View Future GrowthThis company has been acquiredThe company may no longer be operating, as it has been acquired. Find out why through their latest events.See Latest EventsAlleghany 과거 순이익 실적과거 기준 점검 2/6핵심 정보25.63%순이익 성장률28.25%주당순이익(EPS) 성장률Insurance 산업 성장률8.02%매출 성장률14.16%자기자본이익률6.24%순이익률3.03%최근 순이익 업데이트30 Jun 2022최근 과거 실적 업데이트Reported Earnings • Aug 05Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2022 results: US$12.75 loss per share (down from US$29.00 profit in 2Q 2021). Revenue: US$2.60b (down 11% from 2Q 2021). Net loss: US$171.6m (down 143% from profit in 2Q 2021). Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 19% compared to a 1.1% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 06First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: US$9.29 (down from US$16.44 in 1Q 2021). Revenue: US$2.72b (up 2.5% from 1Q 2021). Net income: US$125.7m (down 45% from 1Q 2021). Profit margin: 4.6% (down from 8.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 39%. Over the next year, revenue is forecast to decline by 22% while the industry in the US is not expected to grow. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Reported Earnings • Feb 26Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: US$74.70 (up from US$7.14 in FY 2020). Revenue: US$12.0b (up 35% from FY 2020). Net income: US$1.03b (up US$933.1m from FY 2020). Profit margin: 8.6% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Combined ratio: 97.2% (down from 102.1% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Reported Earnings • Nov 08Third quarter 2021 earnings released: US$8.31 loss per share (vs US$8.86 profit in 3Q 2020)The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$2.87b (up 14% from 3Q 2020). Net loss: US$115.0m (down 191% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Reported Earnings • Aug 08Second quarter 2021 earnings released: EPS US$29.00 (vs US$12.40 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$2.93b (up 32% from 2Q 2020). Net income: US$403.7m (up 128% from 2Q 2020). Profit margin: 14% (up from 8.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 07First quarter 2021 earnings released: EPS US$16.44 (vs US$25.19 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$2.65b (up 79% from 1Q 2020). Net income: US$230.0m (up US$591.3m from 1Q 2020). Profit margin: 8.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.모든 업데이트 보기Recent updatesReported Earnings • Aug 05Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2022 results: US$12.75 loss per share (down from US$29.00 profit in 2Q 2021). Revenue: US$2.60b (down 11% from 2Q 2021). Net loss: US$171.6m (down 143% from profit in 2Q 2021). Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 19% compared to a 1.1% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 06First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: US$9.29 (down from US$16.44 in 1Q 2021). Revenue: US$2.72b (up 2.5% from 1Q 2021). Net income: US$125.7m (down 45% from 1Q 2021). Profit margin: 4.6% (down from 8.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 39%. Over the next year, revenue is forecast to decline by 22% while the industry in the US is not expected to grow. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Seeking Alpha • Mar 28Merger Arbitrage Mondays: Berkshire Hathaway Acquires Insurer Alleghany For $11.6 BillionBerkshire Hathaway to acquire all outstanding Alleghany shares for $848.02 per share in cash, for a total equity value of approximately $11.6 billion. This is one of the five largest acquisitions in Berkshire's history and it ends Buffett's six-year drought of large acquisitions. KKR and Global Infrastructure Partners complete the acquisition of CyrusOne.Recent Insider Transactions Derivative • Mar 24Independent Director exercised options to buy US$189k worth of stock.On the 22nd of March, John Foos exercised options to buy 223 shares at a strike price of around US$327, costing a total of US$73k. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. Since June 2021, John has owned 3.71k shares directly. Company insiders have collectively bought US$3.8m more than they sold, via options and on-market transactions, in the last 12 months.Valuation Update With 7 Day Price Move • Mar 22Investor sentiment improved over the past weekAfter last week's 30% share price gain to US$845, the stock trades at a trailing P/E ratio of 11x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 42% over the past three years.Seeking Alpha • Mar 09Alleghany Corporation: Valuation Is In The Right ZoneWe stayed out of Alleghany Corporation last time we wrote about it. Key drivers were an attractive valuation offset by better choices available elsewhere in the space. The stock has dropped since then, and we take a look at where we stand today.Recent Insider Transactions • Mar 03Senior VP recently sold US$195k worth of stockOn the 28th of February, Christopher Dalrymple sold around 293 shares on-market at roughly US$666 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$3.9m more than they sold in the last 12 months.Reported Earnings • Feb 26Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: US$74.70 (up from US$7.14 in FY 2020). Revenue: US$12.0b (up 35% from FY 2020). Net income: US$1.03b (up US$933.1m from FY 2020). Profit margin: 8.6% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Combined ratio: 97.2% (down from 102.1% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Recent Insider Transactions Derivative • Jan 30Senior VP exercised options and sold US$396k worth of stockOn the 26th of January, Christopher Dalrymple exercised options to acquire 611 shares at no cost and sold these for an average price of US$649 per share. This trade did not impact their existing holding. Since March 2021, Christopher's direct individual holding has decreased from 6.00k shares to 4.00k. Company insiders have collectively bought US$3.5m more than they sold, via options and on-market transactions, in the last 12 months.Recent Insider Transactions Derivative • Dec 11Independent Director exercised options and sold US$182k worth of stockOn the 8th of December, Ian Chippendale exercised 523 options at a strike price of around US$327 and sold these shares for an average price of US$675 per share. This trade did not impact their existing holding. Since March 2021, Ian's direct individual holding has increased from 2.53k shares to 2.77k. Company insiders have collectively bought US$3.8m more than they sold, via options and on-market transactions, in the last 12 months.Recent Insider Transactions • Dec 05President recently bought US$5.6m worth of stockOn the 2nd of December, Joseph Brandon bought around 9k shares on-market at roughly US$655 per share. This was the largest purchase by an insider in the last 3 months. This was Joseph's only on-market trade for the last 12 months.Recent Insider Transactions Derivative • Nov 30Independent Director exercised options to buy US$186k worth of stock.On the 23rd of November, Raymond L. Wong exercised 523.00 options at around US$327, then sold 243.00 of them at US$703 each and kept the remainder. Since March 2021, Raymond L.'s direct individual holding has increased from 9.05k shares to 9.28k. Company insiders have collectively sold US$1.6m more than they bought, via options and on-market transactions in the last 12 months.Reported Earnings • Nov 08Third quarter 2021 earnings released: US$8.31 loss per share (vs US$8.86 profit in 3Q 2020)The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$2.87b (up 14% from 3Q 2020). Net loss: US$115.0m (down 191% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Seeking Alpha • Sep 15Alleghany Corporation: An Interesting Play To Sidestep Crazy ValuationsForward returns on the S&P 500 appear to be headed well into negative territory as per our estimates. We discuss Alleghany Corporation today, a company that we see handily beating the S&P 500 returns. We look at the recent results and tell you how we came up with our estimates.Reported Earnings • Aug 08Second quarter 2021 earnings released: EPS US$29.00 (vs US$12.40 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$2.93b (up 32% from 2Q 2020). Net income: US$403.7m (up 128% from 2Q 2020). Profit margin: 14% (up from 8.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.Recent Insider Transactions • May 26Senior VP recently sold US$1.4m worth of stockOn the 25th of May, Christopher Dalrymple sold around 2k shares on-market at roughly US$714 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.4m more than they bought in the last 12 months.Price Target Changed • May 07Price target increased to US$833Up from US$775, the current price target is provided by 1 analyst. New target price is 14% above last closing price of US$730. Stock is up 38% over the past year.Reported Earnings • May 07First quarter 2021 earnings released: EPS US$16.44 (vs US$25.19 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$2.65b (up 79% from 1Q 2020). Net income: US$230.0m (up US$591.3m from 1Q 2020). Profit margin: 8.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.Executive Departure • Apr 25President, CEO & Director Weston Hicks has left the companyOn the 23rd of April, Weston Hicks' tenure as President, CEO & Director of the company ended after 16.3 years in the role. As of December 2020, Weston personally held 65.70k shares (US$40m worth at the time). Weston is the only executive to leave the company over the last 12 months. Under Weston's leadership, the company delivered a total shareholder return of 183%.Recent Insider Transactions Derivative • Mar 23Independent Director exercised options and sold US$85k worth of stockOn the 17th of March, Raymond L. Wong exercised 523.00 options at around US$315, then sold 253 of the shares acquired at an average of US$651 per share and kept the remainder. Since June 2020, Raymond L.'s direct individual holding has increased from 8.39k shares to 8.78k. Company insiders have collectively sold US$62k more than they bought, via options and on-market transactions in the last 12 months.Is New 90 Day High Low • Feb 25New 90-day high: US$652The company is up 9.0% from its price of US$598 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Insurance industry, which is also up 9.0% over the same period.Reported Earnings • Feb 25Full year 2020 earnings released: EPS US$7.14 (vs US$59.44 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$8.90b (down 1.6% from FY 2019). Net income: US$101.8m (down 88% from FY 2019). Profit margin: 1.1% (down from 9.5% in FY 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.Recent Insider Transactions Derivative • Jan 21Senior VP exercised options and sold US$123k worth of stockOn the 17th of January, Christopher Dalrymple exercised options to acquire 202.00 shares at no cost and sold these for an average price of US$609 per share. This trade did not impact their existing holding. Since March 2020, Christopher has owned 5.51k shares directly. Company insiders have collectively sold US$25k more than they bought, via options and on-market transactions in the last 12 months.Is New 90 Day High Low • Nov 10New 90-day high: US$625The company is up 14% from its price of US$550 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 5.0% over the same period.Reported Earnings • Nov 05Third quarter 2020 earnings released: EPS US$8.86The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$2.52b (up 17% from 3Q 2019). Net income: US$126.5m (up 40% from 3Q 2019). Profit margin: 5.0% (up from 4.2% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings.Is New 90 Day High Low • Oct 21New 90-day high: US$573The company is up 8.0% from its price of US$533 on 23 July 2020. The American market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Insurance industry, which is down 2.0% over the same period.매출 및 비용 세부 내역Alleghany가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이NYSE:Y 매출, 비용 및 순이익 (USD Millions)날짜매출순이익일반관리비연구개발비30 Jun 2211,73735556031 Mar 2212,06993158031 Dec 2112,0041,03557030 Sep 2111,11367867030 Jun 2110,76991974031 Mar 2110,06869372031 Dec 208,89710249030 Sep 208,534-2624030 Jun 208,171-6234031 Mar 208,2025641031 Dec 199,04185875030 Sep 197,96711442030 Jun 197,98430939031 Mar 197,62330827031 Dec 186,8874016030 Sep 187,33190561030 Jun 186,82130638031 Mar 186,47711338031 Dec 176,4259047030 Sep 176,209636030 Jun 176,15647651031 Mar 176,18545250031 Dec 166,13145743030 Sep 166,02854147030 Jun 165,60248247031 Mar 165,32158744031 Dec 154,999558470양질의 수익: Y는 고품질 수익을 보유하고 있습니다.이익 마진 증가: Y의 현재 순 이익률 (3%)은 지난해 (8.5%)보다 낮습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: Y의 수익은 지난 5년 동안 연평균 25.6%로 크게 증가했습니다.성장 가속화: Y은 지난 1년 동안 수익이 감소하여 5년 평균과 비교할 수 없습니다.수익 대 산업: Y은 지난 1년 동안 수익이 감소(-61.4%)하여 Insurance 업계 평균(36.2%)과 비교하기 어렵습니다.자기자본이익률높은 ROE: Y의 자본 수익률(6.2%)은 낮음으로 평가됩니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YInsurance 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2022/10/19 06:37종가2022/10/18 00:00수익2022/06/30연간 수익2021/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Alleghany Corporation는 6명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Lawrence GreenbergBrean Capital Historical (Janney Montgomery)Matthew CarlettiCitizens JMP Securities, LLCPhilip StefanoDeutsche Bank3명의 분석가 더 보기
Reported Earnings • Aug 05Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2022 results: US$12.75 loss per share (down from US$29.00 profit in 2Q 2021). Revenue: US$2.60b (down 11% from 2Q 2021). Net loss: US$171.6m (down 143% from profit in 2Q 2021). Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 19% compared to a 1.1% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 06First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: US$9.29 (down from US$16.44 in 1Q 2021). Revenue: US$2.72b (up 2.5% from 1Q 2021). Net income: US$125.7m (down 45% from 1Q 2021). Profit margin: 4.6% (down from 8.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 39%. Over the next year, revenue is forecast to decline by 22% while the industry in the US is not expected to grow. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Feb 26Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: US$74.70 (up from US$7.14 in FY 2020). Revenue: US$12.0b (up 35% from FY 2020). Net income: US$1.03b (up US$933.1m from FY 2020). Profit margin: 8.6% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Combined ratio: 97.2% (down from 102.1% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Nov 08Third quarter 2021 earnings released: US$8.31 loss per share (vs US$8.86 profit in 3Q 2020)The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$2.87b (up 14% from 3Q 2020). Net loss: US$115.0m (down 191% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Aug 08Second quarter 2021 earnings released: EPS US$29.00 (vs US$12.40 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$2.93b (up 32% from 2Q 2020). Net income: US$403.7m (up 128% from 2Q 2020). Profit margin: 14% (up from 8.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 07First quarter 2021 earnings released: EPS US$16.44 (vs US$25.19 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$2.65b (up 79% from 1Q 2020). Net income: US$230.0m (up US$591.3m from 1Q 2020). Profit margin: 8.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.
Reported Earnings • Aug 05Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2022 results: US$12.75 loss per share (down from US$29.00 profit in 2Q 2021). Revenue: US$2.60b (down 11% from 2Q 2021). Net loss: US$171.6m (down 143% from profit in 2Q 2021). Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 19% compared to a 1.1% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 06First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: US$9.29 (down from US$16.44 in 1Q 2021). Revenue: US$2.72b (up 2.5% from 1Q 2021). Net income: US$125.7m (down 45% from 1Q 2021). Profit margin: 4.6% (down from 8.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 39%. Over the next year, revenue is forecast to decline by 22% while the industry in the US is not expected to grow. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Seeking Alpha • Mar 28Merger Arbitrage Mondays: Berkshire Hathaway Acquires Insurer Alleghany For $11.6 BillionBerkshire Hathaway to acquire all outstanding Alleghany shares for $848.02 per share in cash, for a total equity value of approximately $11.6 billion. This is one of the five largest acquisitions in Berkshire's history and it ends Buffett's six-year drought of large acquisitions. KKR and Global Infrastructure Partners complete the acquisition of CyrusOne.
Recent Insider Transactions Derivative • Mar 24Independent Director exercised options to buy US$189k worth of stock.On the 22nd of March, John Foos exercised options to buy 223 shares at a strike price of around US$327, costing a total of US$73k. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. Since June 2021, John has owned 3.71k shares directly. Company insiders have collectively bought US$3.8m more than they sold, via options and on-market transactions, in the last 12 months.
Valuation Update With 7 Day Price Move • Mar 22Investor sentiment improved over the past weekAfter last week's 30% share price gain to US$845, the stock trades at a trailing P/E ratio of 11x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 42% over the past three years.
Seeking Alpha • Mar 09Alleghany Corporation: Valuation Is In The Right ZoneWe stayed out of Alleghany Corporation last time we wrote about it. Key drivers were an attractive valuation offset by better choices available elsewhere in the space. The stock has dropped since then, and we take a look at where we stand today.
Recent Insider Transactions • Mar 03Senior VP recently sold US$195k worth of stockOn the 28th of February, Christopher Dalrymple sold around 293 shares on-market at roughly US$666 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$3.9m more than they sold in the last 12 months.
Reported Earnings • Feb 26Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: US$74.70 (up from US$7.14 in FY 2020). Revenue: US$12.0b (up 35% from FY 2020). Net income: US$1.03b (up US$933.1m from FY 2020). Profit margin: 8.6% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Combined ratio: 97.2% (down from 102.1% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Recent Insider Transactions Derivative • Jan 30Senior VP exercised options and sold US$396k worth of stockOn the 26th of January, Christopher Dalrymple exercised options to acquire 611 shares at no cost and sold these for an average price of US$649 per share. This trade did not impact their existing holding. Since March 2021, Christopher's direct individual holding has decreased from 6.00k shares to 4.00k. Company insiders have collectively bought US$3.5m more than they sold, via options and on-market transactions, in the last 12 months.
Recent Insider Transactions Derivative • Dec 11Independent Director exercised options and sold US$182k worth of stockOn the 8th of December, Ian Chippendale exercised 523 options at a strike price of around US$327 and sold these shares for an average price of US$675 per share. This trade did not impact their existing holding. Since March 2021, Ian's direct individual holding has increased from 2.53k shares to 2.77k. Company insiders have collectively bought US$3.8m more than they sold, via options and on-market transactions, in the last 12 months.
Recent Insider Transactions • Dec 05President recently bought US$5.6m worth of stockOn the 2nd of December, Joseph Brandon bought around 9k shares on-market at roughly US$655 per share. This was the largest purchase by an insider in the last 3 months. This was Joseph's only on-market trade for the last 12 months.
Recent Insider Transactions Derivative • Nov 30Independent Director exercised options to buy US$186k worth of stock.On the 23rd of November, Raymond L. Wong exercised 523.00 options at around US$327, then sold 243.00 of them at US$703 each and kept the remainder. Since March 2021, Raymond L.'s direct individual holding has increased from 9.05k shares to 9.28k. Company insiders have collectively sold US$1.6m more than they bought, via options and on-market transactions in the last 12 months.
Reported Earnings • Nov 08Third quarter 2021 earnings released: US$8.31 loss per share (vs US$8.86 profit in 3Q 2020)The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$2.87b (up 14% from 3Q 2020). Net loss: US$115.0m (down 191% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Seeking Alpha • Sep 15Alleghany Corporation: An Interesting Play To Sidestep Crazy ValuationsForward returns on the S&P 500 appear to be headed well into negative territory as per our estimates. We discuss Alleghany Corporation today, a company that we see handily beating the S&P 500 returns. We look at the recent results and tell you how we came up with our estimates.
Reported Earnings • Aug 08Second quarter 2021 earnings released: EPS US$29.00 (vs US$12.40 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$2.93b (up 32% from 2Q 2020). Net income: US$403.7m (up 128% from 2Q 2020). Profit margin: 14% (up from 8.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
Recent Insider Transactions • May 26Senior VP recently sold US$1.4m worth of stockOn the 25th of May, Christopher Dalrymple sold around 2k shares on-market at roughly US$714 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.4m more than they bought in the last 12 months.
Price Target Changed • May 07Price target increased to US$833Up from US$775, the current price target is provided by 1 analyst. New target price is 14% above last closing price of US$730. Stock is up 38% over the past year.
Reported Earnings • May 07First quarter 2021 earnings released: EPS US$16.44 (vs US$25.19 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$2.65b (up 79% from 1Q 2020). Net income: US$230.0m (up US$591.3m from 1Q 2020). Profit margin: 8.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.
Executive Departure • Apr 25President, CEO & Director Weston Hicks has left the companyOn the 23rd of April, Weston Hicks' tenure as President, CEO & Director of the company ended after 16.3 years in the role. As of December 2020, Weston personally held 65.70k shares (US$40m worth at the time). Weston is the only executive to leave the company over the last 12 months. Under Weston's leadership, the company delivered a total shareholder return of 183%.
Recent Insider Transactions Derivative • Mar 23Independent Director exercised options and sold US$85k worth of stockOn the 17th of March, Raymond L. Wong exercised 523.00 options at around US$315, then sold 253 of the shares acquired at an average of US$651 per share and kept the remainder. Since June 2020, Raymond L.'s direct individual holding has increased from 8.39k shares to 8.78k. Company insiders have collectively sold US$62k more than they bought, via options and on-market transactions in the last 12 months.
Is New 90 Day High Low • Feb 25New 90-day high: US$652The company is up 9.0% from its price of US$598 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Insurance industry, which is also up 9.0% over the same period.
Reported Earnings • Feb 25Full year 2020 earnings released: EPS US$7.14 (vs US$59.44 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$8.90b (down 1.6% from FY 2019). Net income: US$101.8m (down 88% from FY 2019). Profit margin: 1.1% (down from 9.5% in FY 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
Recent Insider Transactions Derivative • Jan 21Senior VP exercised options and sold US$123k worth of stockOn the 17th of January, Christopher Dalrymple exercised options to acquire 202.00 shares at no cost and sold these for an average price of US$609 per share. This trade did not impact their existing holding. Since March 2020, Christopher has owned 5.51k shares directly. Company insiders have collectively sold US$25k more than they bought, via options and on-market transactions in the last 12 months.
Is New 90 Day High Low • Nov 10New 90-day high: US$625The company is up 14% from its price of US$550 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 5.0% over the same period.
Reported Earnings • Nov 05Third quarter 2020 earnings released: EPS US$8.86The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$2.52b (up 17% from 3Q 2019). Net income: US$126.5m (up 40% from 3Q 2019). Profit margin: 5.0% (up from 4.2% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings.
Is New 90 Day High Low • Oct 21New 90-day high: US$573The company is up 8.0% from its price of US$533 on 23 July 2020. The American market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Insurance industry, which is down 2.0% over the same period.