Ageas SA/ NV ADR AGESY

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$45.96 −0.37 (0.79%)

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As of Jul 2, 2024 7:18pm Delayed Price Closed

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Company Report

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Ageas Update: Ageas Increases China Taiping Cooperation

Henry Heathfield Jun 26, 2024

In May, Ageas announced it agreed to subscribe to the capital increase of China Taiping Insurance Holdings subsidiary Taiping Pension Co for a total of EUR 137 million. After close of this transaction, Ageas held 10% of the larger capital base and it is a relatively small amount in the grand scheme of things. The capital increase enables Ageas to continue to invest in the growing demand for personal pension products in China. Our fair value estimate for Ageas is EUR 63.5 per share with a no-moat rating.

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Price vs Fair Value

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AGESY is trading at a 118% premium.

Price

$45.95

Jul 2, 2024

Fair Value

$72.70

Jun 26, 2024

Uncertainty

Medium

1-Star Price: $57.31
5-Star Price: $39.72
Economic Moat: Rwsm
Capital Allocation: Ybsy

Bulls Say, Bears Say

Bulls

Ageas has continued to gain market share in both core domestic life and savings and nonlife insurance business.

Bears

Ageas still has quite a lot of legacy finance issues that have the potential to weigh on and dilute earnings.

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Trading Information

Previous Close Price: $46.32
Day Range: $45.60–46.09
52-Week Range: $37.91–52.50
Bid/Ask: $46.36 / $46.94
Market Cap: $8.44 Bil
Volume/Avg: 4,690 / 4,291

Key Statistics

Price/Earnings (Normalized): 8.94
Price/Sales: 0.79
Dividend Yield (Trailing): 7.58%
Dividend Yield (Forward): 7.58%
Total Yield: 7.62%

Company Profile

Ageas was spun out of Fortis during the financial crisis after a consortium including Banco Santander and Royal Bank of Scotland launched a failed bid for ABN Amro. The takeover was badly timed and ambitious, and to fund it Fortis started selling noncore divisions while writing down collateralised debt. As Fortis’ capital began to decline, the company initiated a rights issue, and the long-held promised dividend was suspended. As Fortis’ share price began to decline and financial market conditions continued to worsen, with a series of leadership changes customers began to withdraw their deposits. Fortis was approached by the government and sold its domestic banking operations to the Belgium government. BNP Paribas and was asked to spin off its insurance and asset management divisions.

Sector: Financial Services
Industry: Insurance - Diversified
Stock Style Box: Mid Value
Total Number of Employees: 50,395
Website: https://www.ageas.com

Competitors

Valuation

Metric	AGESY	KBC	AXAHY
Price/Earnings (Normalized)	8.94	8.72	9.32
Price/Book Value	1.03	1.21	1.36
Price/Sales	0.79	2.54	0.81
Price/Cash Flow	4.80	4.70	90.83

Price/Earnings

AGESY

KBC

AXAHY

Financial Strength

Metric	AGESY	KBC	AXAHY
Quick Ratio	—	—	—
Current Ratio	—	—	—
Interest Coverage	7.28	—	15.59

Quick Ratio

No chart available

Profitability

Metric	AGESY	KBC	AXAHY
Return on Assets (Normalized)	1.16%	0.90%	1.19%
Return on Equity (Normalized)	15.68%	14.78%	16.11%
Return on Invested Capital (Normalized)	8.89%	—	6.80%

Return on Assets

AGESY

KBC

AXAHY

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Insurance - Diversified Industry Comparables

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Name	Capital Allocation	Economic Moat	Market Cap
Berkshire Hathaway Inc Class A BRK.A	Sypxqttd	Hhbnb	$877.4 Bil
Berkshire Hathaway Inc Class B BRK.B	Zjrftstcs	Kqfl	$877.4 Bil
Allianz SE ADR ALIZY	Pjzpbnnvp	Pyq	$108.7 Bil
Zurich Insurance Group AG ADR ZURVY	Lcyqbzkz	Kkjgtjl	$76.0 Bil
AXA SA ADR AXAHY	Nqwlysmwj	Stvq	$74.5 Bil
American International Group Inc AIG	Wzdrgbz	Pgkm	$50.0 Bil
Sun Life Financial Inc SLF	Djpvfzzq	Bbgr	$28.3 Bil
Aviva PLC ADR AVVIY	Zjjhtpqx	Gnjv	$15.9 Bil
Aegon Ltd ADR AEG	Hcnkdjjy	Cmsq	$11.0 Bil