Professional
Added to YB: 2025-09-08
Pitch date: 2025-06-30
CRE.L [bullish]
Conduit Holdings Limited
+1.1%
current return
Author Info
No bio for this author
Company Info
Conduit Holdings Limited, through its subsidiary, provides reinsurance products and services worldwide.
Market Cap
GBP 611.4M
Pitch Price
GBP 3.59
Price Target
N/A
Dividend
9.21%
EV/EBITDA
21.62
P/E
48.74
EV/Sales
0.48
Sector
Insurance
Category
turnaround
Third Avenue Value Fund New Position: Conduit Holdings Limited
CRE.L (new position): Bermuda reinsurer launched 2021 w/ $1bn fresh capital, targeting mid-80% combined ratios & mid-teens ROE. Strong 2023 results followed by elevated 2024 losses & LA wildfire exposure in 2025. CEO retired, founder took over. Trading at significant discount to book value despite no debt & high-quality portfolio. Potential for book value compounding + valuation re-rating.
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