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If you are wondering whether Aegon is still good value at around €6.58 per share, the key question is how its current price compares with what the business could reasonably be worth.
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The stock has returned 0.8% over the last 7 days, while the 1 year return sits at 10.9% and the 3 year and 5 year returns are 54.9% and 133.8% respectively. These figures may influence how you think about both its growth potential and its risk profile.
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Recent news around Aegon has centered on its broader repositioning as a Netherlands listed insurer and financial services group, including ongoing attention on how it allocates capital and manages its portfolio of businesses. This backdrop helps frame how investors interpret the recent share price performance and how they assess what they might reasonably expect from the company.
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Aegon currently records a valuation score of 5/6 on our checks, which indicates that several traditional metrics suggest it may be undervalued. Next we will walk through the main valuation approaches before finishing with an additional way to think about what the stock could be worth.
Find out why Aegon’s 10.9% return over the last year is lagging behind its peers.
The Excess Returns model looks at how efficiently Aegon turns its equity base into earnings, after covering the required return that shareholders expect. Instead of focusing on cash flows, it asks whether the company is generating earnings above its cost of equity and how durable that surplus might be.
For Aegon, the starting point is a Book Value of €5.85 per share and a Stable EPS of €0.89 per share, based on weighted future Return on Equity estimates from 8 analysts. The average Return on Equity is 14.90%, while the Cost of Equity is set at €0.31 per share. That leaves an Excess Return of €0.57 per share, which is the core input for this approach. The Stable Book Value used in the model is €5.94 per share, based on estimates from 7 analysts.
Combining these inputs, the Excess Returns model arrives at an intrinsic value of about €22.71 per share. Against a current share price of around €6.58, this implies the stock is 71.0% undervalued.
Result: UNDERVALUED
Our Excess Returns analysis suggests Aegon is undervalued by 71.0%. Track this in your watchlist or portfolio, or discover 875 more undervalued stocks based on cash flows.
AGN Discounted Cash Flow as at Feb 2026
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Aegon.
For a profitable company, the P/E ratio is a useful yardstick because it tells you how much you are paying for each euro of earnings. It is a quick way to connect the share price to the underlying profit the business is generating.
What counts as a reasonable P/E depends on how you see earnings growth and risk. Higher expected growth or lower perceived risk can justify a higher multiple, while slower growth or higher risk usually points to a lower one.
Aegon currently trades on a P/E of 7.82x. That sits below the Insurance industry average P/E of 12.09x and also below the peer average of 12.82x. Simply Wall St’s Fair Ratio for Aegon is 10.06x, which is its view of a more appropriate multiple once factors like earnings growth, profit margin, risk profile, industry and market cap are all combined into a single figure.
This Fair Ratio can be more informative than a simple comparison with peers or the broad industry because it is tailored to Aegon’s own fundamentals rather than assuming it should trade in line with the group average.
Since the current P/E of 7.82x is below the Fair Ratio of 10.06x, Aegon screens as undervalued on this measure.
Result: UNDERVALUED
ENXTAM:AGN P/E Ratio as at Feb 2026
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Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, where you set out your story for Aegon and connect it directly to numbers like fair value, future revenue, earnings and margins.
A Narrative is simply your view of what is happening at the company, translated into a financial forecast and then into a fair value estimate, so the story and the spreadsheet are always linked.
On Simply Wall St, Narratives sit in the Community page and are designed to be easy to use, helping you compare fair value to the current share price so you can decide whether Aegon looks more attractive or more fully priced to you at any point in time.
Narratives also update automatically when new information arrives, such as fresh earnings or major news, and different Aegon Narratives on the platform can sit at very different fair values. For example, one investor might see Aegon as worth around €7 per share, while another might see closer to €20 based on their own assumptions.
Do you think there’s more to the story for Aegon? Head over to our Community to see what others are saying!
ENXTAM:AGN 1-Year Stock Price Chart
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include AGN.AS.
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