# FBD Holdings (EG7.IR)

Canonical: https://gigainvestors.com/s/EG7.IR

Analysis as of: 2026-10-16T07:45:04.980Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 18.90 per share; close as of 2026-10-15.

Estimated value: low EUR 22.75 per share, central EUR 28.44 per share, high EUR 37.92 per share. Buy at or below the central value EUR 28.44 per share. Valuation as of 2026-10-16T07:45:04.980Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.50×

Chart: Net income; fiscal year observations.

- FY2016: EUR 11M

- FY2017: EUR 43M

- FY2018: EUR 42M

- FY2019: EUR 98M

- FY2020: EUR 4.4M

- FY2021: EUR 96M

- FY2022: EUR 64M

- FY2023: EUR 70M

- FY2024: EUR 67M

- FY2025: EUR 47M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 15.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 5.3%

- FY2017: 17.6%

- FY2018: 14.7%

- FY2019: 26.3%

- FY2020: 1.1%

- FY2021: 20.7%

- FY2022: 15.6%

- FY2023: 16.0%

- FY2024: 15.3%

- FY2025: 10.9%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 16.1%

- Book return interval: 10 years

- Starting book value per share: EUR 6.31

- Ending book value per share: EUR 13.28

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 4.4%

- FY2017: 3.5%

- FY2018: 25.7%

- FY2019: 1.3%

- FY2020: 54.4%

- FY2021: 28.9%

- FY2022: -4.2%

- FY2023: 28.9%

- FY2024: 16.4%

- FY2025: 13.4%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.5%

- Share growth excluding flagged crisis recapitalisations: 0.4%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.57×

- Book value created per share: EUR 6.97

- Earnings retained per share after dividends and buybacks: EUR 4.43

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 120

- FY2018: 102

- FY2019: 139

- FY2020: 101

- FY2021: 104

- FY2022: 105

- FY2023: 106

- FY2024: 106

- FY2025: 104

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 4% a year forever · net income -29.8%

Story as of 2026-10-16T10:00:13.295Z; price observation 2026-10-15.

The price assumes profits grow 4% a year forever

### Net income · FY2025

net income -29.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 11M 

- FY2017: EUR 43M 

- FY2018: EUR 42M 

- FY2019: EUR 98M 

- FY2020: EUR 4.4M 

- FY2021: EUR 96M 

- FY2022: EUR 64M 

- FY2023: EUR 70M 

- FY2024: EUR 67M 

- FY2025: EUR 47M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are EUR 462.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); FY2025: revenue 462729000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EG7.IR: FBD Holdings plc, through its subsidiaries, engages in the underwriting of general insurance to farmers, private individuals, and business owners in Ireland. It operates through two segments, General Insurance and Other Services. The company is involved in underwriting operations for motor and non-motor insurance portfolios. It also provides car, home, travel, life and pensions, farm, and business insurance products; and investments and pension products. FBD Holdings plc was founded in 1969 and is headquartered in Dublin, Ireland.

### Why customers stay

It earns 15.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); 10-year return on tangible equity observations [[2016,0.05287835373795259],[2017,0.17557148320400687],[2018,0.14717953379105897],[2019,0.26258458535748375],[2020,0.011498046117903426],[2021,0.20676469200513004],[2022,0.15589766513049372],[2023,0.16012277284261037],[2024,0.15323036653989622],[2025,0.10944418144858122]]; median 0.15456401583519497. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back EUR 4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); Dividend observations: [[2016,0],[2017,8602000],[2018,8602000],[2019,17714000],[2020,35870000],[2021,35870000],[2022,35870000],[2023,72026000],[2024,72080000],[2025,63675000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); FY2025: cash repurchases 4009000 EUR.

### Are managers owners

Insiders own 34.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EG7.IR SharesStats.PercentInsiders = 34.839 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); Price 18.9; FX 1; original perpetual distributable cash 1.1377280649910648; discount 0.1; growth 0.03980274788407064. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 6.10 per share

- 2016-11: EUR 6.02 per share

- 2016-12: EUR 6.89 per share

- 2017-01: EUR 7.97 per share

- 2017-02: EUR 7.85 per share

- 2017-03: EUR 8.07 per share

- 2017-04: EUR 8.15 per share

- 2017-05: EUR 8.20 per share

- 2017-06: EUR 8.25 per share

- 2017-07: EUR 8.45 per share

- 2017-08: EUR 8.25 per share

- 2017-09: EUR 8.35 per share

- 2017-10: EUR 8.95 per share

- 2017-11: EUR 9.58 per share

- 2017-12: EUR 10.11 per share

- 2018-01: EUR 10.70 per share

- 2018-02: EUR 11.90 per share

- 2018-03: EUR 12.10 per share

- 2018-04: EUR 11.75 per share

- 2018-05: EUR 10.50 per share

- 2018-06: EUR 10.60 per share

- 2018-07: EUR 10.35 per share

- 2018-08: EUR 10.60 per share

- 2018-09: EUR 10.15 per share

- 2018-10: EUR 10.75 per share

- 2018-11: EUR 9.50 per share

- 2018-12: EUR 8.24 per share

- 2019-01: EUR 8.30 per share

- 2019-02: EUR 8.98 per share

- 2019-03: EUR 9.02 per share

- 2019-04: EUR 9.02 per share

- 2019-05: EUR 8.78 per share

- 2019-06: EUR 8.44 per share

- 2019-07: EUR 9.54 per share

- 2019-08: EUR 9.04 per share

- 2019-09: EUR 9.10 per share

- 2019-10: EUR 8.86 per share

- 2019-11: EUR 8.34 per share

- 2019-12: EUR 8.70 per share

- 2020-01: EUR 8.68 per share

- 2020-02: EUR 8.70 per share

- 2020-03: EUR 6.20 per share

- 2020-04: EUR 7.22 per share

- 2020-05: EUR 6.88 per share

- 2020-06: EUR 6.74 per share

- 2020-07: EUR 6.64 per share

- 2020-08: EUR 6.02 per share

- 2020-09: EUR 6.30 per share

- 2020-10: EUR 6.20 per share

- 2020-11: EUR 7.20 per share

- 2020-12: EUR 7.50 per share

- 2021-01: EUR 7.08 per share

- 2021-02: EUR 7.38 per share

- 2021-03: EUR 6.98 per share

- 2021-04: EUR 7.84 per share

- 2021-05: EUR 8.90 per share

- 2021-06: EUR 8.92 per share

- 2021-07: EUR 7.80 per share

- 2021-08: EUR 7.70 per share

- 2021-09: EUR 7.70 per share

- 2021-10: EUR 8.26 per share

- 2021-11: EUR 8.20 per share

- 2021-12: EUR 7.34 per share

- 2022-01: EUR 10.30 per share

- 2022-02: EUR 10.45 per share

- 2022-03: EUR 9.96 per share

- 2022-04: EUR 9.96 per share

- 2022-05: EUR 9.70 per share

- 2022-06: EUR 9.66 per share

- 2022-07: EUR 10.20 per share

- 2022-08: EUR 10.15 per share

- 2022-09: EUR 10.00 per share

- 2022-10: EUR 10.05 per share

- 2022-11: EUR 11.30 per share

- 2022-12: EUR 11.05 per share

- 2023-01: EUR 11.40 per share

- 2023-02: EUR 13.60 per share

- 2023-03: EUR 13.55 per share

- 2023-04: EUR 12.80 per share

- 2023-05: EUR 12.40 per share

- 2023-06: EUR 12.75 per share

- 2023-07: EUR 12.90 per share

- 2023-08: EUR 13.05 per share

- 2023-09: EUR 12.20 per share

- 2023-10: EUR 11.70 per share

- 2023-11: EUR 11.15 per share

- 2023-12: EUR 11.35 per share

- 2024-01: EUR 11.75 per share

- 2024-02: EUR 12.75 per share

- 2024-03: EUR 13.20 per share

- 2024-04: EUR 13.85 per share

- 2024-05: EUR 13.45 per share

- 2024-06: EUR 12.75 per share

- 2024-07: EUR 12.65 per share

- 2024-08: EUR 13.50 per share

- 2024-09: EUR 12.40 per share

- 2024-10: EUR 12.60 per share

- 2024-11: EUR 12.50 per share

- 2024-12: EUR 12.65 per share

- 2025-01: EUR 13.00 per share

- 2025-02: EUR 13.50 per share

- 2025-03: EUR 14.35 per share

- 2025-04: EUR 12.90 per share

- 2025-05: EUR 13.00 per share

- 2025-06: EUR 13.90 per share

- 2025-07: EUR 13.95 per share

- 2025-08: EUR 14.40 per share

- 2025-09: EUR 14.05 per share

- 2025-10: EUR 14.50 per share

- 2025-11: EUR 15.50 per share

- 2025-12: EUR 15.75 per share

- 2026-01: EUR 16.20 per share

- 2026-02: EUR 17.00 per share

- 2026-03: EUR 16.40 per share

- 2026-04: EUR 16.05 per share

- 2026-05: EUR 17.00 per share

- 2026-06: EUR 17.10 per share

- 2026-07: EUR 17.50 per share

- 2026-08: EUR 18.70 per share

- 2026-09: EUR 18.65 per share

- 2026-10: EUR 18.95 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 1.06 per share, central EUR 1.17 per share, high EUR 1.30 per share

- FY2017: low EUR 1.06 per share, central EUR 1.17 per share, high EUR 1.30 per share

- FY2018: low EUR 6.54 per share, central EUR 8.17 per share, high EUR 10.89 per share

- FY2019: low EUR 14.60 per share, central EUR 18.25 per share, high EUR 24.34 per share

- FY2020: low EUR 15.25 per share, central EUR 16.78 per share, high EUR 18.64 per share

- FY2021: low EUR 24.40 per share, central EUR 30.50 per share, high EUR 40.67 per share

- FY2022: low EUR 15.65 per share, central EUR 17.22 per share, high EUR 19.13 per share

- FY2023: low EUR 21.89 per share, central EUR 27.36 per share, high EUR 36.49 per share

- FY2024: low EUR 22.73 per share, central EUR 28.41 per share, high EUR 37.88 per share

- FY2025: low EUR 22.76 per share, central EUR 28.45 per share, high EUR 37.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations