AGS Stock Analysis: ageas SA/NV | BR
Insurance - Diversified | BR, Belgium | Market Cap: 15.138m EUR | 12M Return: 29.8% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 15.8M
EPS Trend: 9.6%
Qual. Beats: -1
Rev. Trend: -1.9%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 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. 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: 1.71b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 1.72 > 1.0 |
| NWC/Revenue: -38.25% < 20% (prev -747.1%; Δ 708.9% < -1%) |
| CFO/TA 0.03 > 3% & CFO 2.90b > Net Income 1.71b |
| Net Debt (-54.3b) to EBITDA (9.67b): -5.61 < 3 |
| Current Ratio: 0.95 > 1.5 & < 3 |
| Outstanding Shares: last quarter (191.1m) vs 12m ago 4.34% < -2% |
| Gross Margin: 87.97% > 18% (prev 87.64%; Δ 0.33% > 0.5%) |
| Asset Turnover: 9.18% > 50% (prev 8.64%; Δ 0.53% > 0%) |
| Interest Coverage Ratio: 32.34 > 6 (EBIT TTM 9.31b / Interest Expense TTM 288.0m) |
| A: -0.03 (Total Current Assets 64.5b - Total Current Liabilities 68.2b) / Total Assets 107b |
| B: 0.02 (Retained Earnings 1.75b / Total Assets 107b) |
| C: 0.09 (EBIT TTM 9.31b / Avg Total Assets 103b) |
| D: 0.10 (Book Value of Equity 9.44b / Total Liabilities 95.6b) |
| Altman-Z'' = 0.55 = B |
| DSRI: 0.97 (Receivables 2.29b/2.14b, Revenue 9.43b/8.51b) |
| GMI: 1.00 (GM 87.64% / 87.97%) |
| AQI: 0.39 (AQ_t 0.37 / AQ_t-1 0.95) |
| SGI: 1.11 (Revenue 9.43b / 8.51b) |
| TATA: -0.01 (NI 1.71b - CFO 2.90b) / TA 107b) |
| Beneish M = -3.35 (Cap -4..+1) = AA |
As of July 28, 2026, the stock is trading at EUR 71.40 with a total of 127,171 shares traded. Over the past week, the price has changed by +0.42%, over one month by +3.40%, over three months by +9.42% and over the past year by +29.80%.
Current recommended Stop Loss: 68.50 (which is 4.1% or 2.8 ATR below the current price).
ageas SA/NV has no consensus analysts rating.
P/E Trailing = 7.9593
P/E Forward = 7.6746
P/S = 1.6054
P/B = 1.6034
P/EG = 6.3936
Revenue TTM = 9.43b EUR
EBIT TTM = 9.31b EUR
EBITDA TTM = 9.67b 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 = 15.1b EUR (floored to Market Cap, CCE > MCap+Debt)
Interest Coverage Ratio = 32.34 (Ebit TTM 9.31b / Interest Expense TTM 288.0m)
EV/FCF = 5.58x (Enterprise Value 15.1b / FCF TTM 2.71b)
FCF Yield = 17.91% (FCF TTM 2.71b / Enterprise Value 15.1b)
FCF Margin = 28.75% (FCF TTM 2.71b / Revenue TTM 9.43b)
Net Margin = 18.16% (Net Income TTM 1.71b / Revenue TTM 9.43b)
Gross Margin = 87.97% ((Revenue TTM 9.43b - Cost of Revenue TTM 1.13b) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.14 (Enterprise Value 15.1b / Total Assets 107b)
Interest Expense / Debt = 3.61% (Interest Expense 288.0m / Debt 7.98b)
Taxrate = 12.06% (262.0m / 2.17b)
NOPAT = 8.19b (EBIT 9.31b * (1 - 12.06%))
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 = -5.61 (Net Debt -54.3b / EBITDA 9.67b)
Debt / FCF = -20.02 (Net Debt -54.3b / FCF TTM 2.71b)
Total Stockholder Equity = 8.76b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.67% (Net Income 1.71b / Total Assets 107b)
RoE = 19.55% (Net Income TTM 1.71b / Total Stockholder Equity 8.76b)
RoCE = 61.95% (EBIT 9.31b / Capital Employed (Equity 8.76b + L.T.Debt 6.28b))
RoIC = 21.30% (NOPAT 8.19b / Invested Capital 38.5b)
WACC = 5.62% (E(15.1b)/V(23.1b) * Re(6.91%) + D(7.98b)/V(23.1b) * Rd(3.61%) * (1-Tc(0.12)))
Discount Rate = 6.91% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 77.11 | Cagr: 1.74%
[DCF] Terminal Value 77.97% ; FCFF base≈1.95b ; Y1≈2.23b ; Y5≈3.29b
[DCF] Fair Price = 495.7 (EV 49.4b - Net Debt -54.3b = Equity 104b / 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: -1.86 | Revenue CAGR: -0.19% | SUE: -0.57 | # 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=7.60 | Chg30d=+0.68% | Revisions=+0% | GrowthEPS=-13.7% | GrowthRev=-37.8%
[Analyst] Revisions Ratio: +50% (up=6, down=1)