ageas SA/NV (AGS.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+200.5%

€227.03

vs €75.55 price

Levered DCF

€4.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.19

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.56×	7.71×	7.57×	7.54×	10.08×	7.18×	10.35×	9.56×
P/B	1.19×	1.11×	0.97×	1.01×	0.71×	0.71×	0.9×	0.82×
P/S	1.24×	1.01×	0.92×	1.56×	0.66×	0.71×	0.72×	0.7×
EV / EBITDA	5.42×	5.93×	4.86×	5.38×	5.16×	4.25×	5.15×	4.11×
Gross margin	87.5%	87.6%	88.1%	57.5%	90.6%	90.1%	92.3%	90.5%
Operating margin	24.0%	18.6%	18.1%	30.4%	9.5%	13.2%	10.2%	11.3%
Net margin	18.9%	13.2%	12.1%	22.4%	6.5%	9.9%	6.9%	7.3%
Current ratio	0.95×	0.42×	2.69×	59.85×	79.1×	76.43×	95.74×	91.01×
Debt / equity	0.75×	0.82×	0.62×	0.59×	0.4×	0.41×	0.44×	0.37×
Interest coverage	7.54×	5.51×	5.19×	9.73×	9.77×	12.99×	13.52×	13.38×
Dividend yield	5.8%	6.8%	7.5%	10.0%	5.7%	5.9%	4.1%	5.2%
Payout ratio	38.4%	52.2%	56.7%	69.7%	57.4%	42.5%	42.5%	49.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.1%	14.4%	12.8%	14.5%	7.1%	9.9%	8.7%	8.6%
Return on invested capital	4.9%	1.4%	1.2%	1.3%	0.8%	1.0%	0.9%	0.8%
Return on assets	1.6%	1.1%	1.0%	1.1%	0.8%	1.0%	0.9%	0.8%
Free cash flow yield	22.9%	7.5%	-1.6%	-9.9%	-14.2%	-20.6%	2.7%	9.6%
Earnings yield	15.2%	13.0%	13.2%	14.4%	9.9%	13.9%	9.7%	10.5%
Enterprise value	€15.3B	€12.9B	€9.9B	€10.9B	€11.3B	€10.7B	€11.3B	€8.3B
Net debt / EBITDA	1.43×	1.97×	1.33×	1.62×	1.28×	0.99×	0.53×	0.28×
Cash conversion cycle (days)	-138	-122	-203	-76	-217	-256	-163	-88