Financials Old Mutual Limited London S.E.

Equities

OMU

ZAE000255360

Life & Health Insurance

Real-time Estimate Cboe Europe Other stock markets 10:56:10 01/05/2024 BST			5-day change	1st Jan Change
46.68 ^GBX	+0.59%		+8.44%	-14.88%

04-19	South African insurer Old Mutual gets green light to establish bank	RE
04-19	Old Mutual Obtains South African Regulatory Permit to Form Bank	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,992	2,797	2,854	2,502	2,408	2,040	-	-
Enterprise Value (EV) ²	4,429	1,982	2,050	1,561	2,408	1,131	1,112	2,040
P/E ratio	9.58 x	-10.2 x	8.8 x	6.42 x	8.48 x	6.78 x	6.25 x	5.79 x
Yield	6.1%	2.94%	5.8%	7.27%	-	8.15%	8.9%	9.45%
Capitalization / Revenue	1.26 x	0.7 x	0.67 x	0.64 x	-	1.77 x	1.67 x	-
EV / Revenue	1.12 x	0.49 x	0.48 x	0.4 x	-	0.98 x	0.91 x	-
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.24 x	0.78 x	0.94 x	0.72 x	-	0.85 x	0.8 x	0.76 x
Nbr of stocks (in thousands)	4,708,554	4,708,554	4,708,554	4,913,880	4,288,396	4,356,482	-	-
Reference price ³	19.66	11.89	13.10	10.46	13.06	11.02	11.02	11.02
Announcement Date	16/03/20	23/03/21	15/03/22	13/03/23	27/03/24	-	-	-

¹ZAR in Million²GBP in Million³ZAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,959	4,007	4,253	3,883	-	1,155	1,224	-
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	442.4	81.68	222.4	396.3	348.1	396.8	433.8	461
Operating Margin	11.17%	2.04%	5.23%	10.21%	-	34.35%	35.43%	-
Earnings before Tax (EBT) ¹	676.3	-	-	-	-	648.5	685.8	724.4
Net income ¹	460.1	-256	337.9	332.1	294.8	312.7	339.4	368.8
Net margin	11.62%	-6.39%	7.95%	8.55%	-	27.08%	27.72%	-
EPS ²	2.052	-1.163	1.489	1.630	1.541	1.624	1.763	1.902
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	1.200	0.3500	0.7600	0.7600	-	0.8980	0.9803	1.041
Announcement Date	16/03/20	23/03/21	15/03/22	13/03/23	27/03/24	-	-	-

¹GBP in Million²ZAR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2024 S1	2025 S1	2026 S1
Net sales	2,057	-	-	-
EBITDA	-	-	-	-
EBIT ¹	-	197.7	229.8	244.5
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income	-	-	-	-
Net margin	-	-	-	-
EPS	-	-	-	-
Dividend per Share	-	-	-	-
Announcement Date	31/08/21	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	563	815	804	941	-	909	927	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	12.9%	3.5%	10.3%	11.6%	-	12%	12.1%	12.9%
ROA (Net income/ Total Assets)	1.1%	0.55%	0.67%	0.69%	-	0.67%	0.68%	0.69%
Assets ¹	41,909	-46,589	50,588	48,068	-	46,609	49,761	53,294
Book Value Per Share ²	15.90	15.30	13.90	14.50	-	13.00	13.80	14.50
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	16/03/20	23/03/21	15/03/22	13/03/23	27/03/24	-	-	-

¹GBP in Million²ZAR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Old Mutual Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

11.02 ZAR

Average target price

14.41 ZAR

Spread / Average Target

+30.79%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Life & Health Insurance

	1st Jan change	Capi.
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GREAT-WEST LIFECO INC.	-7.16%	27.63B
PRUDENTIAL PLC	-19.23%	24.06B

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