(AGS) ageas SA/NV - BR
Sector: Financial Services | Industry: Insurance - Diversified | Exchange: BR (Belgium) | Market Cap: 14.029m EUR | Total Return: 27.5% in 12m
Avg Turnover: 19.1M
EPS Trend: 9.6%
Qual. Beats: -1
Rev. Trend: -36.0%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Ageas SA/NV is a Belgian insurance group founded in 1824 and headquartered in Brussels. It operates through five reportable segments-Belgium, Europe, Asia, Reinsurance, and General Account-offering life insurance, non-life (property and casualty) coverage, pension products, and reinsurance. Its product portfolio spans individual and group lines, including accident and health, motor, fire, and other property damage on the non-life side, alongside life and pension solutions. The company serves private individuals as well as small, medium-sized, and large corporate clients, distributing products through independent brokers and bank channels. As a multi-line insurer combining life and P&C under one roof, Ageas uses bancassurance partnerships-a common European distribution model in which banks sell insurance products to their customer base-to extend its reach.
- Asia minority stakes contribute growing share to net profit
- Belgian life margins pressured by prolonged low rate environment
- Shareholder returns sustained through dividends and buybacks
| Net Income: 1.15b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.90 > 1.0 |
| NWC/Revenue: -41.89% < 20% (prev -834.6%; Δ 792.7% < -1%) |
| CFO/TA 0.02 > 3% & CFO 1.83b > Net Income 1.15b |
| Net Debt (-54.3b) to EBITDA (8.87b): -6.12 < 3 |
| Current Ratio: 0.95 > 1.5 & < 3 |
| Outstanding Shares: last quarter (190.7m) vs 12m ago 4.12% < -2% |
| Gross Margin: 86.83% > 18% (prev 86.19%; Δ 0.64% > 0.5%) |
| Asset Turnover: 8.38% > 50% (prev 7.74%; Δ 0.64% > 0%) |
| Interest Coverage Ratio: 37.00 > 6 (EBIT TTM 8.51b / Interest Expense TTM 230.0m) |
| A: -0.03 (Total Current Assets 64.5b - Total Current Liabilities 68.2b) / Total Assets 107b |
| B: 0.01 (Retained Earnings 698.0m / Total Assets 107b) |
| C: 0.08 (EBIT TTM 8.51b / Avg Total Assets 103b) |
| D: 0.10 (Book Value of Equity 9.44b / Total Liabilities 95.6b) |
| Altman-Z'' = 0.46 = B |
| DSRI: 0.95 (Receivables 2.29b/2.14b, Revenue 8.61b/7.62b) |
| GMI: 0.99 (GM 86.19% / 86.83%) |
| AQI: 0.39 (AQ_t 0.37 / AQ_t-1 0.95) |
| SGI: 1.13 (Revenue 8.61b / 7.62b) |
| TATA: -0.01 (NI 1.15b - CFO 1.83b) / TA 107b) |
| Beneish M = -3.35 (Cap -4..+1) = AA |
As of June 20, 2026, the stock is trading at EUR 67.45 with a total of 1,152,568 shares traded.
Over the past week, the price has changed by +1.28%,
over one month by +4.30%,
over three months by +15.70% and
over the past year by +27.53%.
ageas SA/NV has no consensus analysts rating.
P/E Trailing = 7.3762
P/E Forward = 7.1531
P/S = 1.4878
P/B = 1.476
P/EG = 0.7667
Revenue TTM = 8.61b EUR
EBIT TTM = 8.51b EUR
EBITDA TTM = 8.87b EUR
Long Term Debt = 6.28b EUR (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 7.98b EUR (from shortLongTermDebtTotal, last quarter) + Leases 849.0m
Net Debt = -54.3b EUR (calculated: Debt 7.98b - CCE 62.3b)
Enterprise Value = 14.0b EUR (floored to Market Cap, CCE > MCap+Debt)
Interest Coverage Ratio = 37.00 (Ebit TTM 8.51b / Interest Expense TTM 230.0m)
EV/FCF = 8.90x (Enterprise Value 14.0b / FCF TTM 1.58b)
FCF Yield = 11.24% (FCF TTM 1.58b / Enterprise Value 14.0b)
FCF Margin = 18.32% (FCF TTM 1.58b / Revenue TTM 8.61b)
Net Margin = 13.39% (Net Income TTM 1.15b / Revenue TTM 8.61b)
Gross Margin = 86.83% ((Revenue TTM 8.61b - Cost of Revenue TTM 1.13b) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.13 (Enterprise Value 14.0b / Total Assets 107b)
Interest Expense / Debt = 2.88% (Interest Expense 230.0m / Debt 7.98b)
Taxrate = 17.11% (275.0m / 1.61b)
NOPAT = 7.05b (EBIT 8.51b * (1 - 17.11%))
Current Ratio = 0.95 (Total Current Assets 64.5b / Total Current Liabilities 68.2b)
Debt / Equity = 0.84 (Debt 7.98b / totalStockholderEquity, last quarter 9.44b)
Debt / EBITDA = -6.12 (Net Debt -54.3b / EBITDA 8.87b)
Debt / FCF = -34.42 (Net Debt -54.3b / FCF TTM 1.58b)
Total Stockholder Equity = 8.34b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.12% (Net Income 1.15b / Total Assets 107b)
RoE = 13.83% (Net Income TTM 1.15b / Total Stockholder Equity 8.34b)
RoCE = 58.24% (EBIT 8.51b / Capital Employed (Equity 8.34b + L.T.Debt 6.28b))
RoIC = 18.33% (NOPAT 7.05b / Invested Capital 38.5b)
WACC = 5.27% (E(14.0b)/V(22.0b) * Re(6.91%) + D(7.98b)/V(22.0b) * Rd(2.88%) * (1-Tc(0.17)))
Discount Rate = 6.91% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 48.89 | Cagr: 1.66%
[DCF] Terminal Value 77.97% ; FCFF base≈1.17b ; Y1≈1.34b ; Y5≈1.98b
[DCF] Fair Price = 401.6 (EV 29.7b - Net Debt -54.3b = Equity 84.0b / 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: -35.96 | Revenue CAGR: -3.46% | SUE: -0.57 | # QB: 0
EPS current Year (2026-12-31): EPS=7.52 | Chg30d=-1.36% | Revisions=-33% | GrowthEPS=-14.5% | GrowthRev=-38.4%
EPS next Year (2027-12-31): EPS=8.39 | Chg30d=-0.80% | Revisions=-33% | GrowthEPS=+11.6% | GrowthRev=+3.2%
[Analyst] Revisions Ratio: -33%