COFACE SA (COFA.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

COFACE SA, through its subsidiaries, provides credit insurance products and related services for microenterprises, small and medium enterprises, mid-market companies, international corporations, financial institutions, and clients of distribution partners.The company offers credit insurance products to protect companies against default on payment of its trade receivables.It also provides integrated credit management solutions comprising credit insurance, single risk insurance, business information and debt collection services for insured and uninsured businesses; and factoring services, as well as contract and environmental surety, customs and excise, and legal bonds; and payment guarantees.

In addition, the company offers business information services through its ICON portal.It operates in Western Europe, Northern Europe, Central and Eastern Europe, the Mediterranean and Africa, North America, Latin America, and the Asia-Pacific.The company was founded in 1946 and is headquartered in Bois-Colombes, France.

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1.b. Last Insights on COFA

Negative drivers behind COFACE SA's recent performance include a decline in the number of real voting rights, decreasing from 149,368,649 to 149,332,110 as of May 31, 2025. This reduction in voting rights may indicate a decrease in investor confidence or a shift in ownership structure. Additionally, the company's share buyback program, which has been ongoing, may not be sufficient to offset the decline in voting rights.

1.c. Company Highlights

Last Price	14.96
Change Percentage	0.67%
Open	14.89
Previous Close	14.86
Market Cap ( Millions)	2233
Volume	95771
Year High	18.69
Year Low	13.77
M A 50	15.3
M A 200	16.2

FCF Yield	6.29%
Dividend Yield	9.38%
ROE	11.26%
Debt / Equity	85.89%
Net Debt / EBIDTA	326.72%
Price To Book	1.06
Price Earnings Ratio	9.17
Price To FCF	15.9
Price To sales	1.24
EV / EBITDA	8.61

2. Transcript Summary

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3. NewsRoom

Coface SA: Disclosure of total number of voting rights and number of shares in the capital as at November 30, 2025

Dec -01

Source:

COFACE (ENXTPA:COFA) Net Profit Margin Slips, Challenging Bullish Margin Narratives

Nov -05

Source:

Coface SA (CFACY) Q3 2025 Earnings Call Highlights: Navigating Growth Amidst Pricing Pressures

Nov -03

Source:

Coface SA: Disclosure of total number of voting rights and number of shares in the capital as at October 31, 2025

Nov -03

Source:

Coface SA: Coface records year-to-date net income of €176.3m, of which €52.1m in Q3-25; annualised ROATE at 12%

Nov -03

Source:

Update: Market Chatter: AIG, Allianz, and Coface Set to Face Potential Claims Related to First Brands Bankruptcy

Oct -10

Source:

Coface SA: Disclosure of total number of voting rights and number of shares in the capital as at September 30, 2025

Oct -01

Source:

Coface SA: Coface appoints Christina Montes De Oca to lead its North America region

Sep -15

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.90%)

6. Segments

Credit Insurance

Expected Growth: 7.9%

Coface SA's 7.9% growth in Credit Insurance is driven by increasing demand for trade credit protection, expansion into emerging markets, and strategic partnerships. Additionally, the company's digitalization efforts and improved risk assessment capabilities have enhanced its offerings, attracting more clients and contributing to its growth.

7. Detailed Products

Credit Insurance

Protects businesses against the risk of non-payment by their customers

Debt Collection

Recovery of outstanding debts on behalf of businesses

Business Information

Provides businesses with information on the creditworthiness of their customers and suppliers

Single Invoice Insurance

Protects businesses against the risk of non-payment for a single invoice

Bonding

Provides guarantees to ensure that businesses fulfill their contractual obligations

Factoring

Provides financing to businesses by advancing payment on outstanding invoices

8. COFACE SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for COFACE SA is medium due to the presence of alternative credit insurance providers in the market.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of credit insurance products and the lack of price sensitivity among customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers of credit insurance services, but the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the credit insurance market, including regulatory hurdles and the need for significant capital investment.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the credit insurance market, leading to a competitive pricing environment.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	22.40%
Debt Cost	3.95%
Equity Weight	77.60%
Equity Cost	8.70%
WACC	7.63%
Leverage	28.87%

11. Quality Control: COFACE SA passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Mapfre

A-Score: 7.9/10

Value: 6.8

Growth: 6.6

Quality: 7.2

Yield: 8.1

Momentum: 10.0

Volatility: 8.7

1-Year Total Return ->

BAWAG

A-Score: 7.3/10

Value: 4.5

Growth: 7.2

Quality: 7.2

Yield: 8.8

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

VIG

A-Score: 7.2/10

Value: 6.4

Growth: 4.2

Quality: 6.2

Yield: 7.5

Momentum: 10.0

Volatility: 9.0

1-Year Total Return ->

PKO Bank Polski

A-Score: 7.0/10

Value: 5.8

Growth: 8.6

Quality: 6.8

Yield: 10.0

Momentum: 7.0

Volatility: 3.7

1-Year Total Return ->

COFACE

A-Score: 6.9/10

Value: 6.4

Growth: 4.7

Quality: 5.9

Yield: 10.0

Momentum: 6.0

Volatility: 8.3

1-Year Total Return ->

SCOR

A-Score: 6.3/10

Value: 8.1

Growth: 1.7

Quality: 5.6

Yield: 8.8

Momentum: 8.5

Volatility: 5.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-2.61%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.63%

COFACE SA - FR0010667147

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on COFA

1.c. Company Highlights

Higher Yield

Cheaper

Average Growth

Revenues Miss

Stable Momentum

Average Quality

Fairly Valued

Revenues Beats

Medium Volatility

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.90%)

6. Segments

Credit Insurance

Expected Growth: 7.9%

7. Detailed Products

Credit Insurance

Debt Collection

Business Information

Single Invoice Insurance

Bonding

Factoring

8. COFACE SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: COFACE SA passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

14.96$

Current Price

14.96$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA