BIT:AGS

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Solid track record with adequate balance sheet and pays a dividend.


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


Market Performance


7 Day Return

-0.2%

BIT:AGS

1.9%

IT Insurance

1.7%

IT Market


1 Year Return

7.5%

BIT:AGS

19.4%

IT Insurance

-1.5%

IT Market

AGS underperformed the Insurance industry which returned 19.4% over the past year.

AGS outperformed the Market in Italy which returned -1.5% over the past year.


Share holder returns

AGSIndustryMarket
7 Day-0.2%1.9%1.7%
30 Day-2.0%-2.9%-3.9%
90 Day5.3%0.3%-1.3%
1 Year11.3%7.5%25.9%19.4%2.7%-1.5%
3 Year75.8%57.9%76.7%50.0%23.8%7.2%
5 Year124.0%87.3%30.7%-2.7%9.2%-33.3%

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

20%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

ageas's share price is below the future cash flow value, but not at a moderate discount (< 20%).

ageas's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

ageas is good value based on earnings compared to the IT Insurance industry average.

ageas is good value based on earnings compared to the Italy market.


Price Based on Expected Growth

ageas earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

ageas is good value based on assets compared to the IT Insurance industry average.


Next Steps

Future Growth

How is ageas expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

-1.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

ageas's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.

ageas's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

ageas's revenues are expected to decrease over the next 1-3 years, this is below the Italy market average.

ageas's earnings are expected to decrease over the next 1-3 years, this is below the Italy market average.

ageas's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.9%.


Earnings per Share Growth Estimates


Future Return on Equity

ageas is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has ageas performed over the past 5 years?

16.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

ageas's year on year earnings growth rate has been positive over the past 5 years.

ageas's 1-year earnings growth exceeds its 5-year average (24.7% vs 16.3%)

ageas's earnings growth has exceeded the IT Insurance industry average in the past year (24.7% vs 0.2%).


Return on Equity

ageas has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

ageas used its assets more efficiently than the IT Insurance industry average last year based on Return on Assets.


Return on Capital Employed

ageas has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is ageas's financial position?


Financial Position Analysis

ageas is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

ageas's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

ageas's level of debt (35.8%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (44.7% vs 35.8% today).

Debt is not well covered by operating cash flow (14.9%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 17x coverage).


Balance Sheet

Low level of unsold assets.

Debt is covered by short term assets, assets are 1.6x debt.


Next Steps

Dividend

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

5.27%

Expected Dividend Yield


Dividend Yield and Payments Analysis

ageas's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.11%).

ageas's dividend is above the markets top 25% of dividend payers in Italy (4.57%).

Whilst dividend payments have been stable, ageas has been paying a dividend for less than 10 years.

Dividend payments have increased, but ageas only paid a dividend in the past 9 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.3x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.9x coverage).


Next Steps

Management

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

6.6yrs

Average management tenure


CEO

Bart De Smet (62yo)

10.1yrs

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 earned a degree in mathematical sciences from the Ca ...


CEO Compensation Analysis

Bart's remuneration is higher than average for companies of similar size in Italy.

Bart's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

6.6yrs

Average Tenure

58yo

Average Age

The average tenure for the ageas management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

5.3yrs

Average Tenure

61yo

Average Age

The tenure for the ageas board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Antonio Cano Y Bosque (56yo)

    COO & Executive Director

    • Tenure: 3.3yrs
    • Compensation: €1.13m
  • Christophe Boizard (60yo)

    CFO & Executive Director

    • Tenure: 4.3yrs
    • Compensation: €1.16m
  • Stefan Georges Braekeveldt (59yo)

    Chief Executive Officer of Continental Europe

    • Tenure: 0.0yrs
  • Bart De Smet (62yo)

    CEO & Executive Director

    • Tenure: 10.1yrs
    • Compensation: €1.67m
  • Andy Watson (57yo)

    Chief Executive Officer of United Kingdom

    • Tenure: 6.6yrs
  • Gary Lee Crist (62yo)

    Chief Executive Officer of Asia

    • Tenure: 8.0yrs
  • Emmanuel Van Grimbergen (51yo)

    Chief Risk Officer & Executive Director

    • Tenure: 0.3yrs
  • Filip André Coremans (55yo)

    Chief Development Officer & Executive Director

    • Tenure: 4.3yrs
    • Compensation: €1.14m
  • Valerie Van Zeveren

    Company Secretary

    • Tenure: 6.6yrs
  • Jerry Bata

    Head of Legal

    • Tenure: 0.0yrs

Board Members

  • Antonio Cano Y Bosque (56yo)

    COO & Executive Director

    • Tenure: 3.3yrs
    • Compensation: €1.13m
  • Jozef De Mey (76yo)

    Chairman of the Board

    • Tenure: 1.7yrs
  • Guy de Selliers de Moranville (67yo)

    Vice Chairman of the Board

    • Tenure: 10.3yrs
  • Jan H. J. Hadders (73yo)

    Independent Non-Executive Director

    • Tenure: 10.5yrs
  • Christophe Boizard (60yo)

    CFO & Executive Director

    • Tenure: 4.3yrs
    • Compensation: €1.16m
  • Lionel Perl (71yo)

    Independent Non-Executive Director

    • Tenure: 10.3yrs
  • Bart De Smet (62yo)

    CEO & Executive Director

    • Tenure: 10.1yrs
    • Compensation: €1.67m
  • Emmanuel Van Grimbergen (51yo)

    Chief Risk Officer & Executive Director

    • Tenure: 0.3yrs
  • Filip André Coremans (55yo)

    Chief Development Officer & Executive Director

    • Tenure: 4.3yrs
    • Compensation: €1.14m
  • Jane Murphy (52yo)

    Independent Non-Executive Director

    • Tenure: 6.3yrs

Company Information

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


Key Information

  • Name: ageas SA/NV
  • Ticker: AGS
  • Exchange: BIT
  • Founded: 1824
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: €9.249b
  • Shares outstanding: 192.49m
  • 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 p ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/20 21:06
End of Day Share Price2019/08/20 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.