Financials Admiral Group CINNOBER BOAT

Equities

ADM

GB00B02J6398

Property & Casualty Insurance

Real-time Estimate Cboe Europe Other stock markets 02:43:33 01/07/2024 pm IST			5-day change	1st Jan Change
2,592 ^GBX	0.00%		0.00%	0.00%

08:00am	Plexus Holdings plc Announces Board Changes	CI
25/06	Europe takes hit on UK and France election nerves	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,618	8,365	9,195	6,302	7,991	7,856	-	-
Enterprise Value (EV) ¹	6,867	8,556	9,493	6,944	8,849	8,324	8,319	7,911
P/E ratio	15.6 x	16.2 x	9.44 x	17.3 x	24.2 x	17.3 x	15.4 x	14 x
Yield	6.06%	5.39%	8.84%	5.24%	3.84%	5.25%	5.98%	6.32%
Capitalization / Revenue	9.33 x	11.1 x	10.8 x	6.92 x	2.29 x	1.8 x	1.64 x	1.64 x
EV / Revenue	9.68 x	11.4 x	11.1 x	7.62 x	2.54 x	1.9 x	1.74 x	1.65 x
EV / EBITDA	1,22,83,959 x	1,32,83,168 x	1,26,73,956 x	1,32,82,291 x	1,69,64,857 x	-	-	-
EV / FCF	-	1,51,24,074 x	5,41,20,825 x	2,60,75,786 x	-	-	-	-
FCF Yield	-	0%	0%	0%	-	-	-	-
Price to Book	7.4 x	7.61 x	6.73 x	6.78 x	8.26 x	7.21 x	6.58 x	6.02 x
Nbr of stocks (in thousands)	2,86,632	2,87,863	2,91,245	2,94,894	2,97,726	3,00,436	-	-
Reference price ²	23.09	29.06	31.57	21.37	26.84	26.15	26.15	26.15
Announcement Date	05/03/20	04/03/21	03/03/22	08/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	709.4	751.6	855	911	3,486	4,371	4,786	4,800
EBITDA	559	644.1	749	522.8	521.6	-	-	-
EBIT ¹	535.2	620.5	725.4	480.9	462.9	650.3	716	744.8
Operating Margin	75.44%	82.56%	84.84%	52.79%	13.28%	14.88%	14.96%	15.52%
Earnings before Tax (EBT) ¹	522.6	608.2	713.5	469	442.8	579.2	676.7	758.2
Net income ¹	432.4	528.8	997.9	373	338	462.1	522.4	570.3
Net margin	60.95%	70.36%	116.71%	40.94%	9.7%	10.57%	10.91%	11.88%
EPS ²	1.480	1.792	3.345	1.237	1.108	1.512	1.697	1.868
Free Cash Flow	-	565.7	175.4	266.3	-	-	-	-
FCF margin	-	75.27%	20.51%	29.23%	-	-	-	-
FCF Conversion (EBITDA)	-	87.83%	23.42%	50.94%	-	-	-	-
FCF Conversion (Net income)	-	106.98%	17.58%	71.39%	-	-	-	-
Dividend per Share ²	1.400	1.565	2.790	1.120	1.030	1.373	1.563	1.653
Announcement Date	05/03/20	04/03/21	03/03/22	08/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales	-	350.8	-	416.2	-	-	470.9	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	328.2	-	-	257.2	223.7	240.2	-	288.9	372.4
Operating Margin	-	-	-	-	-	-	47.5%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	482.2	-	251.3	217.7	233.9	208.9	-	-
Net income	-	243.7	-	807.6	-	-	172.1	174.5	163.5	-	-
Net margin	-	69.47%	-	194.04%	-	-	36.55%	-	-	-	-
EPS ²	-	-	-	2.716	0.6290	0.6690	0.5680	0.5750	0.5330	0.7128	0.9189
Dividend per Share	0.7700	0.7050	0.8600	1.610	-	1.050	0.6780	0.5100	0.5200	-	-
Announcement Date	05/03/20	12/08/20	04/03/21	11/08/21	03/03/22	10/08/22	08/03/23	16/08/23	07/03/24	-	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	248	190	298	642	858	468	462	55
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.4444 x	0.2956 x	0.3981 x	1.228 x	1.645 x	-	-	-
Free Cash Flow	-	566	175	266	-	-	-	-
ROE (net income / shareholders' equity)	52%	52%	56%	35%	36%	44.7%	47.4%	47.1%
ROA (Net income/ Total Assets)	6.01%	6.86%	12.3%	4.46%	5.08%	5.42%	5.8%	6.09%
Assets ¹	7,194	7,714	8,101	8,360	6,652	8,529	9,008	9,359
Book Value Per Share ²	3.120	3.820	4.690	3.150	3.250	3.630	3.970	4.350
Cash Flow per Share	0.8100	2.060	0.8200	1.220	-	-	-	-
Capex	-	43.1	69.2	101	75.9	-	-	-
Capex / Sales	-	5.73%	8.09%	11.09%	2.18%	-	-	-
Announcement Date	05/03/20	04/03/21	03/03/22	08/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Admiral Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

26.15 GBP

Average target price

28.25 GBP

Spread / Average Target

+8.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Insurance - Automobile

	1st Jan change	Capi.
PROGRESSIVE CORPORATION	+30.41%	122B
PICC PROPERTY AND CASUALTY COMPANY LIMITED	+4.53%	27.63B
TRYG A/S	+4.02%	13.46B
QUÁLITAS CONTROLADORA, S.A.B. DE C.V.	+8.37%	4.03B
PORTO SEGURO S.A.	+7.69%	3.58B
MERCURY GENERAL CORPORATION	+42.43%	2.94B
HAGERTY, INC.	+33.33%	891M
THE FIRST INSURANCE CO., LTD.	+32.35%	234M
ROADZEN, INC.	-56.39%	152M

Insurance - Automobile