Company Valuation: ageas SA/NV

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,475 7,655 7,220 8,541 11,406 15,263 - -
Change - -9.68% -5.69% 18.3% 33.54% 33.82% - -
Enterprise Value (EV) 12,902 12,831 7,220 8,541 11,406 15,263 15,263 15,263
Change - -0.55% -43.73% 18.3% 33.54% 33.82% 0% 0%
P/E 10.1x 7.56x 7.59x 7.68x 6.67x 8.21x 9.07x 8.39x
PBR 0.71x 1x - 1.1x 1.21x 1.32x 1.27x 1.16x
PEG - 0.4x -1.38x 0.4x 0.1x -10.13x -0.95x 1.03x
Capitalization / Revenue 0.94x 0.86x - 0.46x 0.58x 1.25x 1.22x 1.18x
EV / Revenue 0x 0x - 0x 0x 1.25x 1.22x 1.18x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x - 0x 0x 5.84x 6.06x 5.61x
EV / FCF -0x -0x - 0x 0x 11.8x 12.4x 11.4x
FCF Yield -13.2% -8.94% - 9.39% 23.8% 8.49% 8.08% 8.78%
Dividend per Share 2 2.75 3 3.25 3.5 3.75 4.052 4.37 4.699
Rate of return 6.04% 7.24% 8.27% 7.46% 6.27% 5.56% 5.99% 6.44%
EPS 2 4.52 5.48 5.179 6.109 8.963 8.891 8.04 8.694
Distribution rate 60.8% 54.7% 62.8% 57.3% 41.8% 45.6% 54.3% 54%
Net sales 1 8,978 8,930 - 18,488 19,622 12,197 12,523 12,917
EBITDA - - - - - - - -
EBIT 1 1,370 1,499 - 1,861 2,460 2,615 2,518 2,719
Net income 1 845 1,010 953 1,118 1,712 1,754 1,656 1,749
Net Debt 4,426 5,176 - - - - - -
Reference price 2 45.55 41.42 39.31 46.90 59.80 72.95 72.95 72.95
Nbr of stocks (in thousands) 186,070 184,820 183,656 182,106 190,728 209,228 - -
Announcement Date 2/23/22 A 2/22/23 A 2/28/24 A 2/28/25 A 2/25/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.36x - - 4.58% 173B
12.32x2.92x10.53x1.21% 128B
14.4x1.75x - 5.7% 103B
19.97x3.48x12.24x2.17% 82.01B
19.2x3.96x11.65x1.15% 58.54B
27.44x4.27x13.16x1.2% 59.42B
10.47x0.65x - 3.81% 33.79B
8.91x1.34x - 1.94% 34.06B
17.53x3x10.75x1.3% 27.08B
Average 15.95x 2.67x 11.67x 2.56% 77.65B
Weighted average by Cap. 15.59x 2.80x 11.57x 2.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield