olivLaw · European equity research
Chesnara plc CSN.L
United Kingdom · London Stock Exchange · ISIN GB00B00FPT80 · Vertical: Listed companies from United Kingdom
Chesnara is a UK-listed life and pensions group that administers a portfolio of policies for customers in the United Kingdom, the Netherlands and Sweden. In 2025 the group generated Operating Capital Generation of £94M, and it is now integrating the HSBC Life (UK) acquisition, renamed Chesnara Life, while proposing a further acquisition in Luxembourg, Scottish Widows Europe SA. For the underlying figures, see the figure lines.
At the close of 05 Nov 2026, Chesnara plc (CSN.L) stock was 3.47 GBP (−0.14% on the day), with market capitalisation 7.1 m GBP, dividend yield 649.35%, beta 0.45, 52-week range 2.68–3.76 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 3.25 – 3.51
- in the upper half of the band · %B 0.83 · band width 7.8%
- SMA 50 / 200
- 3.46 / 3.25
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.2% | −0.6% | +4.9 pp | — |
| 3 months | +1.3% | −4.2% | +5.5 pp | — |
| 6 months | +11.2% | +4.3% | +6.9 pp | — |
| Year to date | +15.1% | +7.5% | +7.6 pp | — |
| 1 year | +23.3% | +9.9% | +13.4 pp | +5.8% |
| 3 years | +52.9% | +49.8% | +3.0 pp | +26.3% |
| 5 years | +38.8% | +42.8% | −4.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 155.9 m | 165.5 m | 186.3 m |
| Revenue YoY | unavailable | +6.2% | +12.6% |
| Net income | 18.6 m | 3.9 m | -10.4 m |
| Net income YoY | unavailable | −79.0% | −366.7% |
| Diluted EPS | 12.24 | 2.23 | -5.05 |
| Diluted EPS YoY | unavailable | −81.8% | −326.5% |
| net % | 11.9% | 2.4% | -5.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 145.3 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 563.3 m GBP
- Total assets
- 14.6 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -2.4%
- ROA
- -0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 155.9 m | 165.5 m | 186.3 m | esef· 29 Apr 2026verified |
| Interest expense | 11.0 m | 11.1 m | 11.4 m | esef· 29 Apr 2026verified |
| Pre-tax income | 1.7 m | 20.8 m | 18.8 m | esef· 29 Apr 2026verified |
| Income tax | -16.9 m | 16.9 m | 29.2 m | esef· 29 Apr 2026verified |
| Net income | 18.6 m | 3.9 m | -10.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | 12.24 | 2.23 | -5.05 | esef· 29 Apr 2026verified |
| Dividend per share | 23.97 | 24.69 | 22.50 | esef· 29 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 146.0 m | 138.0 m | 145.3 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 8.4 m | 7.8 m | 7.6 m | esef· 29 Apr 2026verified |
| Total assets | 12.1 bn | 12.8 bn | 14.6 bn | esef· 29 Apr 2026verified |
| Total liabilities | 11.8 bn | 12.4 bn | 14.0 bn | esef· 29 Apr 2026verified |
| Equity | 359.8 m | 314.4 m | 563.3 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 1.5 m | 1.7 m | 2.1 m | esef· 29 Apr 2026derived |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.1 m GBP
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.6% | 26 (vs peers) | 50% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 511.5% | 100 (on a fixed band) | 50% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CHESNARA PLC (CSN.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 186.3 m GBP in 2025; YoY growth 12.6%; net margin -5.6%; ROE -2.4%.
The estimated value range is 220.71–272.65 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 243.95 GBP, the price of 3.46 GBP leaves a potential of 6,940.3% (value / price − 1) and a margin of safety of 98.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 511.5%
- The price is below the estimated value range
What contradicts it
- Net margin: -5.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| CSN.LChesnara PLC | 7.1 m | — | -2.4% | -5.6% | +12.6% | +22% / +56% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CSN.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Chesnara is a UK-listed life and pensions group that administers a portfolio of policies for customers in the United Kingdom, the Netherlands and Sweden. In 2025 the group generated Operating Capital Generation of £94M, and it is now integrating the HSBC Life (UK) acquisition, renamed Chesnara Life, while proposing a further acquisition in Luxembourg, Scottish Widows Europe SA. For the underlying figures, see the figure lines 1.
SWOT
Strengths
- The solvency coverage ratio is well above the normal operating range, giving strategic flexibility 1.
- A long track record of continuous dividend growth, now over 20 years, supports shareholder confidence 1.
- Operating capital generation, measured as OCG, increased in 2025 compared with the prior year 1.
Weaknesses
- Growth through acquisitions carries integration risk, especially for large transactions such as Chesnara Life 1.
- The model depends on administration through external suppliers, creating reliance on outsourcing partners 1.
- Acquisition activity is capital intensive, which required share issuance and RT1 debt financing 1.
Opportunities
- The proposed Scottish Widows Europe SA acquisition could open the Luxembourg market and other European opportunities 1.
- Integrating Chesnara Life and the Dutch companies could generate synergies and operational efficiency 1.
- Growing distribution through new partnerships in Sweden and Norway could diversify sources of new business 1.
Threats
- Geopolitical and macroeconomic volatility could affect the value of assets under administration and customer returns 1.
- Regulatory changes or stricter capital requirements could reduce flexibility in paying dividends 1.
- If integrations do not follow the timetable, announced synergies could be delayed or smaller than estimated 1.
Risks
- Acquisition integration riskhigh
Integrating Chesnara Life and other acquisitions requires complex system migrations; delays could reduce the expected synergies 1.
- Dependence on external suppliersmedium
Policy administration relies on outsourcing partners, and their operational problems could affect service to customers 1.
- Capital and solvency riskmedium
If SII coverage falls below the normal range or capital raising becomes more costly, flexibility for further acquisitions could be limited 1.
- Macroeconomic and market riskmedium
Volatility in financial markets could affect the value of investments and the returns on products for customers, with an impact on OCG 1.
- Regulatory and conduct risklow
Changes in the prudential regime or in requirements for fair treatment of customers could increase compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If the integration of Chesnara Life and Scottish Widows Europe SA proceeds as planned, the group could significantly increase its scale and operating capital generation 1.
- A long history of dividend growth and high solvency could support the capacity to finance further acquisitions without excessive pressure on the balance sheet 1.
- Geographic diversification across the UK, the Netherlands, Sweden and possibly Luxembourg could reduce dependence on any single market 1.
What would break the thesis
- If large integrations encounter technical or operational difficulties, the announced synergies could be smaller than expected 1.
- Growth through acquisitions depends on opportunities at reasonable prices; if these decline, the pace of growth could slow 1.
- Financing acquisitions through share issues and RT1 debt could dilute existing shareholders or raise the cost of capital 1.
What to watch
- Progress of the Chesnara Life integration and migration to the SS&C platform2026
- Completion of the Scottish Widows Europe SA acquisition and regulatory approvalsend of 2026
- Development of the Solvency Coverage Ratio against the normal range of 140%-160%next 10-K
- Integration of Scildon and Waard in the Netherlands and alignment of products2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Chesnara administers life, pensions and other savings products for approximately 1.4M policies, according to the 2025 annual report 1. The group focuses on managing its existing book efficiently, acquiring life and pensions businesses and writing profitable new business 1. Its stated philosophy is 'putting the customer first', and its strong solvency is presented as the foundation of this model 1.
At 31 December 2025 assets under administration (AuA) reached £15BN, up from £14BN a year earlier, a rise supported by the Chesnara Life acquisition completed in January 2026 1. The Solvency Coverage Ratio stood at 257%, well above the normal operating range of 140%-160% 1. The group also entered the FTSE 250 in August 2025, following a £140M rights issue 1.
On dividends, the company proposes a final 2025 dividend of 14.80p per share, an increase of 6% and its 21st successive year of growth 1. Stated strategic priorities include maximising value from the existing business, acquisitions and writing new profitable business 1.
Segments
United Kingdom (Chesnara Life and Countrywide Assured)
The UK division was expanded by the HSBC Life (UK) acquisition, renamed Chesnara Life, which adds £5bn AuA and could generate £140m Cash Generation over the next 5 years 1. Countrywide Assured continues its transition programme, moving onto a single platform with its outsourcing partner SS&C 1.
Netherlands (Scildon and Waard)
Scildon and Waard completed their legal merger in July 2025, and integration continues with the alignment of IT systems and product portfolios 1. Scildon's Defined Contribution pension business was transferred to Allianz, leaving the group focused on individual life insurance 1.
Market context
Chesnara operates in the life insurance and closed pensions market, where companies take on books of business from other holders and consolidation is an important growth driver 1. The group describes its acquisition strategy as a main route to expansion, and relationships with banks and other financial institutions that transfer policies are relevant in this context 1.
The proposed acquisition of Scottish Widows Europe SA would mark the group's entry into Luxembourg and provide a platform for consolidation across Europe 1. The Solvency UK and Solvency II regimes remain central to the group's capacity to acquire, as they determine the capital required 1.
Trends
- Consolidation of life and pensions bookstailwind
Banks and other financial institutions outsource policies, which could create acquisition opportunities for Chesnara, such as those with Lloyds Banking Group and HSBC 1. If this flow of transactions continues, growth through acquisitions could remain a core component of the model.
- Prudential regulation and capitalmixed
The Solvency UK regime and SII standards require high capital levels, which provides strategic flexibility but limits distributions if coverage falls 1. It could become a pressure if requirements tighten.
- Geopolitical and macroeconomic volatilityheadwind
Management notes a backdrop of geopolitical and macroeconomic volatility, which could affect asset values and investment returns for customers 1.
- Digitalisation of distribution and servicestailwind
The Swedish and Dutch divisions are investing in digital portals, apps and partnerships with digital platforms, which could reduce servicing costs and diversify distribution channels 1.
Competitive position
The reviewed sources do not explicitly name the group's competitors. Chesnara does, however, compete for acquisitions of life and pensions policy portfolios with other specialist administrators, as well as with traditional insurers selling their books of business 1.
In acquiring portfolios, the group's position depends on its ability to complete transactions and integrate businesses, and its 2025 results and high solvency could support that position 1.
- European life and pensions portfolio administrators
Competition for the acquisition of closed portfolios; not explicitly identified in the source.
- Traditional insurers selling their books of business
Sellers of portfolios with which the group negotiates acquisitions; the relationship is mentioned in the source as part of the acquisition strategy.
- Digital savings and pensions platforms
Distribution partners in Sweden; not direct competitors in the source.
- Other policy servicing groups
Indirect competitors in policy administration, particularly in the UK; not identified in the source.
News & filings
In the press
- Chesnara CEO: 79% jump in capital generation fuels acquisition ambitionsYahoo Finance — News · 25 Aug 2026 · EN
- Chesnara H1 Earnings Call HighlightsYahoo Finance — News · 25 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Chesnara plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.