ENXTAM:ASRNL

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

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. More Details


Snowflake Analysis

Very 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 is not significantly more volatile than the rest of Dutch stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: ASRNL's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

-0.09%

ASRNL

0.6%

NL Insurance

2.2%

NL Market


1 Year Return

-6.0%

ASRNL

-13.0%

NL Insurance

0.2%

NL Market

Return vs Industry: ASRNL exceeded the Dutch Insurance industry which returned -13% over the past year.

Return vs Market: ASRNL underperformed the Dutch Market which returned 0.2% over the past year.


Shareholder returns

ASRNLIndustryMarket
7 Day-0.09%0.6%2.2%
30 Day21.5%25.5%15.1%
90 Day9.2%7.2%10.4%
1 Year0.3%-6.0%-8.8%-13.0%2.6%0.2%
3 Year11.5%-6.8%9.0%-6.9%10.3%-0.9%
5 Yearn/a28.9%-0.6%43.8%18.0%

Long-Term 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 (€31.72) is trading below our estimate of fair value (€94.13)

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 (7.7x) compared to the XE Insurance industry average (11.5x).

PE vs Market: ASRNL is good value based on its PE Ratio (7.7x) compared to the Dutch market (24.3x).


Price to Earnings Growth Ratio

PEG Ratio: ASRNL is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: ASRNL is good value based on its PB Ratio (0.7x) compared to the XE Insurance industry average (1x).


Next Steps

Future Growth

How is ASR Nederland forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

8.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ASRNL's forecast earnings growth (8.4% per year) is above the savings rate (0.4%).

Earnings vs Market: ASRNL's earnings (8.4% per year) are forecast to grow slower than the Dutch market (28.3% per year).

High Growth Earnings: ASRNL's earnings are forecast to grow, but not significantly.

Revenue vs Market: ASRNL's revenue (0.3% per year) is forecast to grow slower than the Dutch market (9.9% per year).

High Growth Revenue: ASRNL's revenue (0.3% per year) is forecast to grow slower than 20% 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?

6.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ASRNL has high quality earnings.

Growing Profit Margin: ASRNL's current net profit margins (8.9%) are lower than last year (11.8%).


Past Earnings Growth Analysis

Earnings Trend: ASRNL's earnings have grown by 6.2% 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 (-29.2%) over the past year, making it difficult to compare to the Insurance industry average (-6.5%).


Return on Equity

High ROE: ASRNL's Return on Equity (10.3%) is considered low.


Next Steps

Financial Health

How is ASR Nederland's financial position?


Financial Position Analysis

Short Term Liabilities: ASRNL's short term assets (€29.4B) exceed its short term liabilities (€16.4B).

Long Term Liabilities: ASRNL's short term assets (€29.4B) do not cover its long term liabilities (€53.0B).


Debt to Equity History and Analysis

Debt Level: ASRNL's debt to equity ratio (164.5%) is considered high.

Reducing Debt: ASRNL's debt to equity ratio has increased from 57% to 164.5% over the past 5 years.

Debt Coverage: ASRNL's debt is not well covered by operating cash flow (0.8%).

Interest Coverage: ASRNL's interest payments on its debt are well covered by EBIT (3.6x coverage).


Balance Sheet


Next Steps

Dividend

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

5.99%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ASRNL's dividend (5.99%) is higher than the bottom 25% of dividend payers in the Dutch market (1.87%).

High Dividend: ASRNL's dividend (5.99%) is in the top 25% of dividend payers in the Dutch market (4.93%)


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 4 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (47.5%), 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 (42.2% payout ratio).


Next Steps

Management

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

4.6yrs

Average management tenure


CEO

Jos P. Baeten (62 yo)

11.83yrs

Tenure

€1,145,000

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 ($USD1.37M) is below average for companies of similar size in the Dutch market ($USD2.78M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Jos P. Baeten
Chairman of the Executive Board & CEO11.83yrs€1.15m0.0031%
€ 133.9k
Ingrid. de Graaf-de Swart
Member of Executive Board0.92yr€167.00k0.00045%
€ 19.8k
Annemiek T. van Melick
CFO & Member of Executive Board0.75yrno data0.00045%
€ 19.8k
Patrick Klijnsmit
Director of Accounting8.33yrsno datano data
Michel Hülters
Head of Investor Relations and Ratingsno datano datano data
Boudewijn Uden
Managing Director of Corporate Communicationsno datano datano data
Jolanda Sappelli
Managing Director of Human Resourcesno datano datano data
Fleur Rieter
Managing Director of Pension Businessno datano datano data
Robert Schaaf
Managing Director of Non-Life Businessno datano datano data
Frank Romijn
Managing Director of Occupational Disability Businessno datano datano data
Philippe Wits
Chief of Digital & Disruptionno datano datano data
Guido Horst
Managing Director of Ardantano datano datano data

4.6yrs

Average Tenure

50.5yo

Average Age

Experienced Management: ASRNL's management team is considered experienced (4.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Herman Hintzen
Independent Vice Chairman of the Supervisory Board0.50yr€54.00kno data
Joannes Wijn
Member of the Supervisory Board0.083yrno datano data
C. Van der Pol
Independent Chairman of the Supervisory Board11.92yrs€62.00kno data
Gerard van Olphen
Member of Supervisory Board1.08yrs€9.00kno data
Sonja Barendregt-Roojers
Member of Supervisory Board2.5yrs€46.00kno data
Gisella van Vollenhoven
Member of Supervisory Board1.08yrs€13.00kno data

1.1yrs

Average Tenure

60.5yo

Average Age

Experienced Board: ASRNL's board of directors are not considered experienced ( 1.1 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: ASRNL 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

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:
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: €4.392b
  • Shares outstanding: 138.45m
  • 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 five segments: Non-Life, ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/29 20:39
End of Day Share Price2020/11/27 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.