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 15,964 - -
Change - -9.68% -5.69% 18.3% 33.54% 39.97% - -
Enterprise Value (EV) 12,902 12,831 7,220 8,541 11,406 15,964 15,964 15,964
Change - -0.55% -43.73% 18.3% 33.54% 39.97% 0% 0%
P/E 10.1x 7.56x 7.59x 7.68x 6.67x 8.96x 9.48x 8.98x
PBR 0.71x 1x - 1.1x 1.21x 1.37x 1.34x 1.21x
PEG - 0.4x -1.38x 0.4x 0.1x -1.8x -1.71x 1.58x
Capitalization / Revenue 0.94x 0.86x - 0.46x 0.58x 1.13x 1.09x 1.05x
EV / Revenue 0x 0x - 0x 0x 1.13x 1.09x 1.05x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x - 0x 0x 5.99x 6.49x 6.02x
EV / FCF -0x -0x - 0x 0x 12.3x 12.9x 11.9x
FCF Yield -13.2% -8.94% - 9.39% 23.8% 8.12% 7.73% 8.4%
Dividend per Share 2 2.75 3 3.25 3.5 3.75 4.034 4.37 4.658
Rate of return 6.04% 7.24% 8.27% 7.46% 6.27% 5.29% 5.73% 6.1%
EPS 2 4.52 5.48 5.179 6.109 8.963 8.518 8.045 8.5
Distribution rate 60.8% 54.7% 62.8% 57.3% 41.8% 47.4% 54.3% 54.8%
Net sales 1 8,978 8,930 - 18,488 19,622 14,161 14,622 15,222
EBITDA - - - - - - - -
EBIT 1 1,370 1,499 - 1,861 2,460 2,665 2,460 2,651
Net income 1 845 1,010 953 1,118 1,712 1,627 1,657 1,680
Net Debt 4,426 5,176 - - - - - -
Reference price 2 45.55 41.42 39.31 46.90 59.80 76.30 76.30 76.30
Nbr of stocks (in thousands) 186,070 184,820 183,656 182,106 190,728 209,228 - -
Announcement Date 2/23/22 2/22/23 2/28/24 2/28/25 2/25/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.56x - - 4.09% 195B
12.64x2.98x10.75x1.18% 131B
15.37x - - 5.54% 109B
21.83x3.75x13.17x1.99% 89.64B
9.72x1.45x - 1.78% 37.17B
-318.83x1.2x - 3.85% 26.01B
12.17x - - 2.96% 23.83B
12.62x - - 4.26% 23.29B
8.89x - - 5.33% 18.37B
Average -23.45x 2.35x 11.96x 3.44% 72.62B
Weighted average by Cap. 1.45x 2.86x 11.74x 3.32%

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