Added to YB: 2026-03-18
Pitch date: 2026-03-16
LDA.MC [neutral]
Línea Directa Aseguradora, S.A., Compañía de Seguros y Reaseguros
+1.37%
current return
Author Info
Company Info
Línea Directa Aseguradora, S.A., Compañía de Seguros y Reaseguros engages in insurance and reinsurance business in Spain and Portugal.
Market Cap
EUR 1.3B
Pitch Price
EUR 1.16
Price Target
N/A
Dividend
2.37%
EV/EBITDA
10.37
P/E
14.75
EV/Sales
1.10
Sector
Insurance
Category
N/A
Direct Line: Aligned or accommodating management?
LDA.MC (overview): Conservative comp structure - 72% fixed, 11% annual bonus, 14% LT—limits alignment w/ shareholders. CEO got €718k in 2025 (+31% YoY) as profit surged 33.5%, RoAE 22.9%, CR 92.6%. Low variable pay reduces risk-taking but risks complacency vs peers w/ 40-60% LT comp. Malus/clawback clauses strong. Lacks transparency on bonus metrics; mgmt has little equity ownership. Structure favors stable income over intrinsic value growth.
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