Stock PGV THE PROGRESSIVE CORPORATION
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Financials The Progressive Corporation Bulgaria S.E.

Equities

PGV

US7433151039

Property & Casualty Insurance

Real-time Estimate Tradegate
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 18:50:58 03/07/2024 BST 		5-day change 1st Jan Change
194.7 EUR +0.34% Intraday chart for The Progressive Corporation -1.61% +35.21%
07-01 Progressive Insider Sold Shares Worth $2,104,000, According to a Recent SEC Filing MT
07-01 ANALYST RECOMMENDATIONS : Nvidia, Broadcom, Progressive, Draftkings, Moody's... Our Logo

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 42,321 57,874 60,057 75,889 93,173 123,155 - -
Enterprise Value (EV) 1 42,321 57,874 60,057 79,212 99,976 123,155 123,155 123,155
P/E ratio 10.8 x 10.2 x 18.1 x 110 x 24.2 x 19.3 x 17.5 x 16.7 x
Yield 3.66% 4.96% 1.85% 0.31% 0.72% 1.02% 1.43% 1.93%
Capitalization / Revenue 1.13 x 1.43 x 1.29 x 1.49 x 1.51 x 1.68 x 1.46 x 1.31 x
EV / Revenue 1.13 x 1.43 x 1.29 x 1.49 x 1.51 x 1.68 x 1.46 x 1.31 x
EV / EBITDA - - - - 17,027,791 x - - -
EV / FCF - - - 11,574,151 x 8,966,411 x - - -
FCF Yield - - - 0% 0% - - -
Price to Book 3.21 x 3.5 x 3.38 x 4.93 x 4.71 x 5.06 x 4.22 x 3.34 x
Nbr of stocks (in thousands) 584,630 585,300 585,064 585,070 584,961 585,698 - -
Reference price 2 72.39 98.88 102.6 129.7 159.3 211.1 211.1 211.1
Announcement Date 29/01/20 27/01/21 26/01/22 25/01/23 24/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 37,578 40,569 46,405 51,081 61,550 73,493 84,313 94,180
EBITDA - - - - 5,472 - - -
EBIT 1 5,350 7,390 4,429 1,166 5,172 7,957 9,150 9,711
Operating Margin 14.24% 18.22% 9.54% 2.28% 8.4% 10.83% 10.85% 10.31%
Earnings before Tax (EBT) 1 5,160 7,173 4,210 922.1 4,904 8,124 8,944 9,447
Net income 1 3,970 5,705 3,351 721.5 3,902 6,404 7,068 7,323
Net margin 10.57% 14.06% 7.22% 1.41% 6.34% 8.71% 8.38% 7.78%
EPS 2 6.720 9.660 5.660 1.180 6.580 10.92 12.04 12.65
Free Cash Flow - - - 6,557 10,391 - - -
FCF margin - - - 12.84% 16.88% - - -
FCF Conversion (EBITDA) - - - - 189.91% - - -
FCF Conversion (Net income) - - - 908.77% 266.28% - - -
Dividend per Share 2 2.650 4.900 1.900 0.4000 1.150 2.152 3.013 4.075
Announcement Date 29/01/20 27/01/21 26/01/22 25/01/23 24/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q1 2025 Q2
Net sales 1 10,749 13,181 12,422 13,018 12,460 16,110 14,717 15,594 15,130 18,962 17,489 18,433 17,702 21,820 19,850
EBITDA - - - - - - - - - - - - - - -
EBIT 1 - - - - - - - - 2,573 - 1,260 1,584 1,747 2,108 1,855
Operating Margin - - - - - - - - 17.01% - 7.2% 8.59% 9.87% 9.66% 9.35%
Earnings before Tax (EBT) 1 1,204 390.2 -635.9 142.5 1,025 554.4 435.7 1,410 2,503 2,940 1,409 1,736 2,144 2,378 1,776
Net income 1 962.3 313.9 -542.9 124.1 826.4 447.9 345.4 1,121 1,988 2,331 1,095 1,415 1,713 1,937 1,422
Net margin 8.95% 2.38% -4.37% 0.95% 6.63% 2.78% 2.35% 7.19% 13.14% 12.29% 6.26% 7.68% 9.67% 8.88% 7.16%
EPS 2 1.630 0.5200 -0.9400 0.2000 1.400 0.7500 0.5700 1.890 3.370 3.940 1.846 2.416 2.897 3.329 2.524
Dividend per Share 2 1.600 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.8500 - 0.1250 0.1000 2.100 0.1000 0.1000
Announcement Date 26/01/22 14/04/22 15/07/22 13/10/22 25/01/23 13/04/23 13/07/23 13/10/23 24/01/24 12/04/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - 3,323 6,804 - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - 1.243 x - - -
Free Cash Flow - - - 6,557 10,391 - - -
ROE (net income / shareholders' equity) 25.9% 28.7% 12.2% 13% 21.6% 29.8% 26.5% 22.6%
ROA (Net income/ Total Assets) 6.26% 7.41% 4.96% 0.98% 4.75% 6% 6.3% 6.2%
Assets 1 63,413 76,992 67,616 73,323 82,078 106,726 112,193 118,108
Book Value Per Share 2 22.50 28.30 30.40 26.30 33.80 41.70 50.10 63.20
Cash Flow per Share - 11.80 - 11.70 - - - -
Capex - 3,617 244 292 252 - - -
Capex / Sales - 8.92% 0.52% 0.57% 0.41% - - -
Announcement Date 29/01/20 27/01/21 26/01/22 25/01/23 24/01/24 - - -
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 The Progressive Corporation

Trading Rating
Investor Rating
ESG Refinitiv
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Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
211.1 USD
Average target price
228.5 USD
Spread / Average Target
+8.23%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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