Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MAPFRE SA. We currently have 6 research reports from 1 professional analysts.
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24 Nov 16
Mapfre recorded 9M 16 total revenues of €20,963m (+1.8% yoy). Premiums recorded a 1.3% decrease to €17,109m. The financial income improved by 22.1% to €3,477m. The Non-Life segment posted a 2.3% decline to €13,467m and an 11.8% drop in Q3 to €3,956m. The combined ratio stood at 97.2% vs. 98.7% in 9M 15 and the profitability of the Non-Life business improved by 18.1% relative to September 2015 to €890m (-1.7% yoy for Q3 16 to €302m). Concerning the Life business, Mapfre posted a 2.3% growth in premiums to €3,642m despite a difficult Q3 16 (-27.5% yoy to €1,073m). The result of the Life business amounted to €539m, +1.5% yoy, negatively impacted by a difficult Q3 16 (-21.1% yoy to €163m). The group’s 9M 16 net profit recorded a 3.3% decrease to €572m.
The insurer is dancing the Flamingo despite the Samba of LatAm currencies
27 Jul 16
Mapfre recorded H1 16 total revenues of €14,640m (+0.8% yoy). Premiums recorded a slight decrease of 0.8% to €12,079m. H1 15 net profit jumped by 20.5% to €380.4m. The Non-Life segment posted a 1.3% decline to €9,510m after the recorded drop in Q2 (-10.7% to €4,486m). The underwriting result is still benefiting from good Q1 16 figures and posted a 181% improvement ytd to €174.8m. The combined ratio stood at 97.5% vs. 99.1% in H1 15. The last three months were difficult with a 45% drop in underwriting result to €62m. The Q2 16 net financial income (+38.5% to €264.4m) has saved the branch result (+9.9% to €307.8m in Q2 and +12.9% to €588m ytd). The Life business recorded a 1.3% improvement in premiums to €2,568m and the result stood at €376.9m, +1.9% yoy (+21.4% in Q2 to €170.2m). For the group, the contribution to earnings from the Iberia area reached 64% and is more than ever a determinant for the insurer’s performances, well above Mapfre Re (23.7%) and Brazil (17.8%). The Spanish company has a relatively comfortable position in terms of capital adequacy with nearly 93% of eligible capital in Tier 1 items. Mapfre’s capital ratio under Solvency II exceeds 181%, excluding the use of transitional measures.
Slump in LatAm currencies pays dearly
05 May 16
Mapfre released Q1 16 revenues of €7,263m (-3.4% yoy), of which €5,047m from the Insurance business and €1,093m from reinsurance. Non-Life sales amounted to €5,024m (+2% yoy) while Life’s decreased by 8.5% to €1,088m. By regional area, IBERIA represents more than 50% of the consolidated result, largely ahead of Mapfre Re (23% at €51m) and Brazil (12.2% at €27m). The Non-Life result recorded a 4.5% decrease to €280m despite the improvement in the combined ratio by 200bp to 96.8%. The Life result dropped by €18% to €170m. The group’s net profit reached €191m, -4.8% relative to the same period in 2015. The insurer has also disclosed its Solvency II ratio, which stands at 190%.
Move back is here, but a better jump forward is not guaranteed
10 Feb 16
Mapfre recorded FY 15 total revenues of €26,702m (+4.1% yoy). Premiums recorded a 2.3% increase to €22,312m. The Non-Life segment posted 6.5% growth to €17,441m, but a 4.8% decrease was recorded in Q4 15. The combined ratio stood at 98.6% vs. 95.8% in 2014. The underlying result declined in Q4 15 by 64.6% to €52.4m and the same trend was confirmed for the whole year (-66.6% to €187.2m). The Non-Life result dropped by 47.9% in Q4 to €164.9m (-30.2% to €919m). The Life business revenues posted a 10.6% drop to €4,871m and the Q4 15 result amounted to €167.4m (+9.9% yoy), endorsing the positive trend since the beginning of the year (+5.9% to €699.2m). FY 15 net profit recorded a 16.1% drop to €708.8m. The contribution to earnings from the Iberian area reached c.57.9% and remains the most profitable region along with Brazil (18%). The Board of Directors has approved a final dividend of €0.07 per share against the 2015 results.
Little good news
04 Nov 15
Mapfre recorded 9M 15 total revenues of €20,586m (+6.8% year-on-year). Premiums recorded a 5.4% increase to €17,340m. The Non-Life segment posted 10% growth to €13,780m, but a 12.2% decrease was recorded in Q3 15. The Life business disappointed with a 9.3% drop to €3,560m. Non-Life's combined ratio stood at 98.7% vs. 95.8% in 9M 14. 9M 15 net profit recorded a 12.1% drop to €591.3m. The 9M results include the impact of the €155m net gain from the sale of CATALUNYACAIXA´s insurance businesses. The contribution to earnings from the Iberian area reached c.70% and remains the most profitable territorial area along with Brazil (22.2%). The Board of Directors has approved an interim dividend of €0.06 per share against the 2015 results.
US snowfall in February, frozen outlook in July
24 Jul 15
Mapfre recorded H1 15 total revenues at €14,518m (+5.8% year-on-year). Premiums recorded a 3.3% increase at €12,175m. The Non-Life segment posted an 11.8% growth to €9,639m, but the Life business disappointed with a 19.8% drop to €2,535m. Non-Life's combined ratio stood at 99.1% vs. 95.7% in H1 14. H1 15 net profit recorded a 31% drop to €315.6m. The contribution to earnings from the Iberia area reached 52.4% and remains the most profitable territorial area along with Brazil (22.1%) and LatAm South (10.4%). The Spanish company has a relatively comfortable position in terms of capital adequacy with nearly 90% of eligible capital in Tier 1 items. Mapfre’s capital ratio under Solvency II exceeds 160%.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
17 Nov 16
Topic of the quarter: Following on from our last quarterly we have delved further into the potential and challenges that the Internet of Things present the sector. Having spoken to a wide variety of companies from the sector (large and small, UK and overseas) it is apparent that there is going to be a very significant increase in the amount of data either generated by or available to Support Service companies. The key to generating value from this change will be breaking down the silos in which data is currently held, attracting and investing in the right skills and talent, seeing beyond the short-term investment that is likely to be needed and engaging with clients on a higher, more strategic level. If the sector doesn’t react, then the door is wide open for the Technology sector.
25 Nov 16
Sound Energy (SOU): Completion of fundraise (BUY) Following yesterday’s announcement relating to the fundraise on the Primarybid platform the company has successfully completed the transaction. Analyst: Dougie Youngson Ithaca Energy (IAE): Inspection delay (BUY) During the final stages of commissioning faults were identified in some junction boxes. Consequently start up of production has been delayed until early January whilst the situation is remedied. Analyst: Dougie Youngson Zambeef* (ZAM): Good performance in a challenging year (CORP) Zambeef has reported FY2016 results which we feel are commendable given an extremely difficult twelve months which saw the collapse of the Kwacha, high local inflation, drought, power cuts and the requirement for a large-scale refinancing of the business. In this context double-digit underlying progress in revenue and gross profit is a significant achievement. FY2017 should be a far more 'normal' year and we are not materially changing our FY2017 forecasts or target price. Analyst: Raymond Greaves Gresham House Strategic* (GHS): Attractively priced (CORP) On a 26% discount to NAV of 1,025p yet targeting a 15% annualised return and having made a clear statement on dividend distribution (distributing 50% of net realised profit as a dividend, with 15p indicated from net realised profit YTD for a 2% yield), GHS shares present an attractive investment opportunity. The management objective remains the construction of a concentrated portfolio of mainly quoted smaller companies acquired on compelling multiples, with a three- to five-year holding period and significant engagement envisaged to maximise returns. Analyst: Duncan Hall