Stock EIC EMIRATES INSURANCE COMPANY
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Financials Emirates Insurance Company

Equities

EIC

AEE000101015

Property & Casualty Insurance

Market Closed - Abu Dhabi Securities Exchange
Other stock markets
 06:22:55 2024-04-02 am EDT 		5-day change 1st Jan Change
7.2 AED 0.00% Intraday chart for Emirates Insurance Company 0.00% +0.70%
Apr. 02 Emirates Insurance to Halt Trading Amid Annual General Meeting on April 22 MT
Feb. 29 Emirates Insurance Company P.J.S.C. Recommends Cash Dividend for the Full Year December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,012 1,215 1,065 1,050 1,020 1,072
Enterprise Value (EV) 1 884.9 1,098 925.1 869.9 892.3 946.2
P/E ratio 8.87 x 8.67 x 9.84 x 14.8 x 14.2 x 8.49 x
Yield 8.15% 7.41% 8.45% 7.14% 7.35% 7.69%
Capitalization / Revenue 1.69 x 1.72 x 1.67 x 1.86 x 2.08 x 0.89 x
EV / Revenue 1.48 x 1.55 x 1.45 x 1.54 x 1.82 x 0.78 x
EV / EBITDA 7.39 x 7.59 x 8.06 x 11.1 x 11.5 x 7.29 x
EV / FCF 5.23 x 8.79 x 5.79 x 9.22 x 6.67 x -8.32 x
FCF Yield 19.1% 11.4% 17.3% 10.9% 15% -12%
Price to Book 0.9 x 1.02 x 0.99 x 0.9 x 0.89 x 0.84 x
Nbr of stocks (in thousands) 150,000 150,000 150,000 150,000 150,000 150,000
Reference price 2 6.750 8.100 7.100 7.000 6.800 7.150
Announcement Date 2/27/19 2/26/20 2/25/21 2/28/22 2/28/23 2/28/24
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 599.5 706.6 638 563.8 490.8 1,210
EBITDA 1 119.8 144.7 114.7 78.68 77.76 129.8
EBIT 1 114.6 139 108.9 73.45 73.59 126.3
Operating Margin 19.12% 19.68% 17.06% 13.03% 15% 10.44%
Earnings before Tax (EBT) 1 114.1 140.1 108.3 71.01 71.73 126.3
Net income 1 114.1 140.1 108.3 71.01 71.73 126.3
Net margin 19.03% 19.83% 16.97% 12.59% 14.62% 10.44%
EPS 2 0.7606 0.9341 0.7219 0.4734 0.4782 0.8420
Free Cash Flow 1 169.2 125 159.9 94.4 133.8 -113.7
FCF margin 28.22% 17.69% 25.06% 16.74% 27.27% -9.4%
FCF Conversion (EBITDA) 141.18% 86.41% 139.35% 119.97% 172.12% -
FCF Conversion (Net income) 148.27% 89.22% 147.66% 132.94% 186.59% -
Dividend per Share 2 0.5500 0.6000 0.6000 0.5000 0.5000 0.5500
Announcement Date 2/27/19 2/26/20 2/25/21 2/28/22 2/28/23 2/28/24
1AED in Million2AED
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 128 117 140 180 128 126
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 169 125 160 94.4 134 -114
ROE (net income / shareholders' equity) 10.4% 12.1% 9.91% 6.31% 6.18% 10.4%
ROA (Net income/ Total Assets) 2.81% 3.21% 2.34% 1.51% 1.6% 3.47%
Assets 1 4,054 4,367 4,636 4,706 4,487 3,643
Book Value Per Share 2 7.480 7.920 7.180 7.820 7.660 8.530
Cash Flow per Share 2 0.8500 0.7800 0.9300 1.200 0.8500 0.8400
Capex 1 8.33 5.31 3.44 1.99 2.95 1.54
Capex / Sales 1.39% 0.75% 0.54% 0.35% 0.6% 0.13%
Announcement Date 2/27/19 2/26/20 2/25/21 2/28/22 2/28/23 2/28/24
1AED in Million2AED
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Property & Casualty Insurance

1st Jan change Capi.
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Other Property & Casualty Insurance
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