This one seems to have legs in this industry. 40 years old NZ Insurance business and reasonably priced, ( My great mate Katavi, needs to confirm this with his Impeccable knowledge and experience ) 400/36=11.11 PE lets hope when they say Operating Profit they mean Net Profit. Does anyone know more about this one. On first look way way way better than Greenstone. Fire away your thoughts fellas. Expected next month raising. Kiwi IPO's usually do well I think! CBL tipped for $NZ120m to $NZ140m raise
Jun 4 2015 at 8:56 AM Updated Jun 4 2015 at 8:56 AM Sarah Thompson ,
The next time fund managers see New Zealand's CBL Insurance, they expect the insurer will be seeking to raise $NZ120 million ($111 million) to $NZ140 million in an initial public offering valuing the company at about $NZ400 million.
CBL presented to fund managers at UBS's Melbourne office on Wednesday, after meeting Sydney investors on Tuesday.
Fundies left the meetings under the impression CBL Insurance would seek to raise equity in July and could be trading on the NZX and Australian Securities Exchange before the upcoming reporting season.
The New Zealand insurer has held a number of meetings with potential investors over the past six-weeks. The company told investors it had $NZ242 million gross written premiums last calendar year and made a $NZ36 million operating profit.
CBL started in Auckland 40 years ago as a privately owned insurance and reinsurance group focused on credit and financial risk.
