Good companies deserve, and often get, a premium valuation. Although I believe Selective Insurance (SIGI)
is an above-average small P&C insurer, and one with opportunities
to generate better results in the coming years, I have a hard time
reconciling that performance with a book value multiple well over 2x and
a P/E ratio that seems to assume quite a bit more growth than I think
is likely.
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It Seems Challenging To Reconcile Selective Insurance's Performance And Valuation
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