ASRNL Stock Analysis: ASR Nederland | AS
Insurance - Diversified | AS, Netherlands | Market Cap: 15.717m EUR | 12M Return: 43.4% | NL0011872643 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 28.6M
Warnings
No concerns identified
Tailwinds
Seasonality 10.4 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
ASR Nederland N.V. is a Dutch financial services group offering insurance, pensions, and mortgage products to consumers, businesses, and employers, primarily in the Netherlands. The company operates through five segments: Non-Life, Life, Asset Management, Distribution and Services, and Holding and Other, reflecting a diversified multi-line insurance business model typical of large European insurance carriers that combine underwriting with asset management activities.
The Non-Life segment provides disability, sickness leave, property and casualty (including motor, fire, liability, legal aid, travel, pet, and transport), and health insurance products covering both basic and supplementary coverage. The Life segment offers group and individual pension products, term life insurance, and funeral capital insurance. ASR is active in the residential mortgage market through its a.s.r. and Aegon brands, with specialized offerings for first-time buyers, customers financing sustainable home modifications, and senior citizens.
The Asset Management segment provides investment property management and manages portfolios across corporate bonds, government bonds, and equities. It also develops investment strategies and runs non-listed sector funds covering retail and residential real estate, offices, science park properties, agricultural land, and renewable energy assets such as wind, solar farms, and energy storage. The Distribution and Services segment, operating under brands including ArboNed, Mensely, HumanCapitalCare, Focus, and IT&Care, provides workplace health and safety guidance, software, and reintegration services.
ASR Nederland is headquartered in Utrecht, the Netherlands, and was founded in 1720, making it one of the oldest insurance companies in the Netherlands. The company was formerly known as Fortis Verzekeringen Nederland N.V. and adopted its current name in October 2008. Within the Dutch life insurance market, ASR is generally regarded as one of the countrys larger domestic players, holding significant pension assets alongside its general insurance and mortgage operations.
- Dutch mortgage margins expand as interest rates rise
- Pension transition to DC fuels fee income growth
- Capital return accelerates via buybacks and dividends
| Net Income: 1.26b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.88 > 1.0 |
| NWC/Revenue: -58.68% < 20% (prev 0.46%; Δ -59.15% < -1%) |
| CFO/TA 0.01 > 3% & CFO 1.37b > Net Income 1.26b |
| Net Debt (6.74b) to EBITDA (1.74b): 3.87 < 3 |
| Current Ratio: 0.25 > 1.5 & < 3 |
| Outstanding Shares: last quarter (222.1m) vs 12m ago 4.95% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 14.31% > 50% (prev 11.63%; Δ 2.69% > 0%) |
| Interest Coverage Ratio: 0.26 > 6 (EBIT TTM 1.59b / Interest Expense TTM 6.05b) |
| A: -0.08 (Total Current Assets 4.10b - Total Current Liabilities 16.1b) / Total Assets 145b |
| B: 0.03 (Retained Earnings 4.71b / Total Assets 145b) |
| C: 0.01 (EBIT TTM 1.59b / Avg Total Assets 143b) |
| D: 0.07 (Book Value of Equity 8.97b / Total Liabilities 136b) |
| Altman-Z'' = -0.29 = B |
| DSRI: 3.0 (Receivables 345.0m/72.0m, Revenue 20.5b/16.4b) |
| GMI: 1.0 (GM 100.0% / 100.0%) |
| AQI: 1.02 (AQ_t 0.97 / AQ_t-1 0.95) |
| SGI: 1.25 (Revenue 20.5b / 16.4b) |
| TATA: -0.00 (NI 1.26b - CFO 1.37b) / TA 145b) |
| Beneish M = -1.19 (Cap -4..+1) = D |
As of November 12, 2026, the stock is trading at EUR 79.06 with a total of 316,242 shares traded. Over the past week, the price has changed by +1.13%, over one month by +9.62%, over three months by +14.39% and over the past year by +43.42%.
Current recommended Stop Loss: 77.40 (which is 2.1% or 1.5 ATR below the current price).
ASR Nederland has no consensus analysts rating.
P/E Trailing = 15.2305
P/E Forward = 10.8225
P/S = 0.8454
P/B = 1.4618
Revenue TTM = 20.5b EUR
EBIT TTM = 1.59b EUR
EBITDA TTM = 1.74b EUR
Long Term Debt = 8.87b EUR (from longTermDebt, last quarter)
Short Term Debt = 70.0m EUR (from shortTermDebt, last fiscal year)
Debt = 10.5b EUR (from shortLongTermDebtTotal, last quarter) + Leases 120.0m
Net Debt = 6.74b EUR (calculated: Debt 10.5b - CCE 3.76b)
Enterprise Value = 22.5b EUR (15.7b + Debt 10.5b - CCE 3.76b)
Interest Coverage Ratio = 0.26 (Ebit TTM 1.59b / Interest Expense TTM 6.05b)
EV/FCF = 16.71x (Enterprise Value 22.5b / FCF TTM 1.34b)
FCF Yield = 5.99% (FCF TTM 1.34b / Enterprise Value 22.5b)
FCF Margin = 6.56% (FCF TTM 1.34b / Revenue TTM 20.5b)
Net Margin = 6.16% (Net Income TTM 1.26b / Revenue TTM 20.5b)
Gross Margin = unknown ((Revenue TTM 20.5b - Cost of Revenue TTM 0.0) / Revenue TTM)
Tobins Q-Ratio = 0.15 (Enterprise Value 22.5b / Total Assets 145b)
Interest Expense / Debt = 57.68% (Interest Expense 6.05b / Debt 10.5b)
Taxrate = 21.95% (349.0m / 1.59b)
NOPAT = 1.24b (EBIT 1.59b * (1 - 21.95%))
Current Ratio = 0.25 (Total Current Assets 4.10b / Total Current Liabilities 16.1b)
Debt / Equity = 1.17 (Debt 10.5b / totalStockholderEquity, last quarter 8.97b)
Debt / EBITDA = 3.87 (Net Debt 6.74b / EBITDA 1.74b)
Debt / FCF = 5.01 (Net Debt 6.74b / FCF TTM 1.34b)
Total Stockholder Equity = 9.31b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.88% (Net Income 1.26b / Total Assets 145b)
RoE = 13.56% (Net Income TTM 1.26b / Total Stockholder Equity 9.31b)
RoCE = 8.75% (EBIT 1.59b / Capital Employed (Equity 9.31b + L.T.Debt 8.87b))
RoIC = 0.97% (NOPAT 1.24b / Invested Capital 128b)
WACC = 3.59% (E(15.7b)/V(26.2b) * Re(5.98%) + (debt cost/tax rate unavailable))
Discount Rate = 5.98% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 65.80 | Cagr: 23.19%
[DCF] Terminal Value 77.97% ; FCFF base≈829.2m ; Y1≈950.5m ; Y5≈1.40b
[DCF] Fair Price = 71.02 (EV 21.1b - Net Debt 6.74b = Equity 14.3b / Shares 201.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -60.73 | EPS CAGR: -24.20% | SUE: N/A | # QB: 0
Revenue Correlation: 90.60 | Revenue CAGR: 26.90% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=6.43 | Chg30d=+0.03% | Revisions=+67% | GrowthEPS=+1.1% | GrowthRev=+17.6%
EPS next Year (2027-12-31): EPS=6.51 | Chg30d=+0.28% | Revisions=+67% | GrowthEPS=+1.3% | GrowthRev=-2.1%
[Analyst] Revisions Ratio: +80% (up=12, down=0)