Quick Value #323 - Insurance Stub Shares
Shares of this stub insurance business trade at 8x normalized earnings with jockey CEO
Today’s post:
Founder-led insurer with track record of value creation (jockey stock)
Recent subsidiary IPO creates “stub” value in other businesses / assets
Stub trades at ~8x normalized earnings with best-in-class balance sheet
Shares lagging peers over past 3 years despite a much stronger business
For new subscribers — these write-ups are meant to be a “jumping off point” for the idea generation process (i.e. a surface level review). Each write-up includes: (1) company background; (2) why the idea is interesting; and (3) fair value estimate.
Check out past write-ups here and my home base page here.
Recent write-ups include:
07/13/26 — Fubo + Hulu Live merger + management change
06/29/26 — Somnigroup’s vertical integration acquisition spree
06/23/26 — Guide to GoodCo / BadCo situations (a look at Tripadvisor) ($)
06/15/26 — Campbell’s is another beaten down staple
