Company Deep Dive
Business segments breakdown, earnings transcript analysis, management credibility scoring, competitive landscape, and scenario modelling.
AGS.BR
BUYFLAGageas SA/NV · Financial Services · Belgium · $16.6B · Avg Vol: $19M/d
ageas is a Belgian insurer with strong momentum (M79) and a cheap value score, but the quality score is the weakest in this batch (Q46), and a large share of its earnings comes from Asian associate stakes whose contribution is equity-accounted and harder to assess. The group also carries a long legacy of Fortis-era litigation now largely settled. Nothing adverse is currently confirmed, so the default applies.
COMPANY DESCRIPTION
ageas SA/NV is an international insurance group with a strong heritage, operating in Europe and rapidly growing markets in Asia. The company is the market leader in Belgian life insurance and holds significant positions in non-life segments through its AG Insurance subsidiary. Its unique competitive profile is enhanced by a highly successful joint-venture model in Asia, which provides exposure to high-growth emerging insurance markets.
FINANCIAL SUMMARY (EUR)
| Year | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4.9B | 7.9B | 8.6B | 9.0B | 22.7% | 9.4B | 5.6B | 5.8B | -20.1% |
| EPS (EUR) | 5.96 | 5.19 | 6.10 | 9.10 | 15.2% | 9.09 | 8.13 | 8.84 | -1.4% |
| Shares | 183.7M | 183.7M | 182.1M | 190.7M | +3.9% | — | — | — | — |
| Debt | 4.4B | 4.6B | 4.7B | 7.1B | 17.1% | 8.9B | — | — | — |
| Equity | 7.0B | 7.4B | 7.8B | 9.4B | 10.6% | — | — | — | — |
| Op CF | 1.0B | 121.0M | 1.0B | 2.9B | 41.7% | 2.9B | — | — | — |
| Inv CF | -617.0M | 1.4B | 93.0M | -2.7B | — | — | — | — | — |
| Fin CF | -1.3B | -865.0M | -952.0M | 863.0M | — | — | — | — | — |
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Financial Services, ranked by industry match, size, and score similarity. Cross-listings of AGS.BR are excluded.
Peer medians: ROE 8.0% · P/E 14.6x · Gross margin 95.5%