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01/09/15

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Post #: 15915763
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Originally posted by Caerus ↑

ASX-hopeful CBL Corporation worth up to $NZ450 million

Sep 1 2015

Forsyth Barr analysts have valued New Zealand's CBL Corporation at $NZ385 million to $NZ450 million as marketing ramps up for its slated Australian and New Zealand sharemarket debut.
Forsyth Barr analysts have valued New Zealand's CBL Corporation at $NZ385 million to $NZ450 million as marketing ramps up for its slated Australian and New Zealand sharemarket debut.
Forsyth Barr's James Bascand and Andrew Harvey-Green told clients that CBL should trade at 12.3-times to 14.4-times 2015 calendar year profit and 9.5-times to 11.1-times 2016 profit.
CBL is a global provider of speciality insurance products with a core focus on underwriting profitability, the analysts told clients.
Forsyth Barr said CBL had achieved 33 per cent growth in gross written premiums between 2011 and 2014, on a compounded annual growth rate basis, which had been achieved through acquisitions and organic growth.
"CBL operates a small employee base, with senior management heavily involved in the 11 man client relationships that currently drive revenue," the analysts said.
"Operating leverage as GWP ramps up is likely to be a key feature of CBL's earnings growth given the low investment required in labour. However, we are cognisant of the fact that losing key members of management could constrain growth."
CBL expects $320.6 million gross premiums on a proforma basis in 2015 and $31.2 million net profit.
Premiums are forecast to increase to $375.4 million next year, while profit is expected to be $40.4 million.
The marketing comes after an extensive pre-IPO marketing campaign by the company, including information and explainer sessions with Australian and New Zealand fund managers. UBS, Forsyth Barr and Bancorp are advising on the expected $NZ150 million IPO.
Analysts are meeting investors in New Zealand this week and are expected in Australia next week.
A product disclosure statement is expected next week outlining the full details.

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This will be an excellent one by the initial looks of it.

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This will be an excellent one by the initial looks of it.

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The market's shrugged at China's stimulus measures all year. Why is this one different?

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5.6g/t gold intercept at Serbia's Rogozna supports Strickland's hopes for high-grade core

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