Conduit Holdings Limited (CRE.L) | Investment Case

1. Company Snapshot

1.a. Company Description

Conduit Holdings Limited, together with its subsidiaries, engages in the reinsurance business in Bermuda and internationally.It underwrites property, casualty, and specialty reinsurance products.The company was incorporated in 2020 and is based in Hamilton, Bermuda.

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1.b. Last Insights on CRE

Conduit Holdings Limited's recent stock performance has been negatively driven by the UK market's challenges, largely due to weak trade data from China, impacting companies reliant on the Chinese economy. Additionally, the company's significant catastrophe losses in Q4 2024, despite robust growth in premiums, may have contributed to investor concerns. Furthermore, global economic uncertainties and fluctuating commodity prices have created a challenging environment for investors, making dividend stocks like Conduit an attractive option for stability and income potential."

1.c. Company Highlights

Last Price	355.5
Change Percentage	2.30%
Open	349.5
Previous Close	347.5
Market Cap ( Millions)	552
Volume	405714
Year High	507
Year Low	271
M A 50	342.68
M A 200	347.77

FCF Yield	48.43%
Dividend Yield	7.64%
ROE	1.36%
Debt / Equity	0.12%
Net Debt / EBIDTA	-175.31%
Price To Book	0.71
Price Earnings Ratio	50.76
Price To FCF	2.06
Price To sales	0.93
EV / EBITDA	3.94

2. Transcript Summary

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3. NewsRoom

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Conduit Re appoints new chief risk officer

Jul -16

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.71%)

6. Segments

Property

Expected Growth: 4.5%

Conduit Holdings Limited's 4.5% growth is driven by increasing demand for specialty insurance products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digital transformation and operational efficiency has led to improved underwriting capabilities and cost savings, contributing to its growth momentum.

Casualty

Expected Growth: 4.8%

Conduit Holdings Limited's 4.8% growth in Casualty segment is driven by increasing demand for specialty insurance products, expansion into new geographies, and strategic partnerships. Additionally, the company's focus on digitalization and data analytics has improved underwriting efficiency, enabling it to capitalize on emerging opportunities in the market.

Specialty

Expected Growth: 5.2%

Conduit Holdings' Specialty segment growth of 5.2% is driven by increasing demand for niche insurance products, expansion into new geographic markets, and strategic partnerships. Additionally, the company's focus on digitalization and data analytics has improved underwriting efficiency, enabling it to capitalize on emerging opportunities.

7. Detailed Products

Reinsurance

Conduit Holdings Limited offers reinsurance products to help insurance companies manage their risk exposure and improve their capital efficiency.

Insurance Risk Transfer

Conduit Holdings Limited provides insurance risk transfer solutions to help clients manage their risk and optimize their capital allocation.

Capital Markets Solutions

Conduit Holdings Limited offers capital markets solutions to help clients access alternative capital sources and optimize their capital structure.

Risk Advisory Services

Conduit Holdings Limited provides risk advisory services to help clients identify, assess, and manage their risks more effectively.

8. Conduit Holdings Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Conduit Holdings Limited is moderate due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the large number of customers and the availability of alternative products and services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's strong relationships with its suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants is moderate due to the moderate barriers to entry and the availability of resources and technology.

Intensity Of Rivalry

The intensity of rivalry is high due to the large number of competitors and the high level of competition in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	0.23%
Debt Cost	6.39%
Equity Weight	99.77%
Equity Cost	6.39%
WACC	6.39%
Leverage	0.23%

11. Quality Control: Conduit Holdings Limited passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Barings

A-Score: 7.3/10

Value: 2.6

Growth: 4.6

Quality: 8.8

Yield: 10.0

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

General American Investors Company

A-Score: 7.2/10

Value: 5.3

Growth: 2.8

Quality: 8.9

Yield: 9.0

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

Sixth Street Specialty Lending

A-Score: 6.9/10

Value: 5.2

Growth: 4.3

Quality: 6.5

Yield: 10.0

Momentum: 6.0

Volatility: 9.7

1-Year Total Return ->

Crescent Capital BDC

A-Score: 6.8/10

Value: 6.3

Growth: 7.4

Quality: 6.3

Yield: 10.0

Momentum: 1.5

Volatility: 9.3

1-Year Total Return ->

Conduit Holdings

A-Score: 6.5/10

Value: 6.8

Growth: 10.0

Quality: 6.6

Yield: 9.0

Momentum: 0.5

Volatility: 6.0

1-Year Total Return ->

Greenlight Capital Re

A-Score: 5.6/10

Value: 8.8

Growth: 5.4

Quality: 6.6

Yield: 0.0

Momentum: 3.5

Volatility: 9.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-11.54%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.39%

Conduit Holdings Limited - BMG243851091

1. Company Snapshot

1.a. Company Description

Conduit Holdings Limited, together with its subsidiaries, engages in the reinsurance business in Bermuda and internationally.It underwrites property, casualty, and specialty reinsurance products.The company was incorporated in 2020 and is based in Hamilton, Bermuda.

1.b. Last Insights on CRE

1.c. Company Highlights

Higher Growth

Better Quality

Higher Yield

Less Volatile

Cheaper

Earnings Beats

Average Quality

Revenues Miss

Weak Momentum

Revenues Beats

Earnings Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.71%)

6. Segments

Property

Expected Growth: 4.5%

Casualty

Expected Growth: 4.8%

Specialty

Expected Growth: 5.2%

7. Detailed Products

Reinsurance

Insurance Risk Transfer

Capital Markets Solutions

Risk Advisory Services

8. Conduit Holdings Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Conduit Holdings Limited passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.55$

Current Price

3.56$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA