Reported Earnings • Aug 10
First half 2026 earnings released: EPS: €1.06 (vs €0.41 in 1H 2025) First half 2026 results: EPS: €1.06 (up from €0.41 in 1H 2025). Revenue: €265.9m (up 8.8% from 1H 2025). Net income: €38.0m (up 157% from 1H 2025). Profit margin: 14% (up from 6.1% in 1H 2025). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Aug 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.6% 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 Risk Earnings are forecast to decline by an average of 4.6% 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. New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Irish stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (131% cash payout ratio). Share price has been volatile over the past 3 months (4.0% average weekly change). Profit margins are more than 30% lower than last year (9.2% net profit margin). Duyuru • May 09
FBD Holdings plc Approves Final Dividend for the Year Ended December 31, 2025 FBD Holdings plc at its AGM held on May 7, 2025 approved to declare a final dividend of 100 cent per ordinary share for the year ended December 31, 2025. Declared Dividend • Apr 06
Final dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 23rd April 2026 Payment date: 29th May 2026 Dividend yield will be 11%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Mar 20
Price target increased by 19% to €18.60 Up from €15.60, the current price target is provided by 1 analyst. New target price is 13% above last closing price of €16.40. Stock is up 23% over the past year. The company is forecast to post earnings per share of €1.47 for next year compared to €1.30 last year. Reported Earnings • Mar 08
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €1.30 (down from €1.86 in FY 2024). Revenue: €507.1m (up 9.0% from FY 2024). Net income: €47.2m (down 30% from FY 2024). Profit margin: 9.3% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by cash flows (135% cash payout ratio). New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Irish stocks, typically moving 3.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (135% cash payout ratio). Share price has been volatile over the past 3 months (3.5% average weekly change). Duyuru • Dec 08
FBD Holdings plc, Annual General Meeting, May 07, 2026 FBD Holdings plc, Annual General Meeting, May 07, 2026. Duyuru • Sep 20
FBD Holdings plc and FBD Insurance plc Announces Appointment of Paul Stanley as an Independent Non-Executive Director and as Member and Chair of the Audit Committee, Effective September 19, 2025 FBD Holdings plc and FBD Insurance plc announced the appointment of Mr. Paul Stanley as an Independent Non-Executive Director of both the company. Mr. Stanley has also been appointed as a Member of the Audit Committee of FBD Holdings plc and as Chair of the Audit Committee of FBD Insurance plc. These appointments will take September 19, 2025. Mr. Stanley is a Fellow of the Association of Certified Chartered Accountants, and he is a member of the Institute of Directors. He is an experienced business leader in the Financial Services sector, having spent a large part of his career in AIB in several lead roles and served as the Bank's Chief Financial Officer before departing in 2013. He subsequently worked with Ulster Bank Ireland and served as an Executive Board member, Chief Financial Officer and Deputy Chief Executive Officer. Mr. Stanley is a Non-Executive Director of U.S Bank Europe DAC and Chair of its Audit Committee. Duyuru • Aug 30
FBD Holdings plc and FBD Insurance plc Announce Management Changes FBD Holdings plc ("FBD") and FBD Insurance plc announced the following changes in Director Responsibilities. As part of ongoing succession planning and board refreshment, Ms Mary Brennan will retire as Independent Non-Executive Director of FBD Holdings plc and FBD Insurance plc at the end of her nine-year term on 31 August 2025. On the same date Ms Brennan will also retire from her role as Chair of the Risk Committee and member of the Audit Committee of FBD Holdings plc and as Chair of the Audit Committee and member of the Risk Committee of FBD Insurance plc. The Board is at an advanced stage in the recruitment of Ms Brennan's successor. Ms Sylvia Cronin, an Independent Non-Executive Director of FBD Holdings plc and FBD Insurance plc, has been appointed as a member of the Audit Committee of FBD Holdings plc and FBD Insurance plc with effect from 31 August 2025. Declared Dividend • Aug 28
First half dividend of €0.75 announced Shareholders will receive a dividend of €0.75. Ex-date: 11th September 2025 Payment date: 17th October 2025 Dividend yield will be 12%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (135% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Aug 13
Price target increased by 9.4% to €16.30 Up from €14.90, the current price target is provided by 1 analyst. New target price is 11% above last closing price of €14.75. Stock is up 12% over the past year. The company is forecast to post earnings per share of €1.16 for next year compared to €1.86 last year. Reported Earnings • Aug 12
First half 2025 earnings released: EPS: €0.41 (vs €0.79 in 1H 2024) First half 2025 results: EPS: €0.41 (down from €0.79 in 1H 2024). Revenue: €244.3m (up 8.3% from 1H 2024). Net income: €14.8m (down 47% from 1H 2024). Profit margin: 6.1% (down from 12% in 1H 2024). 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 6.1% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Duyuru • Aug 08
FBD Holdings plc Approves Special Dividend, Payable on 17 October 2025 FBD Holdings plc announced the board has approved a special dividend of 75 cent per ordinary share returning a portion of excess capital to shareholders. This is in line with the company's intention to move closer to target capital levels over time, while preserving the sustainability of the company's annual ordinary dividend and maintaining a robust capital position for the company's growing business. The special dividend approved by the Board on 7 August 2025 will be paid on 17 October 2025 to the holders of shares on the register on 12 September 2025. The dividend is subject to withholding tax (DWT) except for shareholders who are exempt from DWT and who have furnished a properly completed declaration of exemption to the Company's Registrar from whom further details may be obtained. Major Estimate Revision • May 18
Consensus EPS estimates increase by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €457.0m to €480.7m. EPS estimate increased from €0.549 to €0.718 per share. Net income forecast to shrink 61% next year vs 12% growth forecast for Insurance industry in Ireland . Consensus price target down from €14.90 to €0.16. Share price was steady at €12.95 over the past week. Price Target Changed • May 16
Price target decreased by 99% to €0.16 Down from €15.50, the current price target is provided by 1 analyst. New target price is 99% below last closing price of €12.95. Stock is up 0.4% over the past year. The company is forecast to post earnings per share of €0.72 for next year compared to €1.86 last year. Duyuru • May 10
FBD Holdings plc Approves Final Dividend Payment FBD Holdings plc at its AGM held on 8 May 2025 approved a Final Dividend of 100 cent per Ordinary Share. Upcoming Dividend • Apr 23
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 11 June 2025. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 15%. Within top quartile of Irish dividend payers (5.8%). Higher than average of industry peers (4.4%). Recent Insider Transactions Derivative • Apr 21
Group CEO & Executive Director exercised options to buy €350k worth of stock. On the 15th of April, Tomas O'Midheach exercised 56.06k options at around €12.90, then sold 29.15k of them at €12.84 each and kept the remainder. Since June 2024, Tomas' direct individual holding has increased from 62.41k shares to 62.90k. Company insiders have collectively bought €946k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Apr 21
Group CEO & Executive Director recently bought €197k worth of stock On the 15th of April, Tomas O'Midheach bought around 15k shares on-market at roughly €12.85 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Tomas' only on-market trade for the last 12 months. New Risk • Mar 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Dividend is not well covered by cash flows (131% cash payout ratio). Profit margins are more than 30% lower than last year (14% net profit margin). Declared Dividend • Mar 10
Final dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 30th April 2025 Payment date: 11th June 2025 Dividend yield will be 15%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not covered by cash flows (111% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 39% over the next 2 years. A fall of 39% would increase the payout ratio to a potentially unsustainable range, which means the dividend may be at risk. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: €1.86 (vs €1.94 in FY 2023) Full year 2024 results: EPS: €1.86 (down from €1.94 in FY 2023). Revenue: €464.5m (up 9.9% from FY 2023). Net income: €67.2m (down 3.0% from FY 2023). Profit margin: 14% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Duyuru • Mar 07
FBD Holdings plc Proposes Ordinary Dividend for the Year ended December 31, 2024, Payable on 11 June 2025 FBD Holdings plc proposed ordinary dividend of 100 cents for the year ended December 31, 2024, dividend record date is 2 May 2025 Annual General Meeting is 8 May 2025 and Dividend payment date is 11 June 2025. New Risk • Feb 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Dividend is not well covered by cash flows (131% cash payout ratio). Profit margins are more than 30% lower than last year (14% net profit margin). Duyuru • Dec 11
FBD Holdings plc, Annual General Meeting, May 08, 2025 FBD Holdings plc, Annual General Meeting, May 08, 2025. Major Estimate Revision • Dec 05
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €427.0m to €431.5m. EPS estimate increased from €1.05 to €1.31 per share. Net income forecast to shrink 27% next year vs 12% growth forecast for Insurance industry in Ireland . Consensus price target down from €15.50 to €14.90. Share price rose 2.9% to €12.60 over the past week. Price Target Changed • Dec 04
Price target decreased by 10% to €14.90 Down from €16.60, the current price target is provided by 1 analyst. New target price is 18% above last closing price of €12.60. Stock is up 15% over the past year. The company is forecast to post earnings per share of €1.31 for next year compared to €1.94 last year. Board Change • Dec 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Jim Bergin was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Nov 26
FBD Holdings plc and FBD Insurance plc Announces Demise of John O'Dwyer, Senior Independent Director FBD Holdings plc regretfully announced that John O'Dwyer, Senior Independent Director of FBD Holdings plc and FBD Insurance plc passed away on 24 November 2024. Mr. O'Dwyer served as a member of the Board of both FBD Holdings and FBD Insurance since August 2021. Duyuru • Nov 20
Fbd Holdings plc Announces Board Change FBD Holdings plc ("FBD") announced the appointment of Mr. Jim Bergin as an independent non-executive director with immediate effect. As disclosed in the 2023 Annual Report, Mr. Liam Herlihy, having completed nine years on the board of directors of FBD (the "Board"), will retire as director and chair of FBD at the conclusion of the 2025 Annual General Meeting (AGM) on 8 May 2025. Following an extensive succession process undertaken by the Board's Nomination and Governance Committee, led by the Senior Independent Director, Mr. Bergin was identified as the successful candidate for the position of Chair of the Board. He will commence his role as Chair of the Board immediately following the conclusion of the AGM. The appointment of Mr. Bergin to the Board as an independent non-executive director with immediate effect will ensure that there is an effective and orderly transition process to May 2025. As the former Chief Executive Officer and Director of Tirlán Co-Operative Society Limited (until July 2024), Mr. Bergin spent a considerable part of his career in Glanbia plc in a number of senior management positions. He was former chair of the Irish Dairy Industry Association and is currently chair of the Teagasc 'Better Farming for Water' stakeholder steering committee. He is also an independent non-executive director of Enable Ireland and vice chair of the governing body of Southeast Technological University. Duyuru • Sep 10
FBD Holdings plc Announces Directorate Changes FBD Holdings plc and FBD Insurance plc announced the appointment of Mr. Francie Gorman as an independent non-executive Director with immediate effect. Mr. Gorman is a beef and sheep farmer from Ballinakill in Co Laois. He is the 17th President of the Irish Farmers' Association (IFA) and commenced his four-year term in January 2024. Mr. Gorman previously served as IFA Regional Chair for South Leinster, Chair of IFA Laois and represented IFA Laois on the IFA National Farm Business Committee. Mr. Gorman is a Non-Executive Director of Bord Bia which is an Irish semi state Agency whose remit is to market and promote Ireland's food, drink and horticulture industry in Ireland and abroad. Mr. Tim Cullinan, former President of the IFA, will be resigning from the Board with immediate effect. Reported Earnings • Aug 11
First half 2024 earnings released: EPS: €0.79 (vs €0.91 in 1H 2023) First half 2024 results: EPS: €0.79 (down from €0.91 in 1H 2023). Revenue: €229.7m (up 12% from 1H 2023). Net income: €28.1m (down 16% from 1H 2023). Profit margin: 12% (down from 16% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Insurance industry in Europe. 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 18% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 09
FBD Holdings plc Appoints John O'Dwyer as Senior Independent Director FBD Holdings plc announced the appointment of Mr. John O'Dwyer as Senior Independent Director of FBD Holdings plc with immediate effect. Mr. O'Dwyer joined the Board of FBD Holdings plc in August 2021. He has a strong background in financial services, having spent all of his career working in the insurance industry, particularly in the Heath Insurance sector. Prior to his appointment in FBD, John was the Chief Executive Officer of VHI. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Independent Non-Executive Director Olive Gaughan was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • May 23
FBD Holdings plc and FBD Insurance plc Announces the Appointment of Olive Gaughan as Independent Non-Executive Director FBD Holdings plc (FBD) announced the appointment of an additional Independent Non-Executive Director. Ms Olive Gaughan has been appointed to the Board of FBD Holdings plc and FBD Insurance plc (together the Group) as an Independent Non-Executive Director with immediate effect. Ms Gaughan has also been appointed as a member of the Board Audit Committee and the Board Risk Committee for the Group. Ms Gaughan is a Fellow of the Society of Actuaries in Ireland and a Fellow of the Institute and Faculty of Actuaries in the UK. She is a highly experienced Actuarial Professional and prior to her appointment, Ms Gaughan was Director of Actuarial Services in Mazars Ireland. Over the last thirty years Ms Gaughan has held several roles in the commercial sector as part of the senior management teams in Prudential International Assurance, Aviva Life and Pensions, and Canada Life Assurance. Price Target Changed • May 11
Price target decreased by 7.3% to €15.50 Down from €16.73, the current price target is provided by 1 analyst. New target price is 20% above last closing price of €12.90. Stock is down 0.8% over the past year. The company is forecast to post earnings per share of €1.05 for next year compared to €1.94 last year. New Risk • May 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 24% 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 Risk Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (14% increase in shares outstanding). Upcoming Dividend • Apr 25
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 52% and the cash payout ratio is 80%. Trailing yield: 7.1%. Within top quartile of Irish dividend payers (5.2%). Higher than average of industry peers (5.1%). Recent Insider Transactions Derivative • Apr 19
Group CEO & Executive Director exercised options to buy €382k worth of stock. On the 15th of April, Tomas O'Midheach exercised 59.23k options at around €13.30, then sold 30.80k of them at €13.31 each and kept the remainder. Since December 2023, Tomas' direct individual holding has increased from 21.34k shares to 33.50k. Company insiders have collectively bought €514k more than they sold, via options and on-market transactions, in the last 12 months. Duyuru • Apr 17
FBD Insurance plc and Fbd Holdings plc Announces Demise of David O'connor, an Independent Non-Executive Director Independent Non-Executive Director of FBD Holdings plc and Chair of FBD Insurance plc FBD Insurance plc and FBD Holdings plc announced the death of David O'Connor, an Independent Non-Executive Director of FBD Holdings plc and Chair of FBD Insurance plc. Mr. O'Connor served as a member of the Board of both FBD Holdings and FBD Insurance since July 2016. Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: €1.94 (vs €1.81 in FY 2022) Full year 2023 results: EPS: €1.94 (up from €1.81 in FY 2022). Revenue: €422.6m (up 26% from FY 2022). Net income: €69.5m (up 8.4% from FY 2022). Profit margin: 17% (down from 19% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 09
FBD Holdings plc Proposes Final Ordinary Dividend for the Financial Year 2023, Payable on 7 June 2024 FBD Holdings plc announced that the board proposed to pay a final ordinary dividend of 100 cent per share for the financial year 2023 (2022 ordinary dividend: 100 cent per share). Subject to the approval of shareholders at the Annual General Meeting to be held on 9 May 2024, the final dividend for 2023 will be paid on 7 June 2024 to the holders of shares on the register on 3 May 2024. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 30% per year for the foreseeable future. High level of non-cash earnings (37% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by cash flows (216% cash payout ratio). Major Estimate Revision • Oct 25
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from €348.9m to €397.0m. EPS estimate increased from €1.25 to €1.48 per share. Net income forecast to shrink 52% next year vs 21% growth forecast for Insurance industry in Ireland . Consensus price target down from €16.73 to €16.10. Share price fell 3.8% to €11.55 over the past week. Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Pat Murphy was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 07
Upcoming dividend of €1.00 per share at 7.6% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 7.6%. Within top quartile of Irish dividend payers (4.8%). Higher than average of industry peers (5.2%). Duyuru • Sep 02
FBD Holdings plc and FBD Insurance plc Appoints Patrick Murphy as Non-Executive Director FBD Holdings plc ("FBD") announced the appointment of Mr. Patrick Murphy as a Non-Executive Director of FBD Holdings plc and FBD Insurance plc with immediate effect. Mr. Murphy has extensive knowledge of the dairy and agribusiness industry and significant experience in the strategic management and governance of Irish and global companies. Mr. Murphy is a Non-Executive Director of Glanbia plc and Chair of Farmers Business Developments plc. New Risk • Aug 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 37% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 37% per year for the foreseeable future. High level of non-cash earnings (37% accrual ratio). Minor Risk Dividend is not well covered by cash flows (216% cash payout ratio). Reported Earnings • Aug 13
First half 2023 earnings released: EPS: €0.91 (vs €0.062 in 1H 2022) First half 2023 results: EPS: €0.91 (up from €0.062 in 1H 2022). Revenue: €204.5m (up 19% from 1H 2022). Net income: €33.3m (up €31.1m from 1H 2022). Profit margin: 16% (up from 1.3% in 1H 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 13
Upcoming dividend of €1.00 per share at 7.2% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 16 May 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 7.2%. Within top quartile of Irish dividend payers (4.4%). Higher than average of industry peers (5.1%). Recent Insider Transactions Derivative • Apr 08
Group CFO exercised options to buy €133k worth of stock. On the 4th of April, John O'Grady exercised 20.45k options to receive shares at no cost, then sold around 10.63k of them at €15.45 each and kept the remainder. Since December 2022, John has owned 32.14k shares directly. Company insiders have collectively bought €319k more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Mar 17
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €1.11 to €1.25. Revenue forecast steady at €348.9m. Net income forecast to shrink 29% next year vs 15% growth forecast for Insurance industry in Ireland . Consensus price target up from €13.20 to €14.63. Share price rose 5.5% to €14.45 over the past week. Price Target Changed • Mar 13
Price target increased by 14% to €14.63 Up from €12.83, the current price target is an average from 2 analysts. New target price is 7.1% above last closing price of €13.65. Stock is up 32% over the past year. The company is forecast to post earnings per share of €1.22 for next year compared to €1.81 last year. Reported Earnings • Mar 12
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: €1.81 (down from €2.74 in FY 2021). Revenue: €333.4m (down 6.9% from FY 2021). Net income: €64.5m (down 33% from FY 2021). Profit margin: 19% (down from 27% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 58%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Feb 20
Consensus EPS estimates increase by 38% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from €0.807 to €1.11. Revenue forecast steady at €339.6m. Net income forecast to shrink 57% next year vs 7.3% growth forecast for Insurance industry in Ireland . Consensus price target of €13.20 unchanged from last update. Share price rose 8.2% to €13.20 over the past week. Duyuru • Feb 03
FBD Holdings plc Announces the Demise of Padraig Walshe, Non-Executive Director FBD Holdings plc announces that Padraig Walshe, a non-Executive Director of the Company passed away on 1 February, 2023. Mr. Walshe served as a member of FBD Holdings Board of Directors during the periods 2006-2010 and 2011-2023. Padraig was a highly valued member of Board and will be deeply missed by all who had the privilege of working with him over a sixteen-year period in his role as a non-executive Director of FBD. Padraig has left a lasting legacy to the business and his dedication and commitment to the success and growth of FBD will be deeply missed. Price Target Changed • Dec 21
Price target decreased to €11.40 Down from €12.83, the current price target is provided by 1 analyst. New target price is 7.0% above last closing price of €10.65. Stock is up 48% over the past year. The company is forecast to post earnings per share of €0.81 for next year compared to €2.74 last year. Board Change • Nov 16
High number of new directors Independent Non-Executive Director Jean Sharp was the last director to join the board, commencing their role in 2021. Reported Earnings • Aug 05
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €19.3m from profit in 1H 2021). Profit margin: (down from 11% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 1.5%, compared to a 20% growth forecast for the industry in Ireland. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Board Change • Jun 08
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Jean Sharp 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. Major Estimate Revision • May 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €1.03 to €0.88 per share. Revenue forecast steady at €338.0m. Net income forecast to shrink 67% next year vs 0.9% growth forecast for Insurance industry in Ireland . Consensus price target down from €12.83 to €12.38. Share price was steady at €9.48 over the past week. Upcoming Dividend • Apr 14
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 19 May 2022. Trailing yield: 10%. Within top quartile of Irish dividend payers (4.1%). Higher than average of industry peers (5.0%). Recent Insider Transactions Derivative • Apr 10
Group CFO exercised options to buy €98k worth of stock. On the 6th of April, John O'Grady exercised 20.93k options to receive shares at no cost, then sold around 10.88k of them at €11.75 each and kept the remainder. Since December 2021, John has owned 22.10k shares directly. Company insiders have collectively bought €221k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 05
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €2.74 (up from €0.13 in FY 2020). Revenue: €357.2m (up 6.1% from FY 2020). Net income: €96.4m (up €92.0m from FY 2020). Profit margin: 27% (up from 1.3% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.7%. Over the next year, revenue is expected to shrink by 8.4% compared to a 10% growth forecast for the insurance industry in Ireland. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Major Estimate Revision • Mar 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €2.03 to €2.51. Revenue forecast steady at €324.1m. Net income forecast to grow 97% next year vs 2.8% growth forecast for Insurance industry in Ireland. Consensus price target up from €11.08 to €12.45. Share price fell 7.3% to €9.96 over the past week. Major Estimate Revision • Feb 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €1.04 to €2.03. Revenue forecast steady at €324.0m. Net income forecast to grow 70% next year vs 4.9% growth forecast for Insurance industry in Ireland. Consensus price target of €11.08 unchanged from last update. Share price rose 22% to €10.25 over the past week. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 24% share price gain to €10.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Insurance industry in Europe. Total returns to shareholders of 34% over the past three years. Reported Earnings • Aug 09
First half 2021 earnings released: EPS €0.55 (vs €0.23 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €175.7m (up 11% from 1H 2020). Net income: €19.3m (up €27.5m from 1H 2020). Profit margin: 11% (up from net loss in 1H 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Price Target Changed • May 18
Price target decreased to €8.95 Down from €9.93, the current price target is an average from 3 analysts. New target price is 7.1% above last closing price of €8.36. Stock is up 19% over the past year. Is New 90 Day High Low • Mar 09
New 90-day low: €6.96 The company is down 6.0% from its price of €7.38 on 09 December 2020. The Irish market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €26.44 per share. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings miss expectations Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 3.7%, compared to a 2.0% growth forecast for the Insurance industry in Ireland. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €335.0m (down 8.2% from FY 2019). Net income: €4.39m (down 96% from FY 2019). Profit margin: 1.3% (down from 27% in FY 2019). The decrease in margin was primarily driven by higher expenses. Is New 90 Day High Low • Jan 07
New 90-day high: €7.68 The company is up 23% from its price of €6.26 on 09 October 2020. The Irish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.68 per share. Is New 90 Day High Low • Dec 17
New 90-day high: €7.56 The company is up 18% from its price of €6.40 on 18 September 2020. The Irish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.88 per share. Is New 90 Day High Low • Nov 07
New 90-day high: €6.54 The company is up 5.0% from its price of €6.20 on 07 August 2020. The Irish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €26.64 per share. Is New 90 Day High Low • Oct 14
New 90-day low: €5.92 The company is down 8.0% from its price of €6.46 on 16 July 2020. The Irish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Insurance industry, which is also down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.83 per share.