Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np.
EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń
oraz jest prostsza w zastosowaniu.
Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór
porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np.
przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).
|
EV/EBITDA TTM |
P/E TTM |
P/B TTM |
| Mediana dla branży |
8.3
|
13.5
|
1.4
|
| Assured Guaranty Ltd. |
9.1
|
9.6
|
0.8
|
| Mediana / Assured Guaranty Ltd. |
0.9
|
1.4
|
1.8
|
Pozostałe spółki z branży Insurance - Specialty
| Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
| Assurant, Inc. |
0HIN.L |
10,096 |
8.3 |
15.1 |
1.9 |
London Stock Exchange |
| Syarikat Takaful Malaysia Keluarga Berhad |
6139.KL |
699 |
13.0 |
7.5 |
1.5 |
Kuala Lumpur |
| Bupa Arabia for Cooperative Insurance Company |
8210.SR |
7,048 |
56.5 |
22.6 |
5.1 |
Saudi |
| Enact Holdings, Inc. |
ACT |
5,636 |
14.9 |
8.2 |
1.1 |
NASDAQ Global Select |
| Assured Guaranty Ltd. |
AGO |
4,292 |
9.3 |
9.7 |
0.8 |
New York Stock Exchange |
| AMERISAFE, Inc. |
AMSF |
843 |
49.2 |
17.8 |
3.2 |
NASDAQ Global Select |
| Ambac Financial Group, Inc. |
AMBC |
335 |
-5.5 |
-0.5 |
0.4 |
New York Stock Exchange |
| Assurant, Inc. |
AIZ |
10,061 |
8.3 |
15.1 |
1.9 |
New York Stock Exchange |
| Employers Holdings, Inc. |
EIG |
1,142 |
6.2 |
11.5 |
1.1 |
New York Stock Exchange |
| Fidelity National Financial, Inc. |
FNF |
15,464 |
22.1 |
53.7 |
1.9 |
New York Stock Exchange |
| Essent Group Ltd. |
ESNT |
6,236 |
7.2 |
8.7 |
1.1 |
New York Stock Exchange |
| First American Financial Corporation |
FAF |
6,266 |
20.4 |
39.7 |
1.3 |
New York Stock Exchange |
| Hapvida Participações e Investimentos S.A. |
HAPV3.SA |
3,434 |
0.7 |
-36.2 |
0.4 |
São Paulo |
| Helia Group Limited |
HLI.AX |
952 |
2.9 |
6.8 |
1.5 |
Australian Securities Exchange |
| Hippo Holdings Inc. |
HIPO |
711 |
115.5 |
-13.3 |
2.2 |
New York Stock Exchange |
| Just Group plc |
JUST.L |
1,998 |
6.4 |
21.8 |
1.2 |
London Stock Exchange |
| ICC Holdings, Inc. |
ICCH |
70 |
17.6 |
13.5 |
1.0 |
NASDAQ Capital Market |
| Investors Title Company |
ITIC |
396 |
9.9 |
13.3 |
1.6 |
NASDAQ Global Select |
| James River Group Holdings, Ltd. |
JRVR |
265 |
-2.7 |
-3.1 |
0.6 |
NASDAQ Global Select |
| Lancashire Holdings Limited |
LRE.L |
1,844 |
5.6 |
5.9 |
1.3 |
London Stock Exchange |
| MGIC Investment Corporation |
MTG |
6,702 |
9.4 |
8.9 |
1.3 |
New York Stock Exchange |
| MBIA Inc. |
MBI |
223 |
8.0 |
-0.5 |
-0.1 |
New York Stock Exchange |
| NMI Holdings, Inc. |
NMIH |
3,292 |
6.4 |
8.8 |
1.4 |
NASDAQ Global Market |
| nib holdings limited |
NHF.AX |
2,057 |
11.6 |
19.5 |
3.0 |
Australian Securities Exchange |
| Protector Forsikring ASA |
PROT.OL |
3,485 |
16.0 |
19.1 |
6.0 |
Oslo Stock Exchange |
| Radian Group Inc. |
RDN |
4,937 |
5.3 |
11.8 |
1.2 |
New York Stock Exchange |
| Ryan Specialty Holdings, Inc. |
RYAN |
8,780 |
7.9 |
172.7 |
16.1 |
New York Stock Exchange |
| Solid Försäkringsaktiebolag (publ) |
SFAB.ST |
151 |
16.1 |
9.4 |
2.7 |
Stockholm Stock Exchange |
| Tiptree Inc. |
TIPT |
873 |
6.1 |
17.4 |
1.8 |
NASDAQ Capital Market |
| Trupanion, Inc. |
TRUP |
2,428 |
92.9 |
-566.3 |
7.2 |
NASDAQ Global Market |
| Trisura Group Ltd. |
TSU.TO |
1,489 |
14.1 |
18.5 |
2.5 |
Toronto Stock Exchange |