I was wondering your thought on the value of QBE and SUN to some extent,
I have worked out a book value of $10.40 which at todays price values the company at $2.60 roughly; given the company earned about $0.85 per share it seems excitingly cheap.
I understand the company has been run poorly in the past however it seems to be turning a corner with costs coming down and interest rates (in th US) slowly on the rise will in turn create a greater income from monies held. I figure an extra 500m per year is achievable within 3 years which equates to another $0.46 per share.
I have built quite a big position at 10.35 average per share (wish it would drop to $9 again..) I'd like your thoughts on insurance company valuations if you have any at all? Also if anyone else would like to contribute something of value id be keen to learn?
QBE Price at posting:
$13.06 Sentiment: Buy Disclosure: Held
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