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Lancashire - Shares Down 15% Despite Favorable Q1 2014 Results
- Q1 2014 results point to significant undervaluation of Lancashire, which currently trades at PE=6.5 and 1.4xBV.
- Investors have recently sold down on concerns about unexpected CEO resignation, although business appears to be in a better position than before.
- Change of CEO should have minimal effect on daily operations as well as on capital allocation decision within the company.
- Special dividend announcement is expected in H2 2014, which will likely boost the share price.
Lancashire - Money Making Machine With At Least 45% Upside
- Lancashire Holdings is a London based niche insurance/reinsurance company with a track record of spectacular financial performance: average ROE of 19%, combined ratio of 60% and 10% dividend.
- The company trades at PE=10 (or forward PE=6.9), and the market currently attaches no value to its newly started/acquired businesses, which will increase 2014 earnings by 45%.
- Recent decrease in share price (22% during the last year) gives a asymmetric buying opportunity with at least 45% upside within one year.
Is The 8% Yield Of Lancashire Holdings Sustainable?
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