ageas SA/NV
About the company
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.
Price below modeled range
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).
The range depends on model assumptions and data; it is not a prediction or investment advice.
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Market price below modeled range
Showing the Fade DCF (10-year growth fade) 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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Show the recommended model instead
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 (+48.3%)
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EPS-based Gordon proxy
— EUR 135.34 (+74.6%)
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 (+646.7%)
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 (+562.7%)
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 (+301.8%)
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 (+643.9%)
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 (+441.1%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 468.98 | 83.5% |
| Base EUR 576.50 | 86.6% |
| Bull EUR 790.03 | 90.2% |
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
6 months price change: +19.21% · EUR 77.50 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (EUR 576.50). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:14 (2 hours, 48 minutes ago).
07 May 2026Range EUR 63.35 – 78.5006 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
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 77.50 | 32.6% | 8.1 | 1.5 | 5.0% | 76 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.66 | 68.4% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.86 | 45.8% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.84 | 36.1% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.23 | 34.4% | 8.0 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| NWG.L NatWest Group plc | GBP 5.87 | 30.2% | 8.2 | 1.3 | 5.0% | 88 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| ACGL Arch Capital Group | USD 110.57 | 28.9% | 8.6 | 1.6 | 0.1% | 100 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: EUR 3.75 per share · yield 4.84% 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 06 Nov 2026 18:06
| 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 |