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NN GROUP NV (NN.AS) Stock Fundamental Analysis

AMS:NN - Euronext Amsterdam - NL0010773842 - Common Stock - Currency: EUR

48.12  +0.11 (+0.23%)

Fundamental Rating

5

Overall NN gets a fundamental rating of 5 out of 10. We evaluated NN against 33 industry peers in the Insurance industry. While NN seems to be doing ok healthwise, there are quite some concerns on its profitability. NN is not valued too expensively and it also shows a decent growth rate. NN also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

NN had positive earnings in the past year.
In the past year NN has reported a negative cash flow from operations.
NN had positive earnings in each of the past 5 years.
The reported operating cash flow has been mixed in the past 5 years: NN reported negative operating cash flow in multiple years.
NN.AS Yearly Net Income VS EBIT VS OCF VS FCFNN.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 0 5B -5B

1.2 Ratios

NN's Return On Assets of 0.57% is on the low side compared to the rest of the industry. NN is outperformed by 72.22% of its industry peers.
With a Return On Equity value of 5.51%, NN is not doing good in the industry: 77.78% of the companies in the same industry are doing better.
With a Return On Invested Capital value of 0.27%, NN is not doing good in the industry: 72.22% of the companies in the same industry are doing better.
Measured over the past 3 years, the Average Return On Invested Capital for NN is in line with the industry average of 2.25%.
Industry RankSector Rank
ROA 0.57%
ROE 5.51%
ROIC 0.27%
ROA(3y)0.86%
ROA(5y)0.81%
ROE(3y)7.37%
ROE(5y)6.55%
ROIC(3y)0.43%
ROIC(5y)0.62%
NN.AS Yearly ROA, ROE, ROICNN.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8

1.3 Margins

Looking at the Profit Margin, with a value of 9.26%, NN is in the better half of the industry, outperforming 63.89% of the companies in the same industry.
In the last couple of years the Profit Margin of NN has grown nicely.
NN has a worse Operating Margin (5.44%) than 75.00% of its industry peers.
In the last couple of years the Operating Margin of NN has declined.
Industry RankSector Rank
OM 5.44%
PM (TTM) 9.26%
GM N/A
OM growth 3Y-19.44%
OM growth 5Y-10.55%
PM growth 3Y1.96%
PM growth 5Y8.52%
GM growth 3YN/A
GM growth 5YN/A
NN.AS Yearly Profit, Operating, Gross MarginsNN.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

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5

2. Health

2.1 Basic Checks

NN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
NN has less shares outstanding than it did 1 year ago.
Compared to 5 years ago, NN has less shares outstanding
The debt/assets ratio for NN has been reduced compared to a year ago.
NN.AS Yearly Shares OutstandingNN.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M
NN.AS Yearly Total Debt VS Total AssetsNN.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 50B 100B 150B 200B 250B

2.2 Solvency

NN has an Altman-Z score of 0.11. This is a bad value and indicates that NN is not financially healthy and even has some risk of bankruptcy.
NN has a better Altman-Z score (0.11) than 72.22% of its industry peers.
A Debt/Equity ratio of 0.58 indicates that NN is somewhat dependend on debt financing.
With a Debt to Equity ratio value of 0.58, NN perfoms like the industry average, outperforming 52.78% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.58
Debt/FCF N/A
Altman-Z 0.11
ROIC/WACC0.04
WACC6.65%
NN.AS Yearly LT Debt VS Equity VS FCFNN.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10B 20B 30B

2.3 Liquidity

A Current Ratio of 1.87 indicates that NN should not have too much problems paying its short term obligations.
With an excellent Current ratio value of 1.87, NN belongs to the best of the industry, outperforming 91.67% of the companies in the same industry.
A Quick Ratio of 1.87 indicates that NN should not have too much problems paying its short term obligations.
The Quick ratio of NN (1.87) is better than 91.67% of its industry peers.
Industry RankSector Rank
Current Ratio 1.87
Quick Ratio 1.87
NN.AS Yearly Current Assets VS Current LiabilitesNN.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B 10B

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5

3. Growth

3.1 Past

NN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 176.74%, which is quite impressive.
Measured over the past 5 years, NN shows a small growth in Earnings Per Share. The EPS has been growing by 5.09% on average per year.
Looking at the last year, NN shows a quite strong growth in Revenue. The Revenue has grown by 18.39% in the last year.
Measured over the past years, NN shows a decrease in Revenue. The Revenue has been decreasing by -6.79% on average per year.
EPS 1Y (TTM)176.74%
EPS 3Y-11.66%
EPS 5Y5.09%
EPS Q2Q%9.92%
Revenue 1Y (TTM)18.39%
Revenue growth 3Y-16.93%
Revenue growth 5Y-6.79%
Sales Q2Q%3.98%

3.2 Future

The Earnings Per Share is expected to grow by 9.87% on average over the next years. This is quite good.
NN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.76% yearly.
EPS Next Y16.81%
EPS Next 2Y11.82%
EPS Next 3Y9.2%
EPS Next 5Y9.87%
Revenue Next Year-5.85%
Revenue Next 2Y-2.18%
Revenue Next 3Y-0.66%
Revenue Next 5Y0.76%

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 accelerating.
NN.AS Yearly Revenue VS EstimatesNN.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B 20B
NN.AS Yearly EPS VS EstimatesNN.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6 8

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6

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 11.35, the valuation of NN can be described as very reasonable.
Based on the Price/Earnings ratio, NN is valued a bit cheaper than 75.00% of the companies in the same industry.
NN is valuated cheaply when we compare the Price/Earnings ratio to 29.35, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 6.98, which indicates a rather cheap valuation of NN.
NN's Price/Forward Earnings ratio is rather cheap when compared to the industry. NN is cheaper than 94.44% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.10. NN is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 11.35
Fwd PE 6.98
NN.AS Price Earnings VS Forward Price EarningsNN.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of NN indicates a somewhat cheap valuation: NN is cheaper than 63.89% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 21.96
NN.AS Per share dataNN.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.68
PEG (5Y)2.23
EPS Next 2Y11.82%
EPS Next 3Y9.2%

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8

5. Dividend

5.1 Amount

NN has a Yearly Dividend Yield of 7.00%, which is a nice return.
Compared to an average industry Dividend Yield of 4.64, NN pays a better dividend. On top of this NN pays more dividend than 91.67% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.33, NN pays a better dividend.
Industry RankSector Rank
Dividend Yield 7%

5.2 History

The dividend of NN has a limited annual growth rate of 4.13%.
Dividend Growth(5Y)4.13%
Div Incr Years6
Div Non Decr Years6
NN.AS Yearly Dividends per shareNN.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

NN pays out 43.43% of its income as dividend. This is a bit on the high side, but may be sustainable.
The dividend of NN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP43.43%
EPS Next 2Y11.82%
EPS Next 3Y9.2%
NN.AS Yearly Income VS Free CF VS DividendNN.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5B -5B
NN.AS Dividend Payout.NN.AS Dividend Payout, showing the Payout Ratio.NN.AS Dividend Payout.PayoutRetained Earnings

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NN GROUP NV

AMS:NN (3/7/2025, 7:00:00 PM)

48.12

+0.11 (+0.23%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)02-20 2025-02-20/amc
Earnings (Next)08-08 2025-08-08
Inst Owners54.82%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap12.94B
Analysts73.85
Price Target51.6 (7.23%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7%
Yearly Dividend1.54
Dividend Growth(5Y)4.13%
DP43.43%
Div Incr Years6
Div Non Decr Years6
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)1.2%
PT rev (3m)-2.39%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)1.57%
EPS NY rev (3m)-2.23%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.39%
Revenue NY rev (3m)-4.16%
Valuation
Industry RankSector Rank
PE 11.35
Fwd PE 6.98
P/S 1.03
P/FCF N/A
P/OCF N/A
P/B 0.61
P/tB 0.65
EV/EBITDA 21.96
EPS(TTM)4.24
EY8.81%
EPS(NY)6.9
Fwd EY14.34%
FCF(TTM)-1.54
FCFYN/A
OCF(TTM)-1.39
OCFYN/A
SpS46.77
BVpS78.54
TBVpS73.87
PEG (NY)0.68
PEG (5Y)2.23
Profitability
Industry RankSector Rank
ROA 0.57%
ROE 5.51%
ROCE 0.34%
ROIC 0.27%
ROICexc 0.28%
ROICexgc 0.36%
OM 5.44%
PM (TTM) 9.26%
GM N/A
FCFM N/A
ROA(3y)0.86%
ROA(5y)0.81%
ROE(3y)7.37%
ROE(5y)6.55%
ROIC(3y)0.43%
ROIC(5y)0.62%
ROICexc(3y)0.44%
ROICexc(5y)0.64%
ROICexgc(3y)0.56%
ROICexgc(5y)0.83%
ROCE(3y)0.53%
ROCE(5y)0.77%
ROICexcg growth 3Y-28.33%
ROICexcg growth 5Y-14.58%
ROICexc growth 3Y-28.38%
ROICexc growth 5Y-15.42%
OM growth 3Y-19.44%
OM growth 5Y-10.55%
PM growth 3Y1.96%
PM growth 5Y8.52%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.58
Debt/FCF N/A
Debt/EBITDA 14.61
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 0.63
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.87
Quick Ratio 1.87
Altman-Z 0.11
F-Score6
WACC6.65%
ROIC/WACC0.04
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)176.74%
EPS 3Y-11.66%
EPS 5Y5.09%
EPS Q2Q%9.92%
EPS Next Y16.81%
EPS Next 2Y11.82%
EPS Next 3Y9.2%
EPS Next 5Y9.87%
Revenue 1Y (TTM)18.39%
Revenue growth 3Y-16.93%
Revenue growth 5Y-6.79%
Sales Q2Q%3.98%
Revenue Next Year-5.85%
Revenue Next 2Y-2.18%
Revenue Next 3Y-0.66%
Revenue Next 5Y0.76%
EBIT growth 1Y564.08%
EBIT growth 3Y-33.08%
EBIT growth 5Y-16.63%
EBIT Next Year-1.69%
EBIT Next 3Y-0.37%
EBIT Next 5YN/A
FCF growth 1Y94.88%
FCF growth 3Y-79.26%
FCF growth 5YN/A
OCF growth 1Y95.38%
OCF growth 3Y-79.31%
OCF growth 5YN/A