GAH (Gable Holdings) – Property and Casualty Insurance
Gable is a European non-life insurance company underwriting a comprehensive range of specialist policies for the commercial sectors in the UK, France, Germany, Norway and Spain. Gable benefits from a low-cost online underwriting platform and the Company has continued to successfully grow its business geographically whilst simultaneously exploiting a range of niche insurance segments which exist across the EU.
Gable Holdings Inc (LON:GAH) trades on a PER of 8.8 (sector 9.9), PBV 1.1 (sector 1.4) and yield 0% (sector 3.1%) – around sector averages. It has a mkt cap of £56m, and trades on AIM. Forward PE is 5.6 due to its excellent expected growth. Revenues in 2006 were 2.4m, rising to 26.7m in 2011. Revenues for 2013 are expected to be 52.0m. Net profits have also shown consistent rises.
GAH passes the following Stockopedia screens: CANSLIM and Zweig Growth.
Director William Dewsall bought £25k worth of shares on 14-Mar-2013. His total holdings are worth about £12.2m.
On 28-Sep-2012, GAH reported:
Growth in written premiums has continued across all product classes in the UK and Europe … launched its first product into the German market … We expect to see a consistent pattern of growth in the second half … We look forward to a very strong year in 2013 … The Group’s strategy to focus on growth both in its existing countries of operation and progressively launch into new markets in Europe continues to reap the rewards of continued growth in Gross Written Premiums and profitability, lest we forget that we focus on writing profitable business, not simply to grow top line revenue.
On 27-Nov-2012 GAH reported:
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Gable launches first product in Denmark / New Programme of ATE [After The Event] business in the UK
The ATE programme provides legal funding to claimants in the UK PPI and financial litigation market. It sounds like there will be lots of business there.
On 05-Dec-2012, GAH reported:
Gable signs £70 million 5-year agreement with Towergate Underwriting … Under the agreement, Gable will act as a cover provider for Towergate Underwriting from January 2013. The partnership is projected to result in a minimum of £14 million per annum gross written premium. Gable will provide exclusive capacity for a range of non standard products which will be available to all of Towergate Underwritings’ broker customers.
Looks good value
No holding
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Gable Holding Inc. is an investment holding company. The Company is engaged in writing insurance business through its wholly-owned subsidiary, Gable Insurance AG. The Company invests in the European Insurance and Reinsurance sector. The Company operates in two segments: Insurance activities and Administration. activities. Insurance activities, which consists of the Company’s insurance subsidiary. Administration activities, which consists of all other activities of the Company. The Company focuses on non-life insurance classes within the construction and commercial sector. It operates in the UK, Ireland, France, Spain and Norway. In May 2013, the Company announced the launch of its first product in Italy. more »
1 Comment on this Article show/hide all
I totally agree with you. The Company has a good record since it came to the market in 2005 of growing new business and creating shareholder value. It is the 5th largest holding in the JIC portfolio at 4.5%. Seems far too cheap to me on 5.6x 2013 earnings. Why not 8 - 10x earnings? 70p - 88p? Hopefully a trading update will get the shares moving. Last year the Company issued an update on 12th March.