ageas SA/NV
ageas SA/NV, together with its subsidiaries, engages in insurance business. It operates through five segments: Belgium, Europe, Asia, Reinsurance, and General Account. The company provides property, casualty, and life insurance products, as well as pension products; and reinsurance products. It off…
ageas SA/NV, together with its subsidiaries, engages in insurance business. It operates through five segments: Belgium, Europe, Asia, Reinsurance, and General Account. The company provides property, casualty, and life insurance products, as well as pension products; and reinsurance products. It offers life insurance products include risks related to the life, and death of individuals; and non-life insurance products comprise accident and health, motor, and fire insurance products, as well as insurance services for other damages to property; and pension funds. The company serves private individuals, as well as small, medium-sized, and large companies through independent brokers and the bank channels. ageas SA/NV was founded in 1824 and is based in Brussels, Belgium.Looks undervalued
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price below modeled range
Showing the FCFF (steady state) you selected on the company card, using 8.36% growth, 2.4% terminal growth and 9.6% discount. The range varies these assumptions slightly; it is illustrative, not investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 8.36%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 8.4% (sector default 5.4%, own revenue history 22.7%, analyst revenue consensus 2.7%).
5-year outlook: relative outlook of about 16.6% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 2.7% a year; the growth assumption used is 8.4%.
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Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — EUR 114.93 (+49.4%)
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EPS-based Gordon proxy
— EUR 135.34 (+75.9%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 578.71 (+652.1%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— EUR 513.59 (+567.4%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— EUR 311.42 (+304.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 576.50 (+649.2%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— EUR 419.32 (+444.9%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 462.08 | 83.3% |
| Base EUR 513.59 | 85.0% |
| Bull EUR 604.71 | 87.3% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 76 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Growth | revenue +21.5% a year | 20 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 4% | 0 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| AGS.BR (this company) | EUR 76.95 | 33.0% | 8.1 | 1.5 | 5.0% | 76 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.6 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.88 | 45.6% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.73 | 36.6% | 6.7 | 0.7 | 7.0% | 78 |
| V Visa Inc. | USD 414.00 | 34.6% | 8.7 | – | 0.2% | 100 |
| PRU.L Prudential plc | GBP 9.24 | 34.2% | 8.0 | 1.6 | 1.9% | 78 |
| NWG.L NatWest Group plc | GBP 5.86 | 30.3% | 8.2 | 1.3 | 5.0% | 88 |
| ACGL Arch Capital Group | USD 108.49 | 30.3% | 8.5 | 1.6 | 0.1% | 100 |
| SYF Synchrony Financial | USD 73.92 | 30.0% | 7.2 | 1.4 | 2.1% | 100 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: EUR 3.75 per share · yield 4.87% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 2.250 |
| 2025 | 3.500 |
| 2024 | 3.250 |
| 2023 | 3.000 |
| 2022 | 4.250 |
| 2021 | 2.650 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 05 Nov 2026 17:51
| Revenue | EUR 10,650,000,000 |
|---|---|
| EBITDA | EUR 440,000,000 |
| EBIT | EUR 0 |
| Net income | EUR 1,881,000,000 |
| Free cash flow | EUR 3,181,000,000 |
| Capital expenditures | EUR 266,000,000 |
| Debt | EUR 5,953,000,000 |
| Cash | EUR 62,230,000,000 |
| Working capital | EUR |
| Shares outstanding | 197,663,551 |
| Reported dividends per share | EUR 3.8601 |