## MAPFRE (MPFRF) — evidence-based deep dive (disclosure-driven) I’m going to anchor this “deep dive” on the **structured disclosures available in this workspace** (financial-database statement/ratio outputs). At the moment, I **don’t have filing documents for MAPFRE available to cite here**, so the analysis below is intentionally constrained to what’s directly supported by those disclosures (each number is cited). --- # 1) Balance-sheet “what matters” (insurance lens) The balance sheet is where insurers tell you the most—**invested assets**, **capital/equity buffer**, and **financial leverage**. ### A. Snapshot: assets, investments, capital, and leverage (EUR) | Metric (EUR) | Q4 2023 | Q2 2023 | Q4 2022 | |---|---:|---:|---:| | Total assets | €54.95bn ["Total assets"](c0jxup) | €53.37bn ["Total assets"](c0jxup) | €59.63bn ["Total assets"](c0jxup) | | Total investments | €61.65bn ["Total investments"](c0jxup) | €38.26bn ["Total investments"](c0jxup) | €58.26bn ["Total investments"](c0jxup) | | Cash & cash equivalents | €2.09bn ["Cash and cash equivalents"](c0jxup) | €1.99bn ["Cash and cash equivalents"](c0jxup) | €2.57bn ["Cash and cash equivalents"](c0jxup) | | Long-term investments | €39.96bn ["Long term investments"](c0jxup) | €38.26bn ["Long term investments"](c0jxup) | €32.75bn ["Long term investments"](c0jxup) | | Total debt | €2.74bn ["Total debt"](c0jxup) | €3.32bn ["Total debt"](c0jxup) | €4.64bn ["Total debt"](c0jxup) | | Total equity | €8.47bn ["Total stockholders equity"](c0jxup) | €8.18bn ["Total stockholders equity"](c0jxup) | €7.29bn ["Total stockholders equity"](c0jxup) | **Interpretation (what I’d focus on):** - **Financial debt is modest vs equity** (for an insurer, most “leverage” is typically operating/insurance liabilities rather than bank-like debt). At **Q4 2023**, total debt is **€2.74bn** vs equity **€8.47bn**. ["Total debt"](c0jxup) ["Total stockholders equity"](c0jxup) - The disclosure shows **large investment balances** (as expected for an insurer), but note the structured feed can sometimes have classification quirks (e.g., “total investments” exceeding “total assets” in the same period). Treat this as a prompt to drill into the underlying report if/when the primary document is available. ["Total investments"](c0jxup) ["Total assets"](c0jxup) ### B. Leverage checks you can reuse (computed) - **Net debt / equity (Q4 2023)** = €0.657bn / €8.467bn ≈ **7.8% (computed)**. ["Net debt"](c0jxup) ["Total stockholders equity"](c0jxup) - **Debt / equity (Q4 2023)** = €2.743bn / €8.467bn ≈ **32.4% (computed)**, which matches the disclosed ratio series. ["Total debt"](c0jxup) ["Total stockholders equity"](c0jxup) ["Debt to equity ratio"](9oitl4) --- # 2) Profitability & valuation ratios (with “insurance caveats”) The ratios feed provides margins and valuation multiples, but **some margin constructs (e.g., “gross profit margin”) often don’t translate cleanly to insurance accounting**, so I treat them as *directional signals* rather than underwriting truth. ### A. Valuation: P/E and P/B (as disclosed) | Valuation metric | Q1 2024 | Q4 2023 | Q2 2023 | |---|---:|---:|---:| | P/E | 8.27x ["Price to earnings ratio"](9oitl4) | 6.94x ["Price to earnings ratio"](9oitl4) | 7.89x ["Price to earnings ratio"](9oitl4) | | P/B | 0.74x ["Price to book ratio"](9oitl4) | 0.62x ["Price to book ratio"](9oitl4) | 0.67x ["Price to book ratio"](9oitl4) | **How to read this:** the combination of **single-digit P/E** and **sub-1.0x P/B** is often the market telling you “this is not a growth compounder” *or* “there is perceived risk/uncertainty in earnings quality, reserve adequacy, capital sensitivity to rates, or catastrophe volatility.” The disclosures here can’t tell us *which*—that’s normally where the insurer’s MD&A, reserve notes, and solvency disclosures matter. ### B. Net margin trend (as disclosed) | Profitability metric | Q1 2024 | Q4 2023 | Q2 2023 | |---|---:|---:|---:| | Net profit margin | 3.47% ["Net profit margin"](9oitl4) | 1.29% ["Net profit margin"](9oitl4) | 2.09% ["Net profit margin"](9oitl4) | --- # 3) Capital structure & float (what the market can actually trade) ### A. Free float and shares | Metric | Value | |---|---:| | Free float | 30.16% ["Free Float"](v0l6go) | | Float shares | 926,793,699 ["Float Shares"](v0l6go) | | Shares outstanding | 3,072,920,131 ["Outstanding Shares"](v0l6go) | **Why this matters:** if you’re underwriting liquidity and price impact, **float shares** is often more actionable than total shares (especially for controlled or tightly held issuers). ["Float Shares"](v0l6go) --- # 4) “Interactive” drill paths (choose a module to go deeper) Below are self-contained modules you can jump into next. You don’t need to provide extra context—just tell me the module name, and I’ll run it end-to-end with tables and citations based on what’s available in this workspace: 1) **Capital & solvency stress frame** Build a rate-sensitivity + equity-buffer story from the balance sheet (equity, AOCI, investments, debt), including scenario tables. ["Accumulated other comprehensive income loss"](c0jxup) ["Total stockholders equity"](c0jxup) 2) **Valuation underwriting (P/E vs P/B triangulation)** Translate P/B + ROE logic into implied profitability/cost of equity ranges (computed tables). ["Price to book ratio"](9oitl4) ["Price to earnings ratio"](9oitl4) 3) **Balance-sheet quality & liquidity** Focus on cash, investments mix (as available), net debt, and “buffer” ratios (computed), plus a red-flag checklist for data anomalies in the feed. ["Cash and cash equivalents"](c0jxup) ["Total investments"](c0jxup) ["Net debt"](c0jxup) 4) **Quarter-to-quarter diagnostics** Build Q/Q tables for the items that are populated across periods (assets, equity, debt, cash) and compute deltas. ["Total assets"](c0jxup) ["Total stockholders equity"](c0jxup) ["Total debt"](c0jxup) --- # 5) Quick red flags / data quality notes (so you don’t overtrust a single feed) A few fields in the statement feed show **zeros or sign inversions in some quarters** (e.g., certain “other” line items and some ratio series), which is a known issue with standardized mappings for insurers and IFRS reporters. For example, “Other non current assets” is shown as a large negative number in Q2 2023. ["Other non current assets"](c0jxup) That doesn’t mean MAPFRE is wrong—it means **we should validate against the underlying primary report** once accessible in the filings/documents corpus. --- ## If you want one “starting conclusion” from the supported disclosures MAPFRE screens as a **sub-1x book, single-digit earnings multiple** insurer with **moderate financial debt relative to equity** (Q4 2023 debt/equity ~32% computed; net debt/equity ~8% computed), suggesting the key investment question is less “can it survive leverage” and more “how durable are earnings and book value through the cycle.” ["Total debt"](c0jxup) ["Total stockholders equity"](c0jxup) ["Net debt"](c0jxup) ["Price to earnings ratio"](9oitl4) ["Price to book ratio"](9oitl4) --- If you reply with any one of the module names (e.g., **“Quarter-to-quarter diagnostics”**), I’ll expand it into a full, table-heavy section immediately using the same citation discipline.

## MAPFRE (MPFRF) — evidence-based deep dive (disclosure-driven) I’m going to anchor this “deep dive” on the **structured disclosures available in this workspace** (financial-database statement/ratio outputs). At the moment, I **don’t have filing documents for MAPFRE available to cite here**, so the analysis below is intentionally constrained to what’s directly supported by those disclosures (each number is cited). --- # 1) Balance-sheet “what matters” (insurance lens) The balance sheet is where insurers tell you the most—**invested assets**, **capital/equity buffer**, and **financial leverage**. ### A. Snapshot: assets, investments, capital, and leverage (EUR) | Metric (EUR) | Q4 2023 | Q2 2023 | Q4 2022 | |---|---:|---:|---:| | Total assets | €54.95bn ["Total assets"](c0jxup) | €53.37bn ["Total assets"](c0jxup) | €59.63bn ["Total assets"](c0jxup) | | Total investments | €61.65bn ["Total investments"](c0jxup) | €38.26bn ["Total investments"](c0jxup) | €58.26bn ["Total investments"](c0jxup) | | Cash & cash equivalents | €2.09bn ["Cash and cash equivalents"](c0jxup) | €1.99bn ["Cash and cash equivalents"](c0jxup) | €2.57bn ["Cash and cash equivalents"](c0jxup) | | Long-term investments | €39.96bn ["Long term investments"](c0jxup) | €38.26bn ["Long term investments"](c0jxup) | €32.75bn ["Long term investments"](c0jxup) | | Total debt | €2.74bn ["Total debt"](c0jxup) | €3.32bn ["Total debt"](c0jxup) | €4.64bn ["Total debt"](c0jxup) | | Total equity | €8.47bn ["Total stockholders equity"](c0jxup) | €8.18bn ["Total stockholders equity"](c0jxup) | €7.29bn ["Total stockholders equity"](c0jxup) | **Interpretation (what I’d focus on):** - **Financial debt is modest vs equity** (for an insurer, most “leverage” is typically operating/insurance liabilities rather than bank-like debt). At **Q4 2023**, total debt is **€2.74bn** vs equity **€8.47bn**. ["Total debt"](c0jxup) ["Total stockholders equity"](c0jxup) - The disclosure shows **large investment balances** (as expected for an insurer), but note the structured feed can sometimes have classification quirks (e.g., “total investments” exceeding “total assets” in the same period). Treat this as a prompt to drill into the underlying report if/when the primary document is available. ["Total investments"](c0jxup) ["Total assets"](c0jxup) ### B. Leverage checks you can reuse (computed) - **Net debt / equity (Q4 2023)** = €0.657bn / €8.467bn ≈ **7.8% (computed)**. ["Net debt"](c0jxup) ["Total stockholders equity"](c0jxup) - **Debt / equity (Q4 2023)** = €2.743bn / €8.467bn ≈ **32.4% (computed)**, which matches the disclosed ratio series. ["Total debt"](c0jxup) ["Total stockholders equity"](c0jxup) ["Debt to equity ratio"](9oitl4) --- # 2) Profitability & valuation ratios (with “insurance caveats”) The ratios feed provides margins and valuation multiples, but **some margin constructs (e.g., “gross profit margin”) often don’t translate cleanly to insurance accounting**, so I treat them as *directional signals* rather than underwriting truth. ### A. Valuation: P/E and P/B (as disclosed) | Valuation metric | Q1 2024 | Q4 2023 | Q2 2023 | |---|---:|---:|---:| | P/E | 8.27x ["Price to earnings ratio"](9oitl4) | 6.94x ["Price to earnings ratio"](9oitl4) | 7.89x ["Price to earnings ratio"](9oitl4) | | P/B | 0.74x ["Price to book ratio"](9oitl4) | 0.62x ["Price to book ratio"](9oitl4) | 0.67x ["Price to book ratio"](9oitl4) | **How to read this:** the combination of **single-digit P/E** and **sub-1.0x P/B** is often the market telling you “this is not a growth compounder” *or* “there is perceived risk/uncertainty in earnings quality, reserve adequacy, capital sensitivity to rates, or catastrophe volatility.” The disclosures here can’t tell us *which*—that’s normally where the insurer’s MD&A, reserve notes, and solvency disclosures matter. ### B. Net margin trend (as disclosed) | Profitability metric | Q1 2024 | Q4 2023 | Q2 2023 | |---|---:|---:|---:| | Net profit margin | 3.47% ["Net profit margin"](9oitl4) | 1.29% ["Net profit margin"](9oitl4) | 2.09% ["Net profit margin"](9oitl4) | --- # 3) Capital structure & float (what the market can actually trade) ### A. Free float and shares | Metric | Value | |---|---:| | Free float | 30.16% ["Free Float"](v0l6go) | | Float shares | 926,793,699 ["Float Shares"](v0l6go) | | Shares outstanding | 3,072,920,131 ["Outstanding Shares"](v0l6go) | **Why this matters:** if you’re underwriting liquidity and price impact, **float shares** is often more actionable than total shares (especially for controlled or tightly held issuers). ["Float Shares"](v0l6go) --- # 4) “Interactive” drill paths (choose a module to go deeper) Below are self-contained modules you can jump into next. You don’t need to provide extra context—just tell me the module name, and I’ll run it end-to-end with tables and citations based on what’s available in this workspace: 1) **Capital & solvency stress frame** Build a rate-sensitivity + equity-buffer story from the balance sheet (equity, AOCI, investments, debt), including scenario tables. ["Accumulated other comprehensive income loss"](c0jxup) ["Total stockholders equity"](c0jxup) 2) **Valuation underwriting (P/E vs P/B triangulation)** Translate P/B + ROE logic into implied profitability/cost of equity ranges (computed tables). ["Price to book ratio"](9oitl4) ["Price to earnings ratio"](9oitl4) 3) **Balance-sheet quality & liquidity** Focus on cash, investments mix (as available), net debt, and “buffer” ratios (computed), plus a red-flag checklist for data anomalies in the feed. ["Cash and cash equivalents"](c0jxup) ["Total investments"](c0jxup) ["Net debt"](c0jxup) 4) **Quarter-to-quarter diagnostics** Build Q/Q tables for the items that are populated across periods (assets, equity, debt, cash) and compute deltas. ["Total assets"](c0jxup) ["Total stockholders equity"](c0jxup) ["Total debt"](c0jxup) --- # 5) Quick red flags / data quality notes (so you don’t overtrust a single feed) A few fields in the statement feed show **zeros or sign inversions in some quarters** (e.g., certain “other” line items and some ratio series), which is a known issue with standardized mappings for insurers and IFRS reporters. For example, “Other non current assets” is shown as a large negative number in Q2 2023. ["Other non current assets"](c0jxup) That doesn’t mean MAPFRE is wrong—it means **we should validate against the underlying primary report** once accessible in the filings/documents corpus. --- ## If you want one “starting conclusion” from the supported disclosures MAPFRE screens as a **sub-1x book, single-digit earnings multiple** insurer with **moderate financial debt relative to equity** (Q4 2023 debt/equity ~32% computed; net debt/equity ~8% computed), suggesting the key investment question is less “can it survive leverage” and more “how durable are earnings and book value through the cycle.” ["Total debt"](c0jxup) ["Total stockholders equity"](c0jxup) ["Net debt"](c0jxup) ["Price to earnings ratio"](9oitl4) ["Price to book ratio"](9oitl4) --- If you reply with any one of the module names (e.g., **“Quarter-to-quarter diagnostics”**), I’ll expand it into a full, table-heavy section immediately using the same citation discipline.