Stock GINS GULF INSURANCE GROUP
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Financials GULF INSURANCE GROUP Kuwait S.E.

Equities

GINS

KW0EQ0300420

Multiline Insurance & Brokers

End-of-day quote Kuwait S.E.
Other stock markets
 06:00:00 2020-01-22 pm EST 		5-day change 1st Jan Change
658 KWF +0.77% Intraday chart for GULF INSURANCE GROUP +9.48% +10.77%
Mar. 14 Gulf Insurance Group K.S.C.P. acquired 2.71% stake in AIG Egypt Insurance Company S.A.E. for EGP 5.3 million. CI
Mar. 03 Gulf Insurance Group K.S.C.P. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 117.2 118.1 150.3 303.6 288 533.5
Enterprise Value (EV) 1 101.1 69.72 80.25 148.8 125.6 428.8
P/E ratio 9.85 x 8.96 x 9.46 x 4.78 x 7.54 x 25.2 x
Yield 5.5% 5.76% - 9.91% 5.32% 1.97%
Capitalization / Revenue 0.66 x 0.54 x 0.65 x 0.82 x 0.51 x 0.69 x
EV / Revenue 0.57 x 0.32 x 0.35 x 0.4 x 0.22 x 0.55 x
EV / EBITDA 5.88 x 3 x 2.91 x 2.17 x 1.64 x 6.55 x
EV / FCF 3.8 x -6.25 x 0.93 x 0.58 x 2.59 x 66.2 x
FCF Yield 26.3% -16% 108% 173% 38.6% 1.51%
Price to Book 1.32 x 1.13 x 1.28 x 1.59 x 1.26 x 2.26 x
Nbr of stocks (in thousands) 179,000 179,000 186,218 283,751 283,751 283,751
Reference price 2 0.6550 0.6600 0.8070 1.070 1.015 1.880
Announcement Date 3/4/19 2/24/20 2/24/21 3/2/22 3/30/23 3/3/24
1KWD in Million2KWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 177.3 220.2 231.3 372.3 561.9 775.6
EBITDA 1 17.21 23.24 27.59 68.69 76.44 65.44
EBIT 1 14.94 21.51 25.48 66.56 69.13 56.38
Operating Margin 8.43% 9.77% 11.02% 17.88% 12.3% 7.27%
Earnings before Tax (EBT) 1 14.76 18.59 23.46 60.61 48.6 46.69
Net income 1 11.9 13.35 16.34 50.23 38.18 21.21
Net margin 6.71% 6.06% 7.06% 13.49% 6.8% 2.73%
EPS 2 0.0665 0.0736 0.0854 0.2237 0.1346 0.0747
Free Cash Flow 1 26.64 -11.16 86.31 257.1 48.53 6.479
FCF margin 15.02% -5.07% 37.32% 69.06% 8.64% 0.84%
FCF Conversion (EBITDA) 154.83% - 312.87% 374.34% 63.49% 9.9%
FCF Conversion (Net income) 223.85% - 528.33% 511.93% 127.09% 30.55%
Dividend per Share 2 0.0360 0.0380 - 0.1060 0.0540 0.0370
Announcement Date 3/4/19 2/24/20 2/24/21 3/2/22 3/30/23 3/3/24
1KWD in Million2KWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 16.1 48.4 70 155 162 105
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 26.6 -11.2 86.3 257 48.5 6.48
ROE (net income / shareholders' equity) 13.8% 12.4% 14.3% 23.6% 12.1% 10.4%
ROA (Net income/ Total Assets) 1.83% 2.02% 2.04% 3.86% 3.18% 3.04%
Assets 1 651.3 660.6 802.1 1,302 1,202 697.7
Book Value Per Share 2 0.5000 0.5800 0.6300 0.6700 0.8100 0.8300
Cash Flow per Share 2 0.3500 0.4700 0.3800 0.8200 0.7800 0.5800
Capex 1 2.15 2.8 2.05 2.59 5.36 1.66
Capex / Sales 1.21% 1.27% 0.89% 0.7% 0.95% 0.21%
Announcement Date 3/4/19 2/24/20 2/24/21 3/2/22 3/30/23 3/3/24
1KWD in Million2KWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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