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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%.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.