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ASR NEDERLAND NV (ASRNL.AS) Stock Fundamental Analysis

Europe - AMS:ASRNL - NL0011872643 - Common Stock

58.56 EUR
+0.62 (+1.07%)
Last: 9/12/2025, 7:00:00 PM
Fundamental Rating

3

ASRNL gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 40 industry peers in the Insurance industry. ASRNL has a bad profitability rating. Also its financial health evaluation is rather negative. ASRNL has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year ASRNL was profitable.
In the past year ASRNL had a positive cash flow from operations.
ASRNL had positive earnings in 4 of the past 5 years.
The reported operating cash flow has been mixed in the past 5 years: ASRNL reported negative operating cash flow in multiple years.
ASRNL.AS Yearly Net Income VS EBIT VS OCF VS FCFASRNL.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B 3B

1.2 Ratios

ASRNL has a worse Return On Assets (0.76%) than 65.00% of its industry peers.
The Return On Equity of ASRNL (10.90%) is worse than 75.00% of its industry peers.
Looking at the Return On Invested Capital, with a value of 3.59%, ASRNL belongs to the top of the industry, outperforming 85.00% of the companies in the same industry.
Industry RankSector Rank
ROA 0.76%
ROE 10.9%
ROIC 3.59%
ROA(3y)-0.5%
ROA(5y)0.09%
ROE(3y)-2.82%
ROE(5y)2.67%
ROIC(3y)N/A
ROIC(5y)N/A
ASRNL.AS Yearly ROA, ROE, ROICASRNL.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20

1.3 Margins

The Profit Margin of ASRNL (6.52%) is worse than 75.00% of its industry peers.
In the last couple of years the Profit Margin of ASRNL has declined.
ASRNL has a better Operating Margin (40.37%) than 95.00% of its industry peers.
ASRNL's Operating Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 40.37%
PM (TTM) 6.52%
GM N/A
OM growth 3Y3.92%
OM growth 5Y-0.14%
PM growth 3Y-6.35%
PM growth 5Y-7.93%
GM growth 3YN/A
GM growth 5YN/A
ASRNL.AS Yearly Profit, Operating, Gross MarginsASRNL.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 -40

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1

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), ASRNL is destroying value.
The number of shares outstanding for ASRNL has been reduced compared to 1 year ago.
The number of shares outstanding for ASRNL has been increased compared to 5 years ago.
Compared to 1 year ago, ASRNL has an improved debt to assets ratio.
ASRNL.AS Yearly Shares OutstandingASRNL.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
ASRNL.AS Yearly Total Debt VS Total AssetsASRNL.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 50B 100B 150B

2.2 Solvency

ASRNL has a debt to FCF ratio of 179.66. This is a negative value and a sign of low solvency as ASRNL would need 179.66 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 179.66, ASRNL is doing worse than 87.50% of the companies in the same industry.
ASRNL has a Debt/Equity ratio of 0.97. This is a neutral value indicating ASRNL is somewhat dependend on debt financing.
ASRNL has a worse Debt to Equity ratio (0.97) than 72.50% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.97
Debt/FCF 179.66
Altman-Z N/A
ROIC/WACC0.23
WACC15.5%
ASRNL.AS Yearly LT Debt VS Equity VS FCFASRNL.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
ASRNL.AS Yearly Current Assets VS Current LiabilitesASRNL.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

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5

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 68.75% over the past year.
Measured over the past years, ASRNL shows a decrease in Earnings Per Share. The EPS has been decreasing by -8.32% on average per year.
Looking at the last year, ASRNL shows a quite strong growth in Revenue. The Revenue has grown by 12.18% in the last year.
The Revenue has been growing slightly by 7.88% on average over the past years.
EPS 1Y (TTM)68.75%
EPS 3Y-12.51%
EPS 5Y-8.32%
EPS Q2Q%214.29%
Revenue 1Y (TTM)12.18%
Revenue growth 3Y6.3%
Revenue growth 5Y7.88%
Sales Q2Q%17.62%

3.2 Future

Based on estimates for the next years, ASRNL will show a quite strong growth in Earnings Per Share. The EPS will grow by 9.85% on average per year.
The Revenue is expected to grow by 1.90% on average over the next years.
EPS Next Y37.05%
EPS Next 2Y20.6%
EPS Next 3Y15.6%
EPS Next 5Y9.85%
Revenue Next Year-22.19%
Revenue Next 2Y-10.51%
Revenue Next 3Y1.9%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
ASRNL.AS Yearly Revenue VS EstimatesASRNL.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2B 4B 6B 8B 10B
ASRNL.AS Yearly EPS VS EstimatesASRNL.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6

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5

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 13.56, ASRNL is valued correctly.
ASRNL's Price/Earnings is on the same level as the industry average.
The average S&P500 Price/Earnings ratio is at 27.30. ASRNL is valued rather cheaply when compared to this.
The Price/Forward Earnings ratio is 10.29, which indicates a very decent valuation of ASRNL.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ASRNL is on the same level as its industry peers.
When comparing the Price/Forward Earnings ratio of ASRNL to the average of the S&P500 Index (22.73), we can say ASRNL is valued rather cheaply.
Industry RankSector Rank
PE 13.56
Fwd PE 10.29
ASRNL.AS Price Earnings VS Forward Price EarningsASRNL.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

ASRNL's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. ASRNL is cheaper than 92.50% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of ASRNL indicates a rather expensive valuation: ASRNL more expensive than 85.00% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 231.05
EV/EBITDA 2.06
ASRNL.AS Per share dataASRNL.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

ASRNL's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
ASRNL's earnings are expected to grow with 15.60% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.37
PEG (5Y)N/A
EPS Next 2Y20.6%
EPS Next 3Y15.6%

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6

5. Dividend

5.1 Amount

ASRNL has a Yearly Dividend Yield of 5.57%, which is a nice return.
ASRNL's Dividend Yield is a higher than the industry average which is at 4.48.
ASRNL's Dividend Yield is rather good when compared to the S&P500 average which is at 2.41.
Industry RankSector Rank
Dividend Yield 5.57%

5.2 History

On average, the dividend of ASRNL grows each year by 18.44%, which is quite nice.
Dividend Growth(5Y)18.44%
Div Incr Years3
Div Non Decr Years3
ASRNL.AS Yearly Dividends per shareASRNL.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

ASRNL pays out 60.74% of its income as dividend. This is not a sustainable payout ratio.
The dividend of ASRNL is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP60.74%
EPS Next 2Y20.6%
EPS Next 3Y15.6%
ASRNL.AS Yearly Income VS Free CF VS DividendASRNL.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B 3B
ASRNL.AS Dividend Payout.ASRNL.AS Dividend Payout, showing the Payout Ratio.ASRNL.AS Dividend Payout.PayoutRetained Earnings

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ASR NEDERLAND NV

AMS:ASRNL (9/12/2025, 7:00:00 PM)

58.56

+0.62 (+1.07%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)08-20 2025-08-20
Earnings (Next)02-17 2026-02-17/amc
Inst Owners74.45%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap12.25B
Analysts77.14
Price Target63.48 (8.4%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.57%
Yearly Dividend2.99
Dividend Growth(5Y)18.44%
DP60.74%
Div Incr Years3
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)4.87%
PT rev (3m)6.58%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)2.3%
EPS NY rev (3m)2.3%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-16.1%
Revenue NY rev (3m)-25.64%
Valuation
Industry RankSector Rank
PE 13.56
Fwd PE 10.29
P/S 0.74
P/FCF 231.05
P/OCF 165.48
P/B 1.24
P/tB 1.32
EV/EBITDA 2.06
EPS(TTM)4.32
EY7.38%
EPS(NY)5.69
Fwd EY9.72%
FCF(TTM)0.25
FCFY0.43%
OCF(TTM)0.35
OCFY0.6%
SpS78.82
BVpS47.16
TBVpS44.31
PEG (NY)0.37
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.76%
ROE 10.9%
ROCE 4.87%
ROIC 3.59%
ROICexc 3.68%
ROICexgc 4.28%
OM 40.37%
PM (TTM) 6.52%
GM N/A
FCFM 0.32%
ROA(3y)-0.5%
ROA(5y)0.09%
ROE(3y)-2.82%
ROE(5y)2.67%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y-10.55%
ROICexcg growth 5Y-6.2%
ROICexc growth 3Y-10.91%
ROICexc growth 5Y-6.29%
OM growth 3Y3.92%
OM growth 5Y-0.14%
PM growth 3Y-6.35%
PM growth 5Y-7.93%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.12
Health
Industry RankSector Rank
Debt/Equity 0.97
Debt/FCF 179.66
Debt/EBITDA 1.41
Cap/Depr 18.58%
Cap/Sales 0.13%
Interest Coverage 1.85
Cash Conversion 1.09%
Profit Quality 4.93%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC15.5%
ROIC/WACC0.23
Cap/Depr(3y)150.16%
Cap/Depr(5y)245.19%
Cap/Sales(3y)1.79%
Cap/Sales(5y)1.92%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)68.75%
EPS 3Y-12.51%
EPS 5Y-8.32%
EPS Q2Q%214.29%
EPS Next Y37.05%
EPS Next 2Y20.6%
EPS Next 3Y15.6%
EPS Next 5Y9.85%
Revenue 1Y (TTM)12.18%
Revenue growth 3Y6.3%
Revenue growth 5Y7.88%
Sales Q2Q%17.62%
Revenue Next Year-22.19%
Revenue Next 2Y-10.51%
Revenue Next 3Y1.9%
Revenue Next 5YN/A
EBIT growth 1Y45.64%
EBIT growth 3Y10.47%
EBIT growth 5Y7.74%
EBIT Next Year113.82%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-48.04%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-57.47%
OCF growth 3YN/A
OCF growth 5YN/A