has over 30 years of experience in financial services and international business development. She joined Coface in 1992 and played a key role in establishing the company’s operations in Poland. She has been CEO of Coface for the Northern Europe Region, overseeing Germany, the Netherlands and Scandinavia since 2017. Previously, she served as CEO of the Central and Eastern Europe Region from 2012 to 2017, covering 14 countries. She has been a member of the Coface Group Executive Committee since 2012. Katarzyna holds a master’s degree in economics and business administration from the Warsaw School of Economics. Christian Stoffel joined the company in 2019 as Chairman of the Management Board of the German factoring entity Coface Finanz. Prior to Coface, he held several senior positions in the financial services sector, including Chief Commercial Officer at TARGO Commercial Finance and Commercial Director Factoring at GE Capital. With nearly 30 years of experience, Christian brings both strategic vision and operational depth. He holds a degree in Business Administration (Banking and Finance) from DHBW Mannheim. Declared Dividend • Apr 13
Dividend reduced to €1.25 Dividend of €1.25 is 11% lower than last year. Ex-date: 26th May 2026 Payment date: 28th May 2026 Dividend yield will be 7.9%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 10
COFACE SA, Annual General Meeting, May 19, 2026 COFACE SA, Annual General Meeting, May 19, 2026. Location: 1 place costes et bellonte, bois colombes France Reported Earnings • Feb 22
Full year 2025 earnings released: EPS: €1.49 (vs €1.75 in FY 2024) Full year 2025 results: EPS: €1.49 (down from €1.75 in FY 2024). Revenue: €1.90b (flat on FY 2024). Net income: €222.0m (down 15% from FY 2024). Profit margin: 12% (down from 14% in FY 2024). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Feb 20
COFACE SA Proposes Dividend Payment for the Full Year Ended 31 December 2025 COFACE SA proposed €1.25 dividend per share for the full year ended 31 December 2025, at the Shareholders’ meeting, corresponding to a payout ratio of 84%, in line with its capital management policy. Announcement • Jan 15
Coface Appoints Alix McCabe as Chief Strategy Officer Coface has announced the appointment of a chief strategy officer. The firm has appointed Alix McCabe to the position for North America. The new appointee will guide strategy and growth initiatives across markets, products, and people. She brings more than 20 years of international leadership experience. Announcement • Jan 02
COFACE SA to Report First Half, 2026 Results on Jul 30, 2026 COFACE SA announced that they will report first half, 2026 results on Jul 30, 2026 Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: €0.35 (vs €0.44 in 3Q 2024) Third quarter 2025 results: EPS: €0.35 (down from €0.44 in 3Q 2024). Revenue: €485.1m (up 4.2% from 3Q 2024). Net income: €52.1m (down 21% from 3Q 2024). Profit margin: 11% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 16
Coface SA Announces Changes of CEO in North America Region Coface SA announced the appointment of Christina Montes De Oca as the new CEO in North America Region, with effect from 15 September 2025 . Christina joins the Executive Committee and reports to Xavier Durand, Group CEO. She takes over Oscar Villalonga who is pursuing his career outside the Group. Christina brings a wealth of experience in commercial strategy, business development, and sales operations within the trade credit insurance industry. Most recently, Christina served as Managing Director and US Trade Credit Practice Leader at Marsh & McLennan Companies, where she led the market- leading trade credit brokerage practice in the US, steering strategic initiatives and managing a high-performing national team. Prior to this, Christina was Chief Commercial Officer at Allianz Trade North America. Her expertise spans market research, product launches, distribution and go-to-market strategies, digital innovation, and global team management. Christina holds a Bachelor of Arts in Political Science from the University of Florida. Reported Earnings • Aug 03
Second quarter 2025 earnings released: EPS: €0.42 (vs €0.49 in 2Q 2024) Second quarter 2025 results: EPS: €0.42 (down from €0.49 in 2Q 2024). Revenue: €466.5m (flat on 2Q 2024). Net income: €62.1m (down 16% from 2Q 2024). Profit margin: 13% (down from 16% in 2Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 18
COFACE SA (ENXTPA:COFA) signed an agreement to acquire Novertur International SA. COFACE SA (ENXTPA:COFA) signed an agreement to acquire Novertur International SA on July 17, 2025. The terms of the transaction are undisclosed.
The completion of the acquisition remains subject to the usual closing conditions. Announcement • Jul 03
COFACE SA (ENXTPA:COFA) completed the acquisition of Cedar Rose International Services Ltd. COFACE SA (ENXTPA:COFA) signed an agreement to acquire Cedar Rose International Services Ltd on February 3, 2025. Following the acquisition, Cedar Rose will become Coface's information provider in the region, for both credit insurance and information services sales. The closing of the acquisition is subject to customary closing conditions.
COFACE SA (ENXTPA:COFA) completed the acquisition of Cedar Rose International Services Ltd on July 2, 2025. Buy Or Sell Opportunity • May 20
Now 26% undervalued The stock has been flat over the last 90 days, currently trading at €16.06. The fair value is estimated to be €21.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 4.8%. Revenue is forecast to grow by 7.3% in 2 years. Earnings are forecast to grow by 0.8% in the next 2 years. Upcoming Dividend • May 13
Upcoming dividend of €1.40 per share Eligible shareholders must have bought the stock before 20 May 2025. Payment date: 22 May 2025. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 8.1%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (4.6%). Declared Dividend • Apr 13
Dividend increased to €1.40 Dividend of €1.40 is 7.7% higher than last year. Ex-date: 20th May 2025 Payment date: 22nd May 2025 Dividend yield will be 8.7%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has increased by an average of 13% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 2.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 08
Full year 2024 earnings released: EPS: €1.75 (vs €1.61 in FY 2023) Full year 2024 results: EPS: €1.75 (up from €1.61 in FY 2023). Revenue: €1.90b (flat on FY 2023). Net income: €261.1m (up 8.6% from FY 2023). Profit margin: 14% (up from 13% in FY 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 03
Now 20% undervalued Over the last 90 days, the stock has risen 19% to €17.37. The fair value is estimated to be €21.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 5.2%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 0.8% per annum over the same time period. Announcement • Mar 12
COFACE SA, Annual General Meeting, May 14, 2025 COFACE SA, Annual General Meeting, May 14, 2025. Announcement • Feb 27
COFACE SA (ENXTPA:COFA) commences an Equity Buyback Plan, under the authorization approved on May 16, 2024. COFACE SA (ENXTPA:COFA) commences share repurchases on February 21, 2025, under the program mandated by the shareholders in the Combined Shareholders' Meeting held on May 16, 2024. As per the mandate, the company is authorized to repurchase it's own shares such that it not exceed the holding limit of 10% of its capital. The shares are repurchased so that the company does not hold more than 10% of its own share capital. The shares will be repurchased at a maximum price of €18 per share. The purpose of the program is to ensure liquidity and boost the market for the company’s stock through an investment service provider. The repurchased shares will be allocated to the corporate officers and employees of the company, kept by the company and subsequently remitted as payment or trade, cancelled ,or to transfer the company’s shares upon exercise of the rights attached to securities entitling their bearers, directly or indirectly, through reimbursement, conversion, exchange, presentation of a warrant or in any other manner, to the allocation of the company’s shares pursuant to current regulations. The program will be valid for 18 months from the date of the Combined Shareholders' Meeting. Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: €1.75 (vs €1.61 in FY 2023) Full year 2024 results: EPS: €1.75 (up from €1.61 in FY 2023). Revenue: €1.89b (flat on FY 2023). Net income: €261.1m (up 8.6% from FY 2023). Profit margin: 14% (up from 13% in FY 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 10% per year. Buy Or Sell Opportunity • Feb 19
Now 21% undervalued Over the last 90 days, the stock has risen 7.6% to €15.96. The fair value is estimated to be €20.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 5.0%. Revenue is forecast to grow by 6.9% in 2 years. Earnings are forecast to decline by 2.8% in the next 2 years. Announcement • Feb 04
COFACE SA (ENXTPA:COFA) signed an agreement to acquire Cedar Rose International Services Ltd. COFACE SA (ENXTPA:COFA) signed an agreement to acquire Cedar Rose International Services Ltd on February 3, 2025. Following the acquisition, Cedar Rose will become Coface's information provider in the region, for both credit insurance and information services sales. The closing of the acquisition is subject to customary closing conditions. New Risk • Oct 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.3% operating cash flow to total debt). Earnings are forecast to decline by an average of 4.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: €0.49 (vs €0.45 in 2Q 2023) Second quarter 2024 results: EPS: €0.49 (up from €0.45 in 2Q 2023). Revenue: €493.3m (up 3.6% from 2Q 2023). Net income: €73.8m (up 9.1% from 2Q 2023). Profit margin: 15% (in line with 2Q 2023). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Announcement • Aug 06
COFACE SA Announces Board Changes At its meeting on 5 August 2024, the Board of Directors of COFACE SA co-opted Marcy Rathman, Chief Environmental, Social and Governance Officer of Arch Capital Services LLC (Arch), as a non-independent director at the Board of Directors of COFACE SA. She takes the place of Chris Hovey who leaves the Board of directors to focus on his other professional responsibilities within Arch. Marcy Rathman was promoted to Executive Vice President, Chief Environmental, Social and Governance Officer of Arch Capital Services LLC in March 2022. She was initially named Senior Vice President, Chief ESG Officer in May 2019. She joined Arch’s legal team in December of 2000 and served as an attorney for Arch for close to 20 years, supporting the General Counsel and many of Arch’s governance and compliance policies. Marcy Rathman holds a B.A. from Tufts University and a law degree from Cardozo School of Law. Upcoming Dividend • May 15
Upcoming dividend of €1.30 per share Eligible shareholders must have bought the stock before 22 May 2024. Payment date: 24 May 2024. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 8.4%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.1%). Announcement • May 15
Coface Announces Executive Changes Coface is announcing two changes in the Mediterranean and Africa region management with the appointments of Ernesto de Martinis as Managing Director for the region. These changes will be effective from 1 July 2024. Ernesto is based in Milan and will report to Xavier Durand, CEO of Coface. He replaces Cécile Paillard who will continue her career outside the Group. Ernesto joined Coface in 2000 and was appointed Country Manager of Coface Italy in 2012. Under his leadership, Coface Italy has become the largest contributor to Coface's turnover and a strong, profitable, and diversified entity with a leading position in the credit insurance and bonding market. The development of business information is a new growth area in the Italian market, benefiting from positive momentum. Ernesto objective will be to enable Coface to continue its growth trajectory and to play a key role in the 2024-2027 "Power the core" strategic plan. Buy Or Sell Opportunity • May 10
Now 20% undervalued Over the last 90 days, the stock has risen 23% to €15.45. The fair value is estimated to be €19.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are forecast to decline by 1.7% per annum over the same time period. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: €0.46 (vs €0.41 in 1Q 2023) First quarter 2024 results: EPS: €0.46 (up from €0.41 in 1Q 2023). Revenue: €470.1m (up 30% from 1Q 2023). Net income: €68.4m (up 12% from 1Q 2023). Profit margin: 15% (down from 17% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year and the company’s share price has also increased by 11% per year. Reported Earnings • Apr 16
Full year 2023 earnings released: EPS: €1.61 (vs €1.61 in FY 2022) Full year 2023 results: EPS: €1.61 (up from €1.61 in FY 2022). Revenue: €1.88b (up 2.5% from FY 2022). Net income: €240.5m (flat on FY 2022). Profit margin: 13% (in line with FY 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 10
Dividend of €1.30 announced Shareholders will receive a dividend of €1.30. Ex-date: 22nd May 2024 Payment date: 24th May 2024 Dividend yield will be 8.9%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 15% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 4.9% over the next 3 years. However, it would need to fall by 12% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: €1.62 (vs €1.90 in FY 2022) Full year 2023 results: EPS: €1.62 (down from €1.90 in FY 2022). Revenue: €1.84b (down 2.2% from FY 2022). Net income: €240.5m (down 15% from FY 2022). Profit margin: 13% (down from 15% in FY 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €455.8m (down 9.1% from 3Q 2022). Net income: €60.9m (down 28% from 3Q 2022). Profit margin: 13% (down from 17% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 32% growth forecast for the Insurance industry in the United Kingdom. Buying Opportunity • Sep 19
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €16.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to decline by 14% in the next 2 years. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 28
First quarter 2023 earnings released First quarter 2023 results: Revenue: €472.5m (up 6.6% from 1Q 2022). Net income: €61.2m (down 7.7% from 1Q 2022). Profit margin: 13% (down from 15% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 42% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 15
Upcoming dividend of €1.52 per share at 11% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 11%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (4.4%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: €1.90 (vs €1.50 in FY 2021) Full year 2022 results: EPS: €1.90 (up from €1.50 in FY 2021). Revenue: €1.85b (up 16% from FY 2021). Net income: €283.1m (up 27% from FY 2021). Profit margin: 15% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 31
COFACE SA (ENXTPA:COFA) acquired rel8ed.to COFACE SA (ENXTPA:COFA) acquired rel8ed.to on January 30, 2023.
COFACE SA (ENXTPA:COFA) completed the acquisition of rel8ed.to on January 30, 2023. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. Independent Director Nathalie Lomon is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Oct 28
COFACE SA to Report Fiscal Year 2022 Results on Feb 16, 2023 COFACE SA announced that they will report fiscal year 2022 results After-Market on Feb 16, 2023 Buying Opportunity • Sep 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be €12.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 9.9% in 2 years. Earnings is forecast to decline by 17% in the next 2 years. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €476.1m (up 19% from 2Q 2021). Net income: €78.2m (up 17% from 2Q 2021). Profit margin: 16% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 4.3%, compared to a 149% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €10.53, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Insurance industry in the United Kingdom. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.83 per share. Upcoming Dividend • May 13
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 24 May 2022. Payout ratio is on the higher end at 100%, however this is supported by cash flows. Trailing yield: 13%. Within top quartile of British dividend payers (4.8%). Higher than average of industry peers (4.9%). Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Independent Director David Gansberg was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: €1.50 (vs €0.55 in FY 2020) Full year 2021 results: EPS: €1.50 (up from €0.55 in FY 2020). Revenue: €1.60b (up 8.0% from FY 2020). Net income: €223.8m (up 170% from FY 2020). Profit margin: 14% (up from 5.6% in FY 2020). The increase in margin was primarily driven by higher revenue. Combined ratio: 64.6% (down from 79.8% in FY 2020). Over the next year, revenue is forecast to grow 1.7%, compared to a 135% growth forecast for the insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €9.75, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Insurance industry in the United Kingdom. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.31 per share. Reported Earnings • Feb 21
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.50 (up from €0.55 in FY 2020). Revenue: €1.61b (up 8.5% from FY 2020). Net income: €223.8m (up 170% from FY 2020). Profit margin: 14% (up from 5.6% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 3.0%, compared to a 528% growth forecast for the insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 16% per year. Executive Departure • Sep 15
Chief Executive Officer of Latin America Region Carmina Sanchez has left the company During their tenure, earnings grew by 13% annually compared to the industry average, which went down by 0.3%. On the 13th of September, Carmina Sanchez left the company after 3.2 in the role. We don't have any record of a personal shareholding under Carmina's name. Carmina is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.75 years. Reported Earnings • Aug 02
Second quarter 2021 earnings released: EPS €0.45 (vs €0.075 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €400.2m (up 8.7% from 2Q 2020). Net income: €66.9m (up 492% from 2Q 2020). Profit margin: 17% (up from 3.1% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Independent Director David Gansberg was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 12
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 19 May 2021. Payment date: 21 May 2021. Trailing yield: 5.2%. Within top quartile of British dividend payers (4.0%). Higher than average of industry peers (3.5%). Reported Earnings • May 02
First quarter 2021 earnings released: EPS €0.38 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €383.7m (up 2.8% from 1Q 2020). Net income: €56.4m (up 345% from 1Q 2020). Profit margin: 15% (up from 3.4% in 1Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 12
Full year 2020 earnings released: EPS €0.55 (vs €0.97 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.48b (down 2.3% from FY 2019). Net income: €82.9m (down 44% from FY 2019). Profit margin: 5.6% (down from 9.7% in FY 2019). The decrease in margin was primarily driven by lower revenue. Combined ratio: 79.8% (up from 77.7% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS €0.55 (vs €0.97 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.48b (down 2.3% from FY 2019). Net income: €82.9m (down 44% from FY 2019). Profit margin: 5.6% (down from 9.7% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue beats expectations Revenue exceeded analyst estimates by 0.04%. Over the next year, revenue is forecast to stay flat compared to a 24% growth forecast for the Insurance industry in the United Kingdom. Is New 90 Day High Low • Feb 12
New 90-day high: €9.15 The company is up 8.0% from its price of €8.47 on 13 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.71 per share. Is New 90 Day High Low • Jan 08
New 90-day high: €8.96 The company is up 42% from its price of €6.33 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.59 per share. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 19% share price gain to €8.19, the stock is trading at a trailing P/E ratio of 13.3x, up from the previous P/E ratio of 11.2x. This compares to an average P/E of 18x in the Insurance industry in the United Kingdom. Total returns to shareholders over the past three years were flat. Is New 90 Day High Low • Nov 05
New 90-day high: €7.50 The company is up 11% from its price of €6.75 on 07 August 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.63 per share. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 15% share price gain to €7.50, the stock is trading at a trailing P/E ratio of 12.5x, up from the previous P/E ratio of 10.9x. This compares to an average P/E of 15x in the Insurance industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 9.8%.