Stock NRCP NATIONAL REINSURANCE CORPORATION OF THE PHILIPPINES
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Financials National Reinsurance Corporation of the Philippines

Equities

NRCP

PHY6251L1099

Reinsurance

End-of-day quote Philippines S.E.
Other stock markets
 23:00:00 29/04/2024 BST 		5-day change 1st Jan Change
0.56 PHP -.--% Intraday chart for National Reinsurance Corporation of the Philippines +40.00% +45.45%
04-29 National Reinsurance Corporation of the Philippines Reports Earnings Results for the Full Year Ended December 31, 2023 CI
01-25 National Reinsurance Corporation of the Philippines Announces Board Changes CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,932 1,763 1,423 1,274 1,232 817.6
Enterprise Value (EV) 1 770.6 757.6 473.2 616 507.2 545.8
P/E ratio 13 x 11.2 x 11.9 x 8.99 x 22.3 x 1.53 x
Yield - - - - - -
Capitalization / Revenue 0.66 x 0.49 x 0.4 x 0.39 x 0.38 x 0.17 x
EV / Revenue 0.26 x 0.21 x 0.13 x 0.19 x 0.16 x 0.11 x
EV / EBITDA 4.82 x 2.97 x 2.02 x 3.49 x 4.31 x 0.78 x
EV / FCF 1.46 x 2.15 x 0.93 x 2.44 x 2.6 x 0.56 x
FCF Yield 68.5% 46.6% 108% 41% 38.5% 178%
Price to Book 0.4 x 0.33 x 0.25 x 0.22 x 0.22 x 0.13 x
Nbr of stocks (in thousands) 2,123,606 2,123,606 2,123,606 2,123,606 2,123,606 2,123,606
Reference price 2 0.9100 0.8300 0.6700 0.6000 0.5800 0.3850
Announcement Date 17/04/19 03/06/20 22/04/21 20/04/22 28/04/23 29/04/24
1PHP in Million2PHP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,913 3,569 3,540 3,250 3,201 4,758
EBITDA 1 159.7 254.8 234.6 176.7 117.6 697.4
EBIT 1 148.9 243.5 223.6 165.9 107.3 683.8
Operating Margin 5.11% 6.82% 6.32% 5.11% 3.35% 14.37%
Earnings before Tax (EBT) 1 191.9 217.2 195 191.3 121.2 683.8
Net income 1 149.2 156.7 119.9 141.7 55.7 536.1
Net margin 5.12% 4.39% 3.39% 4.36% 1.74% 11.27%
EPS 2 0.0700 0.0738 0.0565 0.0667 0.0260 0.2520
Free Cash Flow 1 527.6 353 510.9 252.6 195.1 974.1
FCF margin 18.11% 9.89% 14.43% 7.77% 6.1% 20.47%
FCF Conversion (EBITDA) 330.35% 138.55% 217.8% 142.97% 165.95% 139.68%
FCF Conversion (Net income) 353.6% 225.23% 426.07% 178.25% 350.34% 181.69%
Dividend per Share - - - - - -
Announcement Date 17/04/19 03/06/20 22/04/21 20/04/22 28/04/23 29/04/24
1PHP in Million2PHP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,162 1,005 950 658 724 272
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 528 353 511 253 195 974
ROE (net income / shareholders' equity) 2.95% 3.08% 2.16% 2.48% 0.99% 9.05%
ROA (Net income/ Total Assets) 0.66% 1.05% 0.91% 0.64% 0.39% 2.21%
Assets 1 22,486 14,858 13,240 22,273 14,449 24,313
Book Value Per Share 2 2.270 2.520 2.710 2.670 2.640 2.920
Cash Flow per Share 2 0.5500 0.4700 0.4500 0.3100 0.3400 0.1300
Capex 1 7.66 7.94 3.29 3.54 5.37 6.84
Capex / Sales 0.26% 0.22% 0.09% 0.11% 0.17% 0.14%
Announcement Date 17/04/19 03/06/20 22/04/21 20/04/22 28/04/23 29/04/24
1PHP in Million2PHP
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Reinsurance

1st Jan change Capi.
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+45.45% 20.6M
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BROOKFIELD REINSURANCE LTD. Stock Brookfield Reinsurance Ltd.
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SCOR SE Stock Scor SE
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ENSTAR GROUP LIMITED Stock Enstar Group Limited
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KOREAN REINSURANCE COMPANY Stock Korean Reinsurance Company
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CENTRAL REINSURANCE CORPORATION Stock Central Reinsurance Corporation
+17.57% 666M
POZAVAROVALNICA SAVA, D.D. Stock Pozavarovalnica Sava, d.d.
+7.86% 500M
MNRB HOLDINGS Stock MNRB Holdings
+43.44% 287M
Other Reinsurance
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