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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.9x - 1.0x | 0.9x |
| Selected Fwd Ps Multiple | 0.7x - 0.7x | 0.7x |
| Fair Value | €37.18 - €41.10 | €39.14 |
| Upside | -7.1% - 2.6% | -2.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Assicurazioni Generali S.p.A. | - | BIT:G |
| ageas SA/NV | - | ENXTBR:AGS |
| Vienna Insurance Group AG | - | WBAG:VIG |
| Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München | - | DB:MUV2 |
| ASR Nederland N.V. | - | ENXTAM:ASRNL |
| AXA SA | - | BATS-CHIXE:CSP |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| G | AGS | VIG | MUV2 | ASRNL | CSP | |||
| BIT:G | ENXTBR:AGS | WBAG:VIG | DB:MUV2 | ENXTAM:ASRNL | BATS-CHIXE:CSP | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -9.6% | -10.4% | 3.5% | 1.2% | 13.4% | -7.3% | ||
| 3Y CAGR | -16.7% | -14.2% | 5.8% | -1.2% | 15.9% | -9.3% | ||
| Latest Twelve Months | 10.1% | 13.0% | 12.2% | 6.7% | 20.7% | 5.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.7% | 12.9% | 4.2% | 6.6% | 0.3% | 6.8% | ||
| Prior Fiscal Year | 7.3% | 12.7% | 4.9% | 8.0% | 7.6% | 7.8% | ||
| Latest Fiscal Year | 6.8% | 13.1% | 5.1% | 9.3% | 6.6% | 7.8% | ||
| Latest Twelve Months | 6.8% | 13.1% | 5.1% | 7.5% | 6.6% | 7.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 10.5x | 13.9x | 4.9x | NA | 5.7x | NA | ||
| Price / LTM Sales | 0.9x | 1.3x | 0.5x | 1.2x | 0.8x | 0.9x | ||
| LTM P/E Ratio | 13.1x | 10.2x | 9.2x | 16.4x | 12.0x | 12.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.5x | 0.9x | 1.3x | |||||
| Historical LTM P/S Ratio | 0.5x | 0.7x | 0.8x | |||||
| Selected Price / Sales Multiple | 0.9x | 0.9x | 1.0x | |||||
| (x) LTM Sales | 93,211 | 93,211 | 93,211 | |||||
| (=) Equity Value | 80,342 | 84,570 | 88,799 | |||||
| (/) Shares Outstanding | 2,176.1 | 2,176.1 | 2,176.1 | |||||
| Implied Value Range | 36.92 | 38.86 | 40.81 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 36.92 | 38.86 | 40.81 | 40.04 | ||||
| Upside / (Downside) | -7.8% | -2.9% | 1.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | G | AGS | VIG | MUV2 | ASRNL | CSP | |
| Value of Common Equity | 49,060 | 11,425 | 5,856 | 74,681 | 12,087 | 87,133 | |
| (/) Shares Outstanding | 1,510.9 | 191.7 | 128.0 | 129.5 | 206.7 | 2,176.1 | |
| Implied Stock Price | 32.47 | 59.60 | 45.75 | 576.80 | 58.48 | 40.04 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.47 | 59.60 | 45.75 | 576.80 | 58.48 | 40.04 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |