AGS Stock Analysis: ageas SA/NV | BR
Insurance - Diversified | BR, Belgium | Market Cap: 16.079m EUR | 12M Return: 37.3% | BE0974264930 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 20.8M
EPS Trend: 9.6%
Qual. Beats: -1
Rev. Trend: 71.9%
Warnings
No concerns identified
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. 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: 1.88b 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 September 27, 2026, the stock is trading at EUR 74.45 with a total of 173,985 shares traded. Over the past week, the price has changed by -1.85%, over one month by +0.27%, over three months by +7.28% and over the past year by +37.34%.
Current recommended Stop Loss: 72.00 (which is 3.3% or 2.1 ATR below the current price).
ageas SA/NV has no consensus analysts rating.
P/E Trailing = 7.8035
P/E Forward = 8.8261
P/S = 1.3272
P/B = 1.5728
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 = 16.1b EUR (floored to Market Cap, CCE > MCap+Debt)
Interest Coverage Ratio = 36.58 (Ebit TTM 10.5b / Interest Expense TTM 288.0m)
EV/FCF = 5.05x (Enterprise Value 16.1b / FCF TTM 3.18b)
FCF Yield = 19.78% (FCF TTM 3.18b / Enterprise Value 16.1b)
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 = 0.15 (Enterprise Value 16.1b / 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 = 5.62% (E(16.1b)/V(23.3b) * Re(6.55%) + D(7.19b)/V(23.3b) * Rd(4.01%) * (1-Tc(0.11)))
Discount Rate = 6.55% (= 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=9.61 | Chg30d=+28.18% | Revisions=+57% | GrowthEPS=+9.2% | GrowthRev=-37.8%
[Analyst] Revisions Ratio: +75% (up=9, down=0)