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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.7x - 0.8x | 0.8x |
Selected Fwd Ps Multiple | 0.7x - 0.8x | 0.8x |
Fair Value | €26.62 - €29.42 | €28.02 |
Upside | -15.8% - -6.9% | -11.3% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Unum Group | - | NYSE:UNM |
Reinsurance Group of America, Incorporated | - | NYSE:RGA |
Kemper Corporation | - | NYSE:KMPR |
Primerica, Inc. | - | NYSE:PRI |
Assurant, Inc. | - | NYSE:AIZ |
CNO Financial Group, Inc. | - | DB:COS |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
UNM | RGA | KMPR | PRI | AIZ | COS | |||
NYSE:UNM | NYSE:RGA | NYSE:KMPR | NYSE:PRI | NYSE:AIZ | DB:COS | |||
Historical Sales Growth | ||||||||
5Y CAGR | 1.4% | 9.1% | -1.6% | 8.5% | 4.8% | 2.1% | ||
3Y CAGR | 2.4% | 9.9% | -6.7% | 4.4% | 5.2% | 2.6% | ||
Latest Twelve Months | 1.8% | 1.8% | -2.2% | 12.6% | 6.2% | 0.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 9.7% | 4.0% | 0.5% | 16.6% | 6.4% | 10.9% | ||
Prior Fiscal Year | 10.4% | 4.9% | -5.5% | 20.9% | 5.8% | 6.7% | ||
Latest Fiscal Year | 13.8% | 3.2% | 6.9% | 22.8% | 6.4% | 9.1% | ||
Latest Twelve Months | 12.3% | 3.8% | 7.4% | 23.0% | 5.6% | 7.1% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 7.6x | 9.4x | 9.5x | 5.3x | 1.2x | 7.6x | ||
Price / LTM Sales | 1.1x | 0.6x | 0.8x | 2.7x | 0.8x | 0.9x | ||
LTM P/E Ratio | 8.9x | 16.2x | 11.3x | 11.7x | 14.0x | 12.2x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.6x | 0.8x | 2.7x | |||||
Historical LTM P/S Ratio | 0.7x | 0.8x | 0.8x | |||||
Selected Price / Sales Multiple | 0.7x | 0.8x | 0.8x | |||||
(x) LTM Sales | 4,297 | 4,297 | 4,297 | |||||
(=) Equity Value | 3,160 | 3,326 | 3,493 | |||||
(/) Shares Outstanding | 99.1 | 99.1 | 99.1 | |||||
Implied Value Range | 31.87 | 33.55 | 35.23 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 27.15 | 28.58 | 30.00 | 31.60 | ||||
Upside / (Downside) | -14.1% | -9.6% | -5.0% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | UNM | RGA | KMPR | PRI | AIZ | COS | |
Value of Common Equity | 13,870 | 12,808 | 3,897 | 8,679 | 9,365 | 3,678 | |
(/) Shares Outstanding | 174.4 | 66.1 | 64.0 | 32.9 | 50.7 | 99.1 | |
Implied Stock Price | 79.55 | 193.81 | 60.89 | 264.13 | 184.71 | 37.10 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 79.55 | 193.81 | 60.89 | 264.13 | 184.71 | 31.60 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |