ENXTAM:ASRNL

Stock Analysis Report

Executive Summary

ASR Nederland N.V. provides various insurance and non-insurance products and services to private and business customers in the Netherlands and internationally.

Rewards

Trading at 58% below its fair value

Risk Analysis

Earnings are forecast to decline by an average of -0.3% per year for the next 3 years

High level of non-cash earnings

Unstable dividend track record



Snowflake Analysis

Undervalued average dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: ASRNL has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.7%

ASRNL

1.6%

NL Insurance

1.3%

NL Market


1 Year Return

-2.8%

ASRNL

17.9%

NL Insurance

13.3%

NL Market

Return vs Industry: ASRNL underperformed the Dutch Insurance industry which returned 17.9% over the past year.

Return vs Market: ASRNL underperformed the Dutch Market which returned 13.3% over the past year.


Shareholder returns

ASRNLIndustryMarket
7 Day0.7%1.6%1.3%
30 Day-2.6%-0.2%-0.8%
90 Day-1.2%3.2%-0.2%
1 Year2.5%-2.8%25.5%17.9%18.4%13.3%
3 Year87.5%59.7%38.2%17.9%38.6%22.8%
5 Yearn/a62.8%24.9%68.2%34.5%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is ASR Nederland 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: ASRNL (€33.57) is trading below our estimate of fair value (€79.9)

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


Price To Earnings Ratio

PE vs Industry: ASRNL is good value based on its PE Ratio (5.7x) compared to the Insurance industry average (12.4x).

PE vs Market: ASRNL is good value based on its PE Ratio (5.7x) compared to the Dutch market (20.6x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: ASRNL is good value based on its PB Ratio (0.8x) compared to the XE Insurance industry average (1.2x).


Next Steps

Future Growth

How is ASR Nederland forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

-0.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ASRNL's earnings are forecast to decline over the next 3 years (-0.3% per year).

Earnings vs Market: ASRNL's earnings are forecast to decline over the next 3 years (-0.3% per year).

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

Revenue vs Market: ASRNL's revenue is expected to decline over the next 3 years (-3.8% per year).

High Growth Revenue: ASRNL's revenue is forecast to decline over the next 3 years (-3.8% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ASRNL's Return on Equity is forecast to be low in 3 years time (12.3%).


Next Steps

Past Performance

How has ASR Nederland performed over the past 5 years?

15.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ASRNL has a high level of non-cash earnings.

Growing Profit Margin: ASRNL's current net profit margins (12.2%) are lower than last year (13.6%).


Past Earnings Growth Analysis

Earnings Trend: ASRNL's earnings have grown by 15.3% per year over the past 5 years.

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

Earnings vs Industry: ASRNL had negative earnings growth (-0.8%) over the past year, making it difficult to compare to the Insurance industry average (8.5%).


Return on Equity

High ROE: ASRNL's Return on Equity (15.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is ASR Nederland'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: ASRNL has a low level of unsold assets or inventory.

Debt Coverage by Assets: ASRNL's debt is covered by short term assets (assets are 3.6x debt).


Financial Institutions Analysis

Asset Level: ASRNL's level of assets compared to its equity is moderate.

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

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

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

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

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


Next Steps

Dividend

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

6.49%

Current Dividend Yield


Dividend Yield vs Market

company6.5%marketbottom25%2.1%markettop25%5.5%industryaverage4.7%forecastin3Years5.9%

Current dividend yield vs market & industry

Notable Dividend: ASRNL's dividend (6.49%) is higher than the bottom 25% of dividend payers in the Dutch market (2.14%).

High Dividend: ASRNL's dividend (6.49%) is in the top 25% of dividend payers in the Dutch market (5.55%)


Stability and Growth of Payments

Stable Dividend: ASRNL has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: ASRNL's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.3%), ASRNL's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ASRNL's dividends in 3 years are forecast to be well covered by earnings (41.7% payout ratio).


Next Steps

Management

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

7.4yrs

Average management tenure


CEO

Jos P. Baeten (61yo)

10.9yrs

Tenure

€956,000

Compensation

Mr. J.P.M. Baeten, also known as Jos, LL.M., is the Founder of ASR Nederland N.V. and has been its Chief Executive Officer since January 26, 2009. Mr. Baeten has been Chairman of The Executive Board at ASR ...


CEO Compensation Analysis

Compensation vs Market: Jos P.'s total compensation ($USD1.06M) is below average for companies of similar size in the Dutch market ($USD2.45M).

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


Management Age and Tenure

7.4yrs

Average Tenure

49.5yo

Average Age

Experienced Management: ASRNL's management team is seasoned and experienced (7.4 years average tenure).


Board Age and Tenure

2.8yrs

Average Tenure

63yo

Average Age

Experienced Board: ASRNL's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buy€24,51928 Aug 19
Jos P. Baeten
EntityIndividual
Role
Chief Executive Officer
Chairman of the Executive Board & CEO
Shares757
Max Price€32.39
Buy€13,47428 Aug 19
H. Figee
EntityIndividual
Role
Chief Financial Officer
CFO & Member of Executive Board
Shares416
Max Price€32.39

Ownership Breakdown

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


Management Team

  • Jolanda Sappelli

    Managing Director of Human Resources

    • Tenure: 0yrs
  • Michel Hülters

    Head of Investor Relations and Ratings

    • Tenure: 0yrs
  • Jos P. Baeten (61yo)

    Chairman of the Executive Board & CEO

    • Tenure: 10.9yrs
    • Compensation: €956.00k
  • Fleur Rieter (49yo)

    Managing Director of Pension Business

    • Tenure: 0yrs
  • H. Figee (47yo)

    CFO & Member of Executive Board

    • Tenure: 5.6yrs
    • Compensation: €627.00k
  • Robert Schaaf

    Managing Director of Non-Life Business

    • Tenure: 0yrs
  • Patrick Klijnsmit

    Director of Accounting

    • Tenure: 7.4yrs
  • Boudewijn Uden

    Managing Director of Corporate Communications

    • Tenure: 0yrs
  • Jan de Jager

    Member of Management Board

    • Tenure: 0yrs
  • Ingrid Graaf-de Swart (50yo)

    Member of Executive Board

    • Tenure: 0yrs

Board Members

  • Herman Hintzen (64yo)

    Supervisory Board Member

    • Tenure: 3.9yrs
    • Compensation: €44.00k
  • Cor van den Bos (67yo)

    Vice Chairman of the Supervisory Board

    • Tenure: 3.9yrs
    • Compensation: €44.00k
  • Kick Van der Pol (70yo)

    Chairman of the Supervisory Board

    • Tenure: 11yrs
    • Compensation: €54.00k
  • Gerard van Olphen (57yo)

    Member of Supervisory Board

    • Tenure: 0.2yrs
  • Sonja Barendregt-Roojers (62yo)

    Member of Supervisory Board

    • Tenure: 1.6yrs
    • Compensation: €30.00k
  • Gisella van Vollenhoven (49yo)

    Member of Supervisory Board

    • Tenure: 0.2yrs

Company Information

ASR Nederland N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ASR Nederland N.V.
  • Ticker: ASRNL
  • Exchange: ENXTAM
  • Founded: 1720
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: €4.733b
  • Shares outstanding: 141.00m
  • Website: https://www.asrnl.com

Number of Employees


Location

  • ASR Nederland N.V.
  • Archimedeslaan 10
  • Utrecht
  • Utrecht
  • 3584 BA
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ASRNLENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJun 2016
A16DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2016
0RHSLSE (London Stock Exchange)YesOrdinary SharesGBEURJun 2016
ASRNLABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 2016
ASRR.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 2016

Biography

ASR Nederland N.V. provides various insurance and non-insurance products and services to private and business customers in the Netherlands and internationally. It operates through Non-Life, Life, Banking a ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/12 22:03
End of Day Share Price2019/12/12 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.