Financials Chubb Limited

Equities

CB

CH0044328745

Multiline Insurance & Brokers

Real-time Estimate Cboe BZX Other stock markets 01:07:44 2023-12-11 pm EST			5-day change	1st Jan Change
224.8 ^USD	+0.85%		-1.40%	+1.97%

Dec. 05	Chubb, NetSPI Collaborate on Enhanced Cybersecurity Solutions	MT
Dec. 05	Chubb and NetSPI Launch Cyber Protection Partnership	CI

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	59 527	70 545	69 467	83 267	91 560	90 945	-	-
Enterprise Value (EV) ¹	74 528	86 584	84 415	98 436	106 892	106 381	107 960	106 627
P/E ratio	15,2x	16,0x	19,8x	10,0x	17,6x	11,7x	10,5x	9,43x
Yield	2,24%	1,91%	2,01%	1,65%	1,49%	1,54%	1,64%	1,73%
Capitalization / Revenue	2,10x	2,36x	2,22x	2,35x	2,40x	2,21x	2,06x	1,92x
EV / Revenue	2,63x	2,90x	2,70x	2,78x	2,80x	2,59x	2,45x	2,26x
EV / EBITDA	-	-	-	-	-	10,1x	9,43x	9,09x
EV / FCF	-	-	-	-	17,1x	13,5x	26,4x	44,0x
FCF Yield	-	-	-	-	5,86%	7,38%	3,78%	2,28%
Price to Book	1,18x	1,27x	1,17x	1,38x	1,81x	1,62x	1,47x	1,33x
Nbr of stocks (in thousands)	460 805	453 202	451 318	430 741	415 050	407 990	-	-
Reference price ²	129	156	154	193	221	223	223	223
Announcement Date	2/5/19	2/4/20	2/2/21	2/1/22	1/31/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	28 309	29 883	31 306	35 391	38 112	41 127	44 133	47 269
EBITDA ¹	-	-	-	-	-	10 484	11 449	11 728
EBIT ¹	5 914	6 063	4 472	7 078	8 510	10 185	11 135	11 398
Operating Margin	20,9%	20,3%	14,3%	20,0%	22,3%	24,8%	25,2%	24,1%
Earnings before Tax (EBT) ¹	4 657	5 249	4 162	9 816	6 568	9 452	10 336	11 005
Net income ¹	3 962	4 454	3 533	8 539	5 313	7 890	8 609	9 476
Net margin	14,0%	14,9%	11,3%	24,1%	13,9%	19,2%	19,5%	20,0%
EPS ²	8,49	9,71	7,79	19,3	12,6	19,1	21,2	23,6
Free Cash Flow ¹	-	-	-	-	6 261	7 855	4 082	2 426
FCF margin	-	-	-	-	16,4%	19,1%	9,25%	5,13%
FCF Conversion (EBITDA)	-	-	-	-	-	74,9%	35,7%	20,7%
FCF Conversion (Net income)	-	-	-	-	118%	99,6%	47,4%	25,6%
Dividend per Share ²	2,90	2,98	3,09	3,18	3,29	3,43	3,65	3,87
Announcement Date	2/5/19	2/4/20	2/2/21	2/1/22	1/31/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	8 931	9 901	8 517	8 613	9 731	10 747	9 021	9 417	10 681	11 652	10 035	10 410	11 650	12 345	10 552
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2 033	1 502	2 088	2 121	2 321	1 891	2 177	2 426	2 646	2 706	2 803	2 826	2 977	2 681	3 087
Operating Margin	22,8%	15,2%	24,5%	24,6%	23,9%	17,6%	24,1%	25,8%	24,8%	23,2%	27,9%	27,1%	25,6%	21,7%	29,3%
Earnings before Tax (EBT) ¹	2 582	2 051	2 545	2 329	1 508	1 077	1 654	2 276	2 185	2 453	2 515	2 688	2 646	2 311	2 882
Net income ¹	2 265	1 833	2 141	1 974	1 215	812	1 312	1 892	1 793	2 043	2 094	2 144	2 195	1 975	2 339
Net margin	25,4%	18,5%	25,1%	22,9%	12,5%	7,56%	14,5%	20,1%	16,8%	17,5%	20,9%	20,6%	18,8%	16,0%	22,2%
EPS ²	5,06	4,18	4,95	4,59	2,86	1,94	3,13	4,53	4,32	4,95	5,15	5,23	5,38	4,80	5,79
Dividend per Share ²	0,80	0,80	0,80	0,80	0,83	0,83	0,83	0,83	0,86	0,86	0,86	0,86	0,89	0,89	0,90
Announcement Date	7/27/21	10/26/21	2/1/22	4/26/22	7/26/22	10/25/22	1/31/23	4/25/23	7/25/23	10/24/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	15 001	16 039	14 948	15 169	15 332	15 436	17 015	15 682
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	1,47x	1,49x	1,34x
Free Cash Flow ¹	-	-	-	-	6 261	7 855	4 082	2 426
ROE (net income / shareholders' equity)	8,70%	8,43%	6,20%	9,90%	11,2%	14,3%	14,4%	14,0%
Shareholders' equity ¹	45 540	52 821	56 984	86 253	47 438	55 321	59 738	67 473
ROA (Net income/ Total Assets)	2,37%	2,58%	1,92%	2,85%	2,66%	4,00%	3,90%	3,30%
Assets ¹	167 399	172 355	183 819	299 630	199 737	197 259	220 743	287 146
Book Value Per Share ²	110	122	132	140	122	138	151	168
Cash Flow per Share	-	-	21,6	25,2	26,5	-	-	-
Capex ¹	-	-	-	-	4 982	6 219	6 841	7 525
Capex / Sales	-	-	-	-	13,1%	15,1%	15,5%	15,9%
Announcement Date	2/5/19	2/4/20	2/2/21	2/1/22	1/31/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Chubb Limited

Trading Rating :

Investor Rating :

ESG Refinitiv :

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

222.91USD

Average target price

243.14USD

Spread / Average Target

+9.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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