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Chesnara plc (CSN) Fair Value & Analysis

Financial Services · GB · Market cap 773M GBX

CP Chesnara plc CSN · LSE
Price£3.33
Fair Value£2.63
Upside-21.1%
Quality24/100
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Mixed Growth
Loss-making · -3.0% net margin
Low debt · negative free cash flow
6.69% dividend yield
Trails peers (1/12)
Narrow moat 26/100
Evidence: Medium Range £1.33 – £3.92 Share as image

Fair value as of: Jul 11, 2026

From 3 valuation models · updated 29 days ago

Share price +1.0% over the past month.

Below-average quality, and screening another 21% overvalued on our models.

What matters now

  • Weak quality (24/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (£1.33 to £3.92). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

£3.37 £1.48 Fair Value £2.63 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range £1.48 – £3.37 · fair‑value band £1.33 – £3.92 · the £3.33 price screens above the £2.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Chesnara plc (CSN) currently trades at £3.33, while our model-based Fair Value estimate is £2.63, implying the stock looks roughly 21.1% overvalued today. The Quality Score stands at 24/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Chesnara plc generated revenue of £343M at a net margin of -3.0%. Revenue declined 7.7% year over year. It earns a return on equity of -2.4%. Net debt stands at £60.0M. Fundamentals as of Jul 11, 2026

Our scenario range runs from £1.33 (bear case) to £3.92 (bull case); at £3.33, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at 1% fair-value upside, at -21%, CSN screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Gordon GGM £1.41 £2.55 £3.51 70
DDM Multi-Stage £1.41 £2.33 £2.72 61
NCAV (Graham) £0.9000 £1.21 £1.80 50
All 3 models by family
Dividend Discount
Gordon GGM £1.41 £2.55 £3.51 70
DDM Multi-Stage £1.41 £2.33 £2.72 61
Asset-Based
NCAV (Graham) £0.9000 £1.21 £1.80 50

Widest divergence: Dividend Discount (£2.33) versus Asset-Based (£1.21). Highest evidence: Gordon GGM (70).

Key figures & financial health

Revenue (TTM) 343M GBX
Revenue growth (YoY) -7.7%
Net margin -3.0%
Return on equity -2.4%
Free cash flow −232M GBX FY2025
Operating margin 15.3%
More key figures
EPS (TTM) £-0.0500
Dividend yield 7.0%
EPS growth (YoY) -93.3%
Net debt 60.0M GBX FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 24/100

Of which business quality 22 · Market factors (momentum, volatility) 78

Profitability 10
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 3
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Chesnara plc, together with its subsidiaries, operates in life assurance and pension businesses primarily in the United Kingdom, Sweden, and the Netherlands. It underwrites life, health, accident, and disability cover by providing savings and pensions products to meet future financial needs; and provides a portfolio of investment contracts.

Full company description

Chesnara plc, together with its subsidiaries, operates in life assurance and pension businesses primarily in the United Kingdom, Sweden, and the Netherlands. It underwrites life, health, accident, and disability cover by providing savings and pensions products to meet future financial needs; and provides a portfolio of investment contracts. The company also provides term life, unit-linked, index-linked, and non-linked business products. It distributes its products principally through independent financial advisers. Chesnara plc was incorporated in 2003 and is headquartered in Preston, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chesnara plc reported revenue of £990M in FY2025 versus £1.5B in FY2021, a compound −9.9%/yr. Reported net income was −£10.4M in FY2025.

Growth Quality 18/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£990M
Latest YoY
−40.6%
Avg. growth/yr (5Y)
+9.3%
Avg. growth/yr (22Y)
+28.7%
Revenue −9.9%/yr
FY21 £1.5B
FY22 −£720M
FY23 £1.0B
FY24 £1.7B
FY25 £990M
Net income
FY21 £27.3M
FY22 −£33.7M
FY23 £18.7M
FY24 £3.9M
FY25 −£10.4M

CSN screens 21% overvalued. Compare with China Life Insurance Company →

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Cite: Fair Value Calculator (2026). "Chesnara plc Fair Value". https://www.fairvalue-calculator.com/stock/CSN

Peer Group

Insurance - Life · 95 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 22 · Bottom 25%
Fair Value upside −21% · Below median
Return on assets 0% · Bottom 25%
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) 15% · Below median
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 6.7% · Top 25%
Debt / equity 0.49× · Higher than median

Valuation Multiples vs Insurance - Life median · lower = cheaper

P/B 2.51× · Pricier than 75% of peers
P/S (TTM) 3.04× · Pricier than 75% of peers
EV/EBITDA 41.1× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 5 · sector 32
FUTURE 0 · sector 44
PAST 0 · sector 43
HEALTH 76 · sector 86
DIVIDEND 100 · sector 55

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
China Life Insurance Company 601628 ¥38.72 ¥70.87 +83%
Ping An Insurance (Group) Company 601318 ¥49.60 ¥96.76 +95%
AIA Group 1299 HK$75.55 HK$7.88 -90%
Manulife Financial Corporation MFC C$58.52 C$45.13 -23%
Great-West Lifeco Inc GWO C$92.34 C$59.64 -35%
Life Insurance Corporation LICI ₹438.30 ₹590.43 +35%
Fubon Financial Holding 2881 124.50 TWD 115.05 TWD -8%
Cathay Financial Holding 2882 94.00 TWD 94.95 TWD +1%
Samsung Life Insurance Co 032830 337,500 KRW 166,710 KRW -51%
China Pacific Insurance (Group) Co 601601 ¥29.75 ¥59.50 +100%

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Frequently asked questions

Is Chesnara plc (CSN) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of £2.63 versus a price of £3.33, about −21% (overvalued).
What is the fair value of CSN?
Our model-based fair value for Chesnara plc is £2.63 (as of Jul 11, 2026), built from audited fundamentals. The current price is £3.33.
What is the quality score of CSN?
Chesnara plc has a Quality Score of 24/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Chesnara plc (CSN)?
Chesnara plc reported trailing-twelve-month revenue of about £343M (latest available figure, as of Jul 11, 2026).
What is the net profit margin of CSN?
The net profit margin of Chesnara plc is about -3.0%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Chesnara plc pay a dividend?
Chesnara plc currently shows a dividend yield of about 6.97% relative to its recent price (as of Jul 11, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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