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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.9x - 1.0x | 0.9x |
| Selected Fwd Ps Multiple | 0.8x - 0.8x | 0.8x |
| Fair Value | €39.96 - €44.16 | €42.06 |
| Upside | -3.6% - 6.6% | 1.5% |
| 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 | - | DB:AXA |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| G | AGS | VIG | MUV2 | ASRNL | AXA | |||
| BIT:G | ENXTBR:AGS | WBAG:VIG | DB:MUV2 | ENXTAM:ASRNL | DB:AXA | |||
| 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 | 7.5% | 13.0% | 12.2% | 4.3% | 20.7% | 5.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 5.3% | 12.9% | 4.2% | 6.8% | 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% | 8.1% | 6.6% | 7.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 10.2x | 14.2x | 5.1x | NA | 5.8x | NA | ||
| Price / LTM Sales | 0.9x | 1.4x | 0.5x | 1.2x | 0.8x | 1.0x | ||
| LTM P/E Ratio | 13.2x | 10.4x | 9.5x | 14.3x | 12.4x | 12.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.5x | 0.9x | 1.4x | |||||
| 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 | 82,933 | 87,298 | 91,663 | |||||
| (/) Shares Outstanding | 2,176.1 | 2,176.1 | 2,176.1 | |||||
| Implied Value Range | 38.11 | 40.12 | 42.12 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 38.11 | 40.12 | 42.12 | 41.43 | ||||
| Upside / (Downside) | -8.0% | -3.2% | 1.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | G | AGS | VIG | MUV2 | ASRNL | AXA | |
| Value of Common Equity | 50,611 | 11,681 | 6,029 | 73,226 | 12,418 | 90,158 | |
| (/) Shares Outstanding | 1,518.5 | 191.6 | 128.0 | 129.5 | 206.7 | 2,176.1 | |
| Implied Stock Price | 33.33 | 60.95 | 47.10 | 565.60 | 60.08 | 41.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 33.33 | 60.95 | 47.10 | 565.60 | 60.08 | 41.43 | |
| 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 | |