We’ve recently updated our valuation analysis.

Conduit Holdings Valuation

Is CRE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CRE?

Other financial metrics that can be useful for relative valuation.

CRE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.8x
Enterprise Value/EBITDA-20.5x
PEG Ration/a

Price to Book Ratio vs Peers

How does CRE's PB Ratio compare to its peers?

The above table shows the PB ratio for CRE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average1.1x
RQIH R&Q Insurance Holdings
1.3xn/aUK£292.2m
JUST Just Group
0.4x47.8%UK£864.6m
CSN Chesnara
1.2x44.9%UK£439.1m
LRE Lancashire Holdings
1.4x41.4%UK£1.5b
CRE Conduit Holdings
1x46.6%UK£752.7m

Price-To-Book vs Peers: CRE is good value based on its Price-To-Book Ratio (1x) compared to the peer average (1.1x).


Price to Earnings Ratio vs Industry

How does CRE's PE Ratio compare vs other companies in the GB Insurance Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a25.4%
n/an/an/a

Price-To-Book vs Industry: CRE is good value based on its Price-To-Book Ratio (1x) compared to the UK Insurance industry average (1.2x)


Price to Book Ratio vs Fair Ratio

What is CRE's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CRE PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate CRE's Price-To-Book Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of CRE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CRE (£4.7) is trading below our estimate of fair value (£15.89)

Significantly Below Fair Value: CRE is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CRE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£4.70
UK£5.41
+15.1%
11.7%UK£6.17UK£4.18n/a6
Jan ’24UK£4.28
UK£4.79
+12.0%
16.9%UK£5.76UK£3.75n/a6
Dec ’23UK£3.91
UK£4.79
+22.6%
16.9%UK£5.76UK£3.75n/a6
Nov ’23UK£3.37
UK£4.73
+40.4%
17.6%UK£5.78UK£3.79n/a6
Oct ’23UK£3.48
UK£5.03
+44.6%
18.9%UK£6.09UK£3.97n/a6
Sep ’23UK£3.02
UK£4.93
+63.3%
11.9%UK£5.58UK£4.03n/a6
Aug ’23UK£3.50
UK£4.93
+40.9%
11.9%UK£5.58UK£4.03n/a6
Jul ’23UK£3.35
UK£5.14
+53.5%
15.6%UK£6.11UK£3.98n/a6
Jun ’23UK£3.42
UK£5.14
+50.4%
15.6%UK£6.11UK£3.98n/a6
May ’23UK£3.81
UK£5.61
+47.4%
16.0%UK£6.92UK£4.36n/a6
Apr ’23UK£3.82
UK£5.64
+47.7%
14.9%UK£6.71UK£4.32n/a5
Mar ’23UK£3.89
UK£6.38
+64.0%
14.4%UK£7.62UK£5.08n/a4
Feb ’23UK£4.36
UK£6.33
+45.4%
13.9%UK£7.73UK£5.15n/a5
Jan ’23UK£4.33
UK£6.32
+46.0%
14.9%UK£7.81UK£5.09UK£4.285
Dec ’22UK£4.19
UK£6.46
+54.1%
11.1%UK£7.69UK£5.50UK£3.915
Nov ’22UK£4.40
UK£6.44
+46.3%
10.5%UK£7.23UK£5.41UK£3.375
Oct ’22UK£4.85
UK£6.71
+38.5%
7.0%UK£7.22UK£6.23UK£3.484
Sep ’22UK£5.10
UK£6.67
+30.8%
7.1%UK£7.19UK£6.19UK£3.024
Aug ’22UK£5.09
UK£6.67
+31.0%
7.1%UK£7.19UK£6.19UK£3.504
Jul ’22UK£5.32
UK£6.56
+23.4%
8.1%UK£7.30UK£6.04UK£3.355
Jun ’22UK£5.10
UK£6.55
+28.5%
8.3%UK£7.18UK£5.95UK£3.424
May ’22UK£5.38
UK£6.68
+24.1%
8.7%UK£7.33UK£6.00UK£3.814
Apr ’22UK£5.14
UK£6.68
+29.9%
8.7%UK£7.33UK£6.00UK£3.824
Mar ’22UK£5.39
UK£6.68
+23.9%
8.9%UK£7.17UK£5.84UK£3.893
Feb ’22UK£4.97
UK£7.13
+43.5%
1.0%UK£7.20UK£7.06UK£4.362

Analyst Forecast: Target price is less than 20% higher than the current share price.


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