Stock P1GR34 THE PROGRESSIVE CORPORATION
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Financials The Progressive Corporation Sao Paulo

Equities

P1GR34

BRP1GRBDR007

Property & Casualty Insurance

Market Closed - Sao Paulo
Other stock markets
 15:16:10 2024-05-31 EDT 		5-day change 1st Jan Change
550 BRL -0.55% Intraday chart for The Progressive Corporation +3.99% +43.01%
05-31 Progressive Insider Sold Shares Worth $2,546,585, According to a Recent SEC Filing MT
05-21 U.S. auto insurance shoppers jump 6% in Q1, TransUnion says RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 42,321 57,874 60,057 75,889 93,173 123,688 - -
Enterprise Value (EV) 1 42,321 57,874 60,057 79,212 99,976 111,442 100,760 123,688
P/E ratio 10.8 x 10.2 x 18.1 x 110 x 24.2 x 18.7 x 18.1 x 17 x
Yield 3.66% 4.96% 1.85% 0.31% 0.72% 1.01% 1.43% 1.93%
Capitalization / Revenue 1.13 x 1.43 x 1.29 x 1.49 x 1.51 x 1.7 x 1.51 x 1.36 x
EV / Revenue 1.13 x 1.43 x 1.29 x 1.55 x 1.62 x 1.53 x 1.23 x 1.36 x
EV / EBITDA - - - - 18.3 x 16.8 x 12.1 x -
EV / FCF - - - 12.1 x 9.62 x 13.9 x 10.4 x -
FCF Yield - - - 8.28% 10.4% 7.2% 9.6% -
Price to Book 3.21 x 3.5 x 3.38 x 4.93 x 4.71 x 5.08 x 4.29 x 3.39 x
Nbr of stocks (in thousands) 584,630 585,300 585,064 585,070 584,961 585,698 - -
Reference price 2 72.39 98.88 102.6 129.7 159.3 211.2 211.2 211.2
Announcement Date 1/29/20 1/27/21 1/26/22 1/25/23 1/24/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 37,578 40,569 46,405 51,081 61,550 72,615 82,011 91,198
EBITDA 1 - - - - 5,472 6,641 8,335 -
EBIT 1 5,350 7,390 4,429 1,166 5,172 8,273 8,452 9,533
Operating Margin 14.24% 18.22% 9.54% 2.28% 8.4% 11.39% 10.31% 10.45%
Earnings before Tax (EBT) 1 5,160 7,173 4,210 922.1 4,904 8,326 8,676 9,357
Net income 1 3,970 5,705 3,351 721.5 3,902 6,631 6,855 7,275
Net margin 10.57% 14.06% 7.22% 1.41% 6.34% 9.13% 8.36% 7.98%
EPS 2 6.720 9.660 5.660 1.180 6.580 11.31 11.68 12.42
Free Cash Flow 1 - - - 6,557 10,391 8,029 9,676 -
FCF margin - - - 12.84% 16.88% 11.06% 11.8% -
FCF Conversion (EBITDA) - - - - 189.91% 120.9% 116.09% -
FCF Conversion (Net income) - - - 908.77% 266.28% 121.09% 141.15% -
Dividend per Share 2 2.650 4.900 1.900 0.4000 1.150 2.142 3.013 4.075
Announcement Date 1/29/20 1/27/21 1/26/22 1/25/23 1/24/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 10,749 13,181 12,422 13,018 12,460 16,110 14,717 15,594 15,130 18,962 16,910 18,246 17,515 21,616 18,939
EBITDA - - - - - - - - - - - - - - -
EBIT 1 - - - - - - - - 2,573 - 1,615 1,520 1,691 2,036 1,763
Operating Margin - - - - - - - - 17.01% - 9.55% 8.33% 9.65% 9.42% 9.31%
Earnings before Tax (EBT) 1 1,204 390.2 -635.9 142.5 1,025 554.4 435.7 1,410 2,503 2,940 1,739 1,612 2,063 2,321 1,739
Net income 1 962.3 313.9 -542.9 124.1 826.4 447.9 345.4 1,121 1,988 2,331 1,432 1,325 1,649 1,899 1,407
Net margin 8.95% 2.38% -4.37% 0.95% 6.63% 2.78% 2.35% 7.19% 13.14% 12.29% 8.47% 7.26% 9.42% 8.78% 7.43%
EPS 2 1.630 0.5200 -0.9400 0.2000 1.400 0.7500 0.5700 1.890 3.370 3.940 2.398 2.282 2.801 3.259 2.480
Dividend per Share 2 1.600 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.8500 - 0.1000 0.1000 2.100 0.1000 0.1000
Announcement Date 1/26/22 4/14/22 7/15/22 10/13/22 1/25/23 4/13/23 7/13/23 10/13/23 1/24/24 4/12/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 3,323 6,804 - - -
Net Cash position 1 - - - - - 12,246 22,928 -
Leverage (Debt/EBITDA) - - - - 1.243 x - - -
Free Cash Flow 1 - - - 6,557 10,391 8,029 9,676 -
ROE (net income / shareholders' equity) 25.9% 28.7% 12.2% 13% 21.6% 30.4% 26.1% 22.6%
ROA (Net income/ Total Assets) 6.26% 7.41% 4.96% 0.98% 4.75% 6% 6.1% 6.2%
Assets 1 63,413 76,992 67,616 73,323 82,078 110,511 112,378 117,339
Book Value Per Share 2 22.50 28.30 30.40 26.30 33.80 41.60 49.20 62.30
Cash Flow per Share - 11.80 - 11.70 - - - -
Capex 1 - 3,617 244 292 252 302 296 -
Capex / Sales - 8.92% 0.52% 0.57% 0.41% 0.42% 0.36% -
Announcement Date 1/29/20 1/27/21 1/26/22 1/25/23 1/24/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Progressive Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
211.2 USD
Average target price
223.9 USD
Spread / Average Target
+6.01%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Insurance - Automobile

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Insurance - Automobile
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