Reported Earnings • May 11
First quarter 2026 earnings released: US$0.90 loss per share (vs US$0.14 loss in 1Q 2025) First quarter 2026 results: US$0.90 loss per share (further deteriorated from US$0.14 loss in 1Q 2025). Revenue: US$10.2m (up US$9.35m from 1Q 2025). Net loss: US$6.95m (loss widened US$6.56m from 1Q 2025). お知らせ • Apr 27
Kestrel Group Ltd, Annual General Meeting, Jun 10, 2026 Kestrel Group Ltd, Annual General Meeting, Jun 10, 2026. Location: hamilton princess & beach club, 76 pitts bay road, hamilton hm 08, bermuda., Bermuda New Risk • Mar 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 98% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). High level of non-cash earnings (98% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$81.1m market cap). Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: EPS: US$8.64. Revenue: US$34.0m (up US$28.6m from FY 2024). Net income: US$49.5m (up US$49.2m from FY 2024). Buy Or Sell Opportunity • Mar 10
Now 23% undervalued Over the last 90 days, the stock has risen 9.7% to US$12.59. The fair value is estimated to be US$16.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Feb 05
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to US$11.21. The fair value is estimated to be US$14.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Jan 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (US$74.5m market cap). New Risk • Dec 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.6m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results. Market cap is less than US$100m (US$97.6m market cap). Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$21.29, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 13x in the Insurance industry in the US. New Risk • Sep 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results.