Chesnara

CSN.L

Insurance - Life · Financial Services

Price

326.00 GBp

+1.00 (+0.31%)

Market Cap

£752.1M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+35.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 151.6M (2021) → 205.2M (2025)

Winston Score History

The full picture

Chesnara is a UK-based life insurance and pensions company. It sells life insurance policies and pension products to individual customers, mainly in the UK, Sweden, and the Netherlands. The company is known for buying up older, closed life insurance books — meaning it acquires portfolios of policies that other insurers no longer want to manage.

Chesnara makes money by collecting premiums and managing the investments tied to its policyholders' savings and protection plans. It operates across three main divisions covering its UK, Swedish, and Dutch businesses, and has a market value of around £0.7 billion. Its competitive edge comes from being a specialist acquirer of these "run-off" insurance books, which gives it a steady, predictable cash flow that it largely returns to shareholders as dividends. The main risk is that rising interest rates or poor investment returns could hurt the value of its policyholder funds, and finding attractively priced acquisition targets is never guaranteed.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+26.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+8.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 years

£14.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

£14.2B cash & investments at current burn rate

Strong grower

Chesnara is growing revenue at 26% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

2.9%

Thin — 2.9% operating margin

Return on the money invested

ROCE

38.1%

Exceptional — 38.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+17.3%

Fast-growing sales (+17.3% YoY)

Profit growth

EPS YoY

-296.5%

Earnings shrinking (-296.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-52.2%

Burning cash (-52.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.49

Conservative — low debt load (0.49)

Covers its interest

Interest Cover

20.69x

Comfortably covers interest (20.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

6.75%

Healthy income — 6.75% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-7.0%

Dividend cut (-7.0% YoY) — warning sign

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