Syncora Holdings Ltd., through its subsidiary, Syncora Guarantee Inc., provides financial guarantee insurance and reinsurance, and credit enhancement for the obligations of debt issuers worldwide.
The last earnings update was 3 days ago.
Discounted Cash Flow Calculation for OTCPK:SYCR.F using Excess Returns Model Model
The calculations below outline how an intrinsic value for Syncora Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.
In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.
The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
Syncora Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
Syncora Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
is considered below, and whether this is a fair price.
Price based on past earnings
Syncora Holdings's earnings available for a low price, and how does
this compare to other companies in the same industry?
Syncora Holdings's earnings are expected to grow significantly at over 20% yearly.
Unable to determine if Syncora Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Syncora Holdings's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
has a total score of
0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
A company's financial position is much like your own financial position,
it includes everything you own
The boxes below represent the relative size of what makes up
Syncora Holdings's finances.
The net worth of a company is the difference between its assets and liabilities.
Syncora Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Syncora Holdings's cash and other short term assets cover its long term commitments.
This treemap shows a more detailed breakdown of
Syncora Holdings's finances. If any of them are yellow this
indicates they may be out of proportion and red means they relate to one of the
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Low level of unsold assets.
Debt is covered by short term assets, assets are 7.6x debt.
Nearly all companies have debt. Debt in itself isn’t
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.
The graphic below shows equity (available funds) and debt, we ideally want to
see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and
whether the level has increased over the past 5 years.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
TENURE AS CEO
Mr. Frederick Barton Hnat, also known as Fred, has been Chief Executive Officer and President of Syncora Holdings Ltd. since May 31, 2017. Mr. Hnat serves as Senior Vice President at Syncora Guarantee Inc. He served as Chief Operating Officer of Syncora Holdings Ltd. from January 1, 2017 to May 31, 2017. Mr. Hnat served as Senior Vice President at Syncora Holdings Ltd. since April 2016 until January 1, 2017. He focuses on surveillance of the European portfolio, distressed debt transactions in the U.S. municipal sector, heads Syncora’s compliance function and is responsible for both inwards and outwards reinsurance. Mr. Hnat served as Chief Operating Officer of Syncora Guarantee (U.K.) Ltd. (formerly XL Capital Assurance (UK) Limited) since August 2004. Mr. Hnat serves as Managing Director of Syncora Guarantee, Inc. He served as General Counsel of XL Group plc since 2000. He served as the Senior Managing Director, General Counsel and Secretary of Syncora Guarantee Inc. from 2000 to July 2004. Mr. Hnat joined Syncora Guarantee in 1999, served for six years as Assistant General Counsel at MBIA Insurance Corporation. Mr. Hnat was a Corporate Attorney with two New York City law firms, Rogers & Wells (now Clifford Chance) and Mudge Rose Guthrie Alexander & Ferdon. He has been Director of Syncora Holdings Ltd. since May 31, 2017. Mr. Hnat serves as a member of the board of directors of Swap Financial Group LLC, Syncora-UK and Syncora Guarantee. He served as Director of Syncora Guarantee (UK) Limited. He is admitted to the bar associations of New York, New Jersey and the District of Columbia. He is also a member of Syncora's managing committee. Mr. Hnat received an A.B. from Princeton University and a J.D. from the Boston University School of Law.
Insufficient data for Fred to compare compensation growth.
Insufficient data for Fred to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the
management team in years:
The average tenure for the Syncora Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Chief Financial Officer
Chief Accounting Officer
Head of Investor Relations
General Counsel & Secretary
Head of Human Resources & Senior VP
Chief Surveillance Officer
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Syncora Holdings board of directors is about average.
Syncora Holdings Ltd., through its subsidiary, Syncora Guarantee Inc., provides financial guarantee insurance and reinsurance, and credit enhancement for the obligations of debt issuers worldwide. The company guarantees U.S. municipal bonds; asset-backed securities; debt backed by utilities and selected infrastructure projects; specialized risks, including future flow securitizations and bank deposit insurance; and collateralized debt obligations. It also invests in private debt and equity securities. The company was formerly known as Security Capital Assurance Ltd. Syncora Holdings Ltd. was founded in 2006 and is headquartered in Hamilton, Bermuda.
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