Financials Aviva plc Deutsche Boerse AG

Equities

GU80

US05382A3023

Life & Health Insurance

Delayed Deutsche Boerse AG Other stock markets 12:01:29 17/07/2024 pm IST			5-day change	1st Jan Change
11.3 ^EUR	+1.80%		+4.63%	+20.21%

15/07	FTSE 100 ends lower on Burberry profit warning, US political worries	RE
12/07	Major investors pile in to UK rental homes despite regulatory fears	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	16,416	12,770	15,436	12,392	11,822	12,852	-	-
Enterprise Value (EV) ¹	5,931	5,554	15,436	12,392	11,822	12,852	12,852	12,852
P/E ratio	6.56 x	4.63 x	8.19 x	-11.6 x	11.7 x	11.2 x	9.98 x	9.17 x
Yield	2.27%	6.46%	5.37%	7%	7.68%	7.41%	7.94%	8.58%
Capitalization / Revenue	0.36 x	0.27 x	0.33 x	0.36 x	-	0.3 x	0.3 x	0.39 x
EV / Revenue	0.36 x	0.27 x	0.33 x	0.36 x	-	0.3 x	0.3 x	0.39 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-4.59 x	-5.24 x	0.78 x	8.12 x	9.86 x	8.94 x	8.37 x
FCF Yield	-	-21.8%	-19.1%	128%	12.3%	10.1%	11.2%	12%
Price to Book	0.93 x	0.65 x	0.83 x	1.1 x	1.28 x	1.43 x	1.38 x	1.35 x
Nbr of stocks (in thousands)	29,79,681	29,84,348	28,58,603	27,98,521	27,19,498	26,59,168	-	-
Reference price ²	5.509	4.279	5.400	4.428	4.347	4.833	4.833	4.833
Announcement Date	05/03/20	04/03/21	02/03/22	09/03/23	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	45,665	46,569	46,202	34,451	-	42,825	43,221	32,859
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	4,319	3,166	2,768	2,683	1,946	1,785	1,940	2,069
Operating Margin	9.46%	6.8%	5.99%	7.79%	-	4.17%	4.49%	6.3%
Earnings before Tax (EBT) ¹	3,374	3,474	2,329	-1,605	1,690	1,623	1,815	1,947
Net income ¹	2,548	2,754	1,966	-1,160	1,085	1,194	1,333	1,424
Net margin	5.58%	5.91%	4.26%	-3.37%	-	2.79%	3.08%	4.33%
EPS ²	0.8395	0.9237	0.6592	-0.3820	0.3720	0.4298	0.4842	0.5271
Free Cash Flow ¹	-	-2,781	-2,944	15,867	1,455	1,304	1,437	1,536
FCF margin	-	-5.97%	-6.37%	46.06%	-	3.04%	3.32%	4.67%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	134.1%	109.2%	107.8%	107.85%
Dividend per Share ²	0.1250	0.2763	0.2901	0.3100	0.3340	0.3584	0.3839	0.4146
Announcement Date	05/03/20	04/03/21	02/03/22	09/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2
Net sales	24,374	22,735	23,467	-	17,039	-	-
EBITDA	-	-	-	-	-	-	-
EBIT	-	1,010	-	829	1,844	715	-
Operating Margin	-	4.44%	-	-	10.82%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	496	-
Net income	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-
EPS	-	-0.0816	-	-	-	-	-
Dividend per Share ¹	-	0.0967	-	0.1030	0.2070	0.1110	0.2230
Announcement Date	05/03/20	12/08/21	02/03/22	10/08/22	09/03/23	16/08/23	07/03/24

¹GBP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	10,485	7,216	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-2,781	-2,944	15,867	1,455	1,304	1,437	1,536
ROE (net income / shareholders' equity)	14.5%	11.3%	6.53%	11.8%	11.3%	13.1%	14.1%	15%
ROA (Net income/ Total Assets)	0.57%	0.45%	0.3%	0.55%	0.34%	0.38%	0.39%	0.4%
Assets ¹	4,44,755	6,13,090	6,50,993	-2,09,084	3,19,212	3,17,171	3,41,349	3,53,387
Book Value Per Share ²	5.950	6.560	6.500	4.030	3.390	3.370	3.490	3.590
Cash Flow per Share ²	1.990	-0.8900	-0.9700	5.080	-0.9800	0.5100	0.5600	-
Capex ¹	-	97	86	-	350	16	16	17
Capex / Sales	-	0.21%	0.19%	-	-	0.04%	0.04%	0.05%
Announcement Date	05/03/20	04/03/21	02/03/22	09/03/23	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 Aviva plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.833 GBP

Average target price

5.156 GBP

Spread / Average Target

+6.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Other Life & Health Insurance