NasdaqGM:PTVC.B

Stock Analysis Report

Executive Summary

Protective Insurance Corporation, through its subsidiaries, engages in marketing and underwriting property and casualty insurance products.

Snowflake

Fundamentals

Average dividend payer and overvalued.


Similar Companies

Share Price & News

How has Protective Insurance's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.0%

PTVC.B

-0.03%

US Insurance

1.0%

US Market


1 Year Return

-28.0%

PTVC.B

15.1%

US Insurance

6.7%

US Market

Return vs Industry: PTVC.B underperformed the US Insurance industry which returned 15.1% over the past year.

Return vs Market: PTVC.B underperformed the US Market which returned 6.7% over the past year.


Share holder returns

PTVC.BIndustryMarket
7 Day-1.0%-0.03%1.0%
30 Day-1.1%-1.6%-1.8%
90 Day-5.8%-3.5%-1.8%
1 Year-25.8%-28.0%17.9%15.1%9.1%6.7%
3 Year-27.5%-35.9%42.0%31.1%46.0%36.6%
5 Year-22.7%-37.2%74.5%53.7%66.9%48.6%

Price Volatility Vs. Market

How volatile is Protective Insurance's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Protective Insurance undervalued based on future cash flows and its price relative to the stock market?

0.64x

Price to Book (PB) ratio


Intrinsic Value Based on Future Cash Flows

Undervalued: PTVC.B ($16.27) is trading above our estimate of fair value ($1.18)

Significantly Undervalued: PTVC.B is trading above our estimate of fair value.


Price Based on Earnings

PE vs Industry: PTVC.B is unprofitable, so we can't compare its PE Ratio to the Insurance industry average.

PE vs Market: PTVC.B is unprofitable, so we can't compare its PE Ratio to the US market.


Price Based on Expected Growth

Low PEG Ratio: Insufficient data to calculate PTVC.B's PEG Ratio to determine if it is good value.


Price Based on Value of Assets

PB vs Industry: PTVC.B is good value based on its PB Ratio (0.6x) compared to the US Insurance industry average (1.2x).


Next Steps

Future Growth

How is Protective Insurance expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

41.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: PTVC.B is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: PTVC.B is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: PTVC.B is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: Insufficient data to determine if PTVC.B's revenue is forecast to grow faster than the US market.

High Growth Revenue: Insufficient data to determine if PTVC.B's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: Insufficient data to determine if PTVC.B's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Protective Insurance performed over the past 5 years?

-44.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: PTVC.B is unprofitable, and losses have increased over the past 5 years at a rate of -44.9% per year.

Accelerating Growth: Unable to compare PTVC.B's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: PTVC.B is unprofitable, making it difficult to compare its past year earnings growth to the Insurance industry (3.1%).


Return on Equity

High ROE: PTVC.B has a negative Return on Equity (-8.88%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: PTVC.B is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: PTVC.B is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is Protective Insurance's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: PTVC.B has a low level of unsold assets or inventory.

Debt Coverage by Assets: PTVC.B's debt is covered by short term assets (assets are 31.236100x debt).


Financial Institutions Analysis

Asset Level: PTVC.B's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if PTVC.B has a sufficient allowance for bad loans.

Low Risk Liabilities: PTVC.B reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if PTVC.B has an acceptable proportion of non-loan assets held.

Low Risk Deposits: PTVC.B has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if PTVC.B has an appropriate level of bad loans.


Next Steps

Dividend

What is Protective Insurance's current dividend yield, its reliability and sustainability?

6.88%

Current Dividend Yield


Dividend Yield vs Market

company6.9%marketbottom25%1.5%markettop25%3.8%industryaverage2.2%forecastin3Yearsn/a

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: PTVC.B's dividend (6.88%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: PTVC.B's dividend (6.88%) is in the top 25% of dividend payers in the US market (3.77%)

Stable Dividend: PTVC.B's dividends per share have been stable in the past 10 years.

Growing Dividend: PTVC.B's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: PTVC.B is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of Protective Insurance's salary, the management and board of directors tenure and is there insider trading?

1.0yrs

Average management tenure


CEO

Jeremy Edgecliffe-Johnson (48yo)

0yrs

Tenure

0

Mr. Jeremy David Edgecliffe-Johnson serves as Chief Executive Officer at Protective Insurance Corporation and has been its Principal Executive Officer and Director since May 22, 2019. He served as the Chie ...


Management Age and Tenure

1.0yrs

Average Tenure

47.5yo

Average Age

Experienced Management: PTVC.B's management team is not considered experienced ( 1 years average tenure), which suggests a new team.


Board Age and Tenure

1.9yrs

Average Tenure

61.5yo

Average Age

Experienced Board: PTVC.B's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: PTVC.B insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$99,97918 Sep 19
Jeremy Edgecliffe-Johnson
EntityIndividual
Role
Chief Executive Officer
CEO, Principal Executive Officer & Director
Shares6,100
Max PriceUS$16.39
BuyUS$32,12020 Aug 19
William Vens
EntityIndividual
Shares2,000
Max PriceUS$16.06
BuyUS$100,02525 Jun 19
Jeremy Edgecliffe-Johnson
EntityIndividual
Role
Chief Executive Officer
CEO, Principal Executive Officer & Director
Shares5,747
Max PriceUS$17.40
BuyUS$16,00023 May 19
William Vens
EntityIndividual
Shares1,000
Max PriceUS$16.00
BuyUS$3,22814 May 19
Patrick Schmiedt
EntityIndividual
Role
Senior Key Executive
Chief Underwriting Officer
Shares200
Max PriceUS$16.14
BuyUS$31,43113 May 19
William Vens
EntityIndividual
Shares1,951
Max PriceUS$16.11
BuyUS$79113 May 19
William Vens
EntityIndividual
Shares49
Max PriceUS$16.15
SellUS$71,04026 Mar 19
James Porcari
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares3,840
Max PriceUS$18.50
BuyUS$186,86726 Mar 19
John Nichols
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares10,000
Max PriceUS$18.69
BuyUS$18,60126 Mar 19
William Vens
EntityIndividual
Shares999
Max PriceUS$18.62
BuyUS$20,75027 Nov 18
Matthew Thompson
EntityIndividual
Role
Head of Sales
Executive Vice President of Sales & Marketing
Shares1,000
Max PriceUS$20.75

Ownership Breakdown


Management Team

  • John Mitchell

    Chief Risk Officer

    • Tenure: 5.4yrs
  • Jeremy Edgecliffe-Johnson (48yo)

    CEO, Principal Executive Officer & Director

    • Tenure: 0yrs
  • Matthew Thompson (54yo)

    Executive Vice President of Sales & Marketing

    • Tenure: 0yrs
    • Compensation: US$640.77k
  • Jeremy Goldstein (47yo)

    Executive Vice President of Claims

    • Tenure: 0yrs
    • Compensation: US$573.58k
  • Sally Wignall

    Senior VP & Secretary

    • Tenure: 0yrs
  • Bahr Omidfar

    Chief Information Officer

    • Tenure: 0.08yrs
  • Patrick Schmiedt (38yo)

    Chief Underwriting Officer

    • Tenure: 1yrs
    • Compensation: US$402.28k

Board Members

  • Steve Bensinger (64yo)

    Independent Director

    • Tenure: 1.7yrs
    • Compensation: US$80.32k
  • Stuart Bilton (72yo)

    Lead Independent Director

    • Tenure: 1.3yrs
    • Compensation: US$89.30k
  • Nathan Shapiro (82yo)

    Director

    • Tenure: 40.4yrs
    • Compensation: US$81.80k
  • Robert Shapiro (80yo)

    Director

    • Tenure: 22.4yrs
    • Compensation: US$81.80k
  • Jay Nichols (59yo)

    Chairman of the Board

    • Tenure: 1yrs
    • Compensation: US$2.11m
  • Dave Michelson (62yo)

    Director

    • Tenure: 1.4yrs
    • Compensation: US$60.00k
  • LoriAnn Lowery-Biggers (52yo)

    Independent Director

    • Tenure: 2.2yrs
    • Compensation: US$83.87k
  • Jim Porcari (61yo)

    Independent Director

    • Tenure: 2.4yrs
    • Compensation: US$86.80k
  • Otto Frenzel (59yo)

    Independent Director

    • Tenure: 11.2yrs
    • Compensation: US$91.30k
  • Jeremy Edgecliffe-Johnson (48yo)

    CEO, Principal Executive Officer & Director

    • Tenure: 0yrs

Company Information

Protective Insurance Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Protective Insurance Corporation
  • Ticker: PTVC.B
  • Exchange: NasdaqGM
  • Founded: 1930
  • Industry: Property and Casualty Insurance
  • Sector: Insurance
  • Market Cap: US$233.185m
  • Shares outstanding: 14.39m
  • Website: https://ir.protectiveinsurance.com

Number of Employees


Location

  • Protective Insurance Corporation
  • 111 Congressional Boulevard
  • Suite 500
  • Carmel
  • Indiana
  • 46032
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PTVC.ANasdaqGM (Nasdaq Global Market)Class A Voting Common StockUSUSDOct 1972
PTVC.BNasdaqGM (Nasdaq Global Market)YesClass B Non-Voting Common StockUSUSDMay 1986

Biography

Protective Insurance Corporation, through its subsidiaries, engages in marketing and underwriting property and casualty insurance products. The company offers a range of fleet transportation insurance prod ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 01:15
End of Day Share Price2019/10/11 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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