Rankings Financial data & insurance broking Mapfre
Mapfre
80
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−4
- Quality of growth−3
- Returns−3
Strengths
- Capital and rating+2
- Dividend covered by earnings+2
- Improved underwriting+1
How the score is built
From 100 to 80, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 4.06 EUR
- Median analyst target
- 4.30 EUR
- Upside to median
- +6.0%
- Analysts
- 10
- Target range
- 3.80 – 5.00 EUR
- 52-week change
- +6%
- P/E (trailing)
- 10.1
- Forward P/E
- 9.7
- PEG
- 1.60
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−6 of −30
- −3Quality of growthPremiums rose only 1.1% in H1 2026 to 16.1 bn EUR; earnings growth (+9.4%) came from a better combined ratio and Mapfre Re (+24.6%), not from volume. Analysts expect revenue −0.3% in 2026 and −2.8% in 2027 and EPS only +2% in 2027.
- −3ReturnsOwn ROE of 12.5% in H1 2026 is below European peers (AXA 14.9%, Generali 15.1%, Allianz 19.6%); Spanish motor insurance runs at a combined ratio of 94.7% and North America at 94.6%, so returns rest heavily on Brazil (ROE 25.1%).
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own historyP/B 1.19 vs 0.57–1.25 in 2021–2025 (0.62–0.75 in 2022–2024), trailing P/E 11.1 vs 7.2–11.6 and forward P/E 10.4 vs 7.0–10.7; dividend yield has fallen from 8.6–10.3% to 4.2%. The stock trades at the top of its own range after +75% in 2025.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−6 of −35
- −2Debt-financed acquisition (Safety)The purchase of Safety Insurance for USD 1.54bn (about EUR 1.35bn, 44% premium according to Insurance Journal) is financed with a bridge loan from Citi and Deutsche Bank, to be refinanced with about EUR 700m tier 2, 500m senior and bank debt; solvency falls about 10 percentage points. Closing only in Q1 2027, and integration takes place in the US, where Mapfre's current combined ratio is 94.6%.
- −1Brazil and Latin AmericaLatin America contributed EUR 218m (about 35%) of H1 profit, of which Brazil 136m with an unusually low combined ratio of 73.8%; Brazil's revenue has fallen from EUR 5.4bn (2023) to 5.0bn TTM. The result is sensitive to normalisation and currency.
- −2GovernanceFundación Mapfre controls about 70% (free float 922m of 3.07bn shares), and insiders own only 0.04%; minority shareholders have effectively no influence.
- −1Catastrophe and reinsurance riskMapfre Re (about 30% of H1 earnings) has a combined ratio of 95.2%, and the earthquake in Venezuela cost about EUR 25m; the reinsurance arm makes earnings vulnerable to natural disasters.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Capital and ratingSolvency II ratio rose to 208.8% as of 30 June 2026 (84.2% tier 1 capital), and S&P upgraded Mapfre SA from A- to A and Mapfre Re from A+ to AA- the day after the Safety acquisition.
- +2Dividend covered by earningsDividend 609m + buybacks EUR 40m (TTM) vs. net profit 1,183m; dividend per share +12.5% in 2025 and expected +15% in 2026.
- +1Improved underwritingCombined ratio in P&C insurance 92.8% in H1 2026; Iberia result +16.6% and North America +14.1%, with Safety expected to lift EPS by over 5% after closing.
Caveats
What the score does not capture, or where the data is weak.
Insurance: FCF and P/FCF (stockanalysis 1.4bn and 9.5) include insurance flows and are not used; the payout is measured against net income. Stockanalysis' ROE of 17.4% differs from Mapfre's own ROE of 12.5% (H1 2026); the company's figure is used. Stockanalysis shows −1.86% in share count, but the cash flow shows only buybacks of EUR 40m (about 0.3%); the figure is not reconciled and not counted. The revenue forecast (−0.3% in 2026, −2.8% in 2027) may be affected by currency and IFRS 17. The Safety Insurance purchase does not close until Q1 2027. Latin America currency risk is only counted via Brazil's falling revenue. The price target (avg. 4.22) is below the share price; captured by formula points. Q3 figures 28 Oct. 2026.
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