Stock GINS GULF INSURANCE GROUP K.S.C.P.
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Financials Gulf Insurance Group K.S.C.P.

Equities

GINS

KW0EQ0300420

Multiline Insurance & Brokers

End-of-day quote Kuwait S.E.
Other stock markets
 03:30:00 20/06/2024 am IST 		5-day change 1st Jan Change
1.93 KWD 0.00% Intraday chart for Gulf Insurance Group K.S.C.P. 0.00% +2.66%
16/05 Gulf Insurance Group K.S.C.P. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
25/04 Fairfax International Corp. completed the acquisition of 7.05% stake in Gulf Insurance Group K.S.C.P. for approximately KWD 40 million. CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 117.2 118.1 150.3 303.6 288 533.5
Enterprise Value (EV) 1 101.1 69.72 80.25 148.8 125.6 428.8
P/E ratio 9.85 x 8.96 x 9.46 x 4.78 x 7.54 x 25.2 x
Yield 5.5% 5.76% - 9.91% 5.32% 1.97%
Capitalization / Revenue 0.66 x 0.54 x 0.65 x 0.82 x 0.51 x 0.7 x
EV / Revenue 0.57 x 0.32 x 0.35 x 0.4 x 0.22 x 0.56 x
EV / EBITDA 5.88 x 3 x 2.91 x 2.17 x 1.64 x 7.85 x
EV / FCF 3.8 x -6.25 x 0.93 x 0.58 x 2.59 x -1,499 x
FCF Yield 26.3% -16% 108% 173% 38.6% -0.07%
Price to Book 1.32 x 1.13 x 1.28 x 1.59 x 1.26 x 2.26 x
Nbr of stocks (in thousands) 1,79,000 1,79,000 1,86,218 2,83,751 2,83,751 2,83,751
Reference price 2 0.6550 0.6600 0.8070 1.070 1.015 1.880
Announcement Date 04/03/19 24/02/20 24/02/21 02/03/22 30/03/23 03/03/24
1KWD in Million2KWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 177.3 220.2 231.3 372.3 561.9 764.8
EBITDA 1 17.21 23.24 27.59 68.69 76.44 54.62
EBIT 1 14.94 21.51 25.48 66.56 69.13 45.56
Operating Margin 8.43% 9.77% 11.02% 17.88% 12.3% 5.96%
Earnings before Tax (EBT) 1 14.76 18.59 23.46 60.61 48.6 46.69
Net income 1 11.9 13.35 16.34 50.23 38.18 21.21
Net margin 6.71% 6.06% 7.06% 13.49% 6.8% 2.77%
EPS 2 0.0665 0.0736 0.0854 0.2237 0.1346 0.0747
Free Cash Flow 1 26.64 -11.16 86.31 257.1 48.53 -0.286
FCF margin 15.02% -5.07% 37.32% 69.06% 8.64% -0.04%
FCF Conversion (EBITDA) 154.83% - 312.87% 374.34% 63.49% -
FCF Conversion (Net income) 223.85% - 528.33% 511.93% 127.09% -
Dividend per Share 2 0.0360 0.0380 - 0.1060 0.0540 0.0370
Announcement Date 04/03/19 24/02/20 24/02/21 02/03/22 30/03/23 03/03/24
1KWD in Million2KWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 16.1 48.4 70 155 162 105
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 26.6 -11.2 86.3 257 48.5 -0.29
ROE (net income / shareholders' equity) 13.8% 12.4% 14.3% 23.6% 12.1% 10.4%
ROA (Net income/ Total Assets) 1.83% 2.02% 2.04% 3.86% 3.18% 2.46%
Assets 1 651.3 660.6 802.1 1,302 1,202 863.4
Book Value Per Share 2 0.5000 0.5800 0.6300 0.6700 0.8100 0.8300
Cash Flow per Share 2 0.3500 0.4700 0.3800 0.8200 0.7800 0.5800
Capex 1 2.15 2.8 2.05 2.59 5.36 1.66
Capex / Sales 1.21% 1.27% 0.89% 0.7% 0.95% 0.22%
Announcement Date 04/03/19 24/02/20 24/02/21 02/03/22 30/03/23 03/03/24
1KWD in Million2KWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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