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UNIPOL ASSICURAZIONI SPA (UNI.MI) Stock Fundamental Analysis

BIT:UNI - Borsa Italiana Milan - IT0004810054 - Common Stock - Currency: EUR

13.03  -0.12 (-0.91%)

Fundamental Rating

4

Taking everything into account, UNI scores 4 out of 10 in our fundamental rating. UNI was compared to 32 industry peers in the Insurance industry. There are concerns on the financial health of UNI while its profitability can be described as average. UNI has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

UNI had positive earnings in the past year.
UNI had a positive operating cash flow in the past year.
In the past 5 years UNI has always been profitable.
In the past 5 years UNI always reported a positive cash flow from operatings.
UNI.MI Yearly Net Income VS EBIT VS OCF VS FCFUNI.MI 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 1B 2B

1.2 Ratios

The Return On Assets of UNI (1.49%) is better than 66.67% of its industry peers.
UNI's Return On Equity of 14.71% is in line compared to the rest of the industry. UNI outperforms 56.67% of its industry peers.
UNI has a Return On Invested Capital (0.97%) which is comparable to the rest of the industry.
Industry RankSector Rank
ROA 1.49%
ROE 14.71%
ROIC 0.97%
ROA(3y)0.96%
ROA(5y)0.99%
ROE(3y)9.84%
ROE(5y)10.46%
ROIC(3y)N/A
ROIC(5y)N/A
UNI.MI Yearly ROA, ROE, ROICUNI.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 10

1.3 Margins

UNI has a better Profit Margin (10.45%) than 70.00% of its industry peers.
UNI's Profit Margin has improved in the last couple of years.
The Operating Margin of UNI (8.29%) is worse than 66.67% of its industry peers.
UNI's Operating Margin has declined in the last couple of years.
Industry RankSector Rank
OM 8.29%
PM (TTM) 10.45%
GM N/A
OM growth 3Y-0.03%
OM growth 5Y-2.16%
PM growth 3Y23.34%
PM growth 5Y27.73%
GM growth 3YN/A
GM growth 5YN/A
UNI.MI Yearly Profit, Operating, Gross MarginsUNI.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2 -2 4 6 8

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1

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), UNI is destroying value.
The number of shares outstanding for UNI remains at a similar level compared to 1 year ago.
UNI has about the same amout of shares outstanding than it did 5 years ago.
Compared to 1 year ago, UNI has about the same debt to assets ratio.
UNI.MI Yearly Shares OutstandingUNI.MI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M
UNI.MI Yearly Total Debt VS Total AssetsUNI.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 20B 40B 60B 80B

2.2 Solvency

UNI has a debt to FCF ratio of 34.81. This is a negative value and a sign of low solvency as UNI would need 34.81 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 34.81, UNI is doing worse than 80.00% of the companies in the same industry.
A Debt/Equity ratio of 0.67 indicates that UNI is somewhat dependend on debt financing.
UNI has a Debt to Equity ratio of 0.67. This is in the lower half of the industry: UNI underperforms 63.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.67
Debt/FCF 34.81
Altman-Z N/A
ROIC/WACC0.15
WACC6.49%
UNI.MI Yearly LT Debt VS Equity VS FCFUNI.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2B 4B 6B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
UNI.MI Yearly Current Assets VS Current LiabilitesUNI.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B

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5

3. Growth

3.1 Past

UNI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 107.20%, which is quite impressive.
Measured over the past years, UNI shows a very strong growth in Earnings Per Share. The EPS has been growing by 22.39% on average per year.
Looking at the last year, UNI shows a quite strong growth in Revenue. The Revenue has grown by 19.91% in the last year.
Measured over the past years, UNI shows a decrease in Revenue. The Revenue has been decreasing by -4.20% on average per year.
EPS 1Y (TTM)107.2%
EPS 3Y15.89%
EPS 5Y22.39%
EPS Q2Q%22.84%
Revenue 1Y (TTM)19.91%
Revenue growth 3Y-6.04%
Revenue growth 5Y-4.2%
Sales Q2Q%4.37%

3.2 Future

Based on estimates for the next years, UNI will show a quite strong growth in Earnings Per Share. The EPS will grow by 15.40% on average per year.
The Revenue is expected to grow by 6.02% on average over the next years.
EPS Next Y25%
EPS Next 2Y19.47%
EPS Next 3Y13.45%
EPS Next 5Y15.4%
Revenue Next Year12.01%
Revenue Next 2Y7.56%
Revenue Next 3Y6.02%
Revenue Next 5YN/A

3.3 Evolution

Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
UNI.MI Yearly Revenue VS EstimatesUNI.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5B 10B 15B 20B 25B
UNI.MI Yearly EPS VS EstimatesUNI.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 0.5 1 1.5 2

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6

4. Valuation

4.1 Price/Earnings Ratio

UNI is valuated cheaply with a Price/Earnings ratio of 7.80.
UNI's Price/Earnings ratio is rather cheap when compared to the industry. UNI is cheaper than 93.33% of the companies in the same industry.
UNI's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 28.47.
A Price/Forward Earnings ratio of 7.58 indicates a rather cheap valuation of UNI.
73.33% of the companies in the same industry are more expensive than UNI, based on the Price/Forward Earnings ratio.
UNI is valuated cheaply when we compare the Price/Forward Earnings ratio to 92.74, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 7.8
Fwd PE 7.58
UNI.MI Price Earnings VS Forward Price EarningsUNI.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, UNI is valued more expensive than 80.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 59.93
EV/EBITDA N/A
UNI.MI Per share dataUNI.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

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.
A more expensive valuation may be justified as UNI's earnings are expected to grow with 13.45% in the coming years.
PEG (NY)0.31
PEG (5Y)0.35
EPS Next 2Y19.47%
EPS Next 3Y13.45%

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4

5. Dividend

5.1 Amount

UNI has a Yearly Dividend Yield of 2.88%.
Compared to an average industry Dividend Yield of 5.01, UNI is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.28, UNI pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.88%

5.2 History

On average, the dividend of UNI grows each year by 24.66%, which is quite nice.
Dividend Growth(5Y)24.66%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

UNI pays out 28.85% of its income as dividend. This is a sustainable payout ratio.
UNI's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP28.85%
EPS Next 2Y19.47%
EPS Next 3Y13.45%
UNI.MI Yearly Income VS Free CF VS DividendUNI.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B
UNI.MI Dividend Payout.UNI.MI Dividend Payout, showing the Payout Ratio.UNI.MI Dividend Payout.PayoutRetained Earnings

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UNIPOL ASSICURAZIONI SPA

BIT:UNI (2/5/2025, 11:33:26 AM)

13.03

-0.12 (-0.91%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)11-07 2024-11-07
Earnings (Next)N/A N/A
Inst Owners18.82%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap9.35B
Analysts80
Price Target13.2 (1.3%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.88%
Yearly Dividend0.54
Dividend Growth(5Y)24.66%
DP28.85%
Div Incr Years0
Div Non Decr Years0
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)0%
PT rev (3m)17.64%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-2.88%
EPS NY rev (3m)-2.88%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.14%
Revenue NY rev (3m)0.14%
Valuation
Industry RankSector Rank
PE 7.8
Fwd PE 7.58
P/S 0.82
P/FCF 59.93
P/OCF 7.29
P/B 1.15
P/tB 1.66
EV/EBITDA N/A
EPS(TTM)1.67
EY12.82%
EPS(NY)1.72
Fwd EY13.19%
FCF(TTM)0.22
FCFY1.67%
OCF(TTM)1.79
OCFY13.71%
SpS15.95
BVpS11.34
TBVpS7.86
PEG (NY)0.31
PEG (5Y)0.35
Profitability
Industry RankSector Rank
ROA 1.49%
ROE 14.71%
ROCE 1.19%
ROIC 0.97%
ROICexc 0.99%
ROICexgc 1.09%
OM 8.29%
PM (TTM) 10.45%
GM N/A
FCFM 1.36%
ROA(3y)0.96%
ROA(5y)0.99%
ROE(3y)9.84%
ROE(5y)10.46%
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-3.96%
ROICexcg growth 5Y-5.2%
ROICexc growth 3Y-5.16%
ROICexc growth 5Y-5.94%
OM growth 3Y-0.03%
OM growth 5Y-2.16%
PM growth 3Y23.34%
PM growth 5Y27.73%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.14
Health
Industry RankSector Rank
Debt/Equity 0.67
Debt/FCF 34.81
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 9.84%
Interest Coverage 4.12
Cash Conversion N/A
Profit Quality 13.04%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score7
WACC6.49%
ROIC/WACC0.15
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)7.63%
Cap/Sales(5y)5.15%
Profit Quality(3y)153.71%
Profit Quality(5y)136.04%
High Growth Momentum
Growth
EPS 1Y (TTM)107.2%
EPS 3Y15.89%
EPS 5Y22.39%
EPS Q2Q%22.84%
EPS Next Y25%
EPS Next 2Y19.47%
EPS Next 3Y13.45%
EPS Next 5Y15.4%
Revenue 1Y (TTM)19.91%
Revenue growth 3Y-6.04%
Revenue growth 5Y-4.2%
Sales Q2Q%4.37%
Revenue Next Year12.01%
Revenue Next 2Y7.56%
Revenue Next 3Y6.02%
Revenue Next 5YN/A
EBIT growth 1Y325.11%
EBIT growth 3Y-6.07%
EBIT growth 5Y-6.27%
EBIT Next Year1047%
EBIT Next 3Y130.22%
EBIT Next 5YN/A
FCF growth 1Y-92.71%
FCF growth 3Y-21.43%
FCF growth 5Y-38.63%
OCF growth 1Y-50.58%
OCF growth 3Y29.47%
OCF growth 5Y-12.13%