AGS Stock Analysis: ageas SA/NV | BR
Insurance - Diversified | BR, Belgium | Market Cap: 15.441m EUR | 12M Return: 29.5% | BE0974264930 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 20.5M
EPS Trend: 9.6%
Qual. Beats: -1
Rev. Trend: 71.9%
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Ageas SA/NV is a Belgian insurance group founded in 1824 and headquartered in Brussels, operating through five business segments: Belgium, Europe, Asia, Reinsurance, and General Account. The company offers a full range of insurance and financial products, including life insurance (covering life and death risks), non-life insurance (accident and health, motor, fire, and other property damage), pension products, and reinsurance. Its products are distributed to private individuals as well as small, medium-sized, and large companies through independent brokers and bank channels.
As a multi-line insurer, Ageas combines life and property & casualty (P&C) operations under one corporate structure, a model common among large European insurers seeking diversification across product lines and geographies. The companys reliance on bank channels for distribution reflects the bancassurance model widely used in continental Europe, where insurers partner with banks to sell insurance and pension products to the banks customer base.
- Asian joint venture premiums grow double digits across key markets
- Belgium bancassurance margins pressured by prolonged low interest rates
- Reinsurance combined ratio deteriorates on elevated natural catastrophe losses
| Net Income: 1.88b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 1.31 > 1.0 |
| NWC/Revenue: -33.87% < 20% (prev -14.37%; Δ -19.50% < -1%) |
| CFO/TA 0.03 > 3% & CFO 3.45b > Net Income 1.88b |
| Net Debt (-55.0b) to EBITDA (10.9b): -5.05 < 3 |
| Current Ratio: 0.95 > 1.5 & < 3 |
| Outstanding Shares: last quarter (197.7m) vs 12m ago 6.57% < -2% |
| Gross Margin: 89.35% > 18% (prev 87.78%; Δ 1.57% > 0.5%) |
| Asset Turnover: 10.18% > 50% (prev 8.66%; Δ 1.52% > 0%) |
| Interest Coverage Ratio: 36.58 > 6 (EBIT TTM 10.5b / Interest Expense TTM 288.0m) |
| A: -0.03 (Total Current Assets 64.5b - Total Current Liabilities 68.2b) / Total Assets 110b |
| B: 0.00 (Retained Earnings 40.0m / Total Assets 110b) |
| C: 0.10 (EBIT TTM 10.5b / Avg Total Assets 105b) |
| D: 0.10 (Book Value of Equity 10.2b / Total Liabilities 98.3b) |
| Altman-Z'' = 0.57 = B |
As of October 10, 2026, the stock is trading at EUR 71.15 with a total of 458,851 shares traded. Over the past week, the price has changed by -2.47%, over one month by -5.32%, over three months by +0.35% and over the past year by +29.46%.
Current recommended Stop Loss: 68.40 (which is 3.9% or 2.4 ATR below the current price).
ageas SA/NV has no consensus analysts rating.
P/E Trailing = 7.5463
P/E Forward = 8.4962
P/S = 1.278
P/B = 1.5145
P/EG = 6.3936
Revenue TTM = 10.7b EUR
EBIT TTM = 10.5b EUR
EBITDA TTM = 10.9b EUR
Long Term Debt = 6.33b EUR (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 7.19b EUR (corrected: LT Debt 6.33b + ST Debt none) + Leases 857.0m
Net Debt = -55.0b EUR (calculated: Debt 7.19b - CCE 62.2b)
Enterprise Value = 15.4b EUR (floored to Market Cap, CCE > MCap+Debt)
Interest Coverage Ratio = 36.58 (Ebit TTM 10.5b / Interest Expense TTM 288.0m)
EV/FCF = 4.85x (Enterprise Value 15.4b / FCF TTM 3.18b)
FCF Yield = 20.60% (FCF TTM 3.18b / Enterprise Value 15.4b)
FCF Margin = 29.87% (FCF TTM 3.18b / Revenue TTM 10.7b)
Net Margin = 17.66% (Net Income TTM 1.88b / Revenue TTM 10.7b)
Gross Margin = 89.35% ((Revenue TTM 10.7b - Cost of Revenue TTM 1.13b) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.14 (Enterprise Value 15.4b / Total Assets 110b)
Interest Expense / Debt = 4.01% (Interest Expense 288.0m / Debt 7.19b)
Taxrate = 11.39% (262.0m / 2.30b)
NOPAT = 9.34b (EBIT 10.5b * (1 - 11.39%))
Current Ratio = 0.95 (Total Current Assets 64.5b / Total Current Liabilities 68.2b)
Debt / Equity = 0.70 (Debt 7.19b / totalStockholderEquity, last quarter 10.2b)
Debt / EBITDA = -5.05 (Net Debt -55.0b / EBITDA 10.9b)
Debt / FCF = -17.30 (Net Debt -55.0b / FCF TTM 3.18b)
Total Stockholder Equity = 9.83b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.80% (Net Income 1.88b / Total Assets 110b)
RoE = 19.13% (Net Income TTM 1.88b / Total Stockholder Equity 9.83b)
RoCE = 65.19% (EBIT 10.5b / Capital Employed (Equity 9.83b + L.T.Debt 6.33b))
RoIC = 22.68% (NOPAT 9.34b / Invested Capital 41.2b)
WACC = 5.58% (E(15.4b)/V(22.6b) * Re(6.52%) + D(7.19b)/V(22.6b) * Rd(4.01%) * (1-Tc(0.11)))
Discount Rate = 6.52% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 90.19 | Cagr: 3.23%
[DCF] Terminal Value 77.97% ; FCFF base≈2.54b ; Y1≈2.91b ; Y5≈4.28b
[DCF] Fair Price = 571.2 (EV 64.5b - Net Debt -55.0b = Equity 120b / Shares 209.2m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 9.56 | EPS CAGR: 3.52% | SUE: -1.32 | # QB: -1
Revenue Correlation: 71.87 | Revenue CAGR: 9.44% | SUE: N/A | # QB: 0
EPS current Year (2025-12-31): EPS=8.29 | Chg30d=+18.38% | Revisions=+62% | GrowthEPS=+22.3% | GrowthRev=-37.4%
EPS next Year (2026-12-31): EPS=9.72 | Chg30d=+11.35% | Revisions=+57% | GrowthEPS=+10.4% | GrowthRev=-37.8%
[Analyst] Revisions Ratio: +75% (up=9, down=0)