Ategrity Specialty Insurance Co Holdings (NYSE: ASIC)

Sector: Financial Services Industry: Insurance - Property & Casualty CIK: 0002040491
Market Cap 653.37 Mn
P/B 1.11
P/E 13.87
P/S 1.90
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 30.82
Total Debt (Qtr) 0.00
Debt/Equity (Qtr) 0.00
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About

Investment thesis

Bull case

  • Tangible assets of 1.45B provide exceptional 5.34x coverage of deferred revenue 270.80M, showing strong service capability backing.
  • Tangible assets of 1.45B provide robust 5.76x coverage of receivables 251.20M, showing strong asset quality.

Bear case

  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 270.80M, which is 0x, raising concerns about future service delivery capabilities.
  • Deferred revenue of 270.80M represents 0.46x of shareholder equity 588.56M, indicating significant future service obligations relative to capital base.
  • Other current assets of 0 provide weak coverage of payables of 75.70M, which is 0x, suggesting potential working capital stress in near term.

Peer comparison

Companies in the Insurance - Property & Casualty
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 PGR Progressive Corp/Oh/ 121.46 Bn 30.80 3.11 6.90 Bn
2 CB Chubb Ltd 109.27 Bn 36.88 5.64 21.01 Bn
3 ALL Allstate Corp 69.21 Bn 29.01 1.62 8.09 Bn
4 TRV Travelers Companies, Inc. 67.61 Bn 10.75 1.38 9.27 Bn
5 HIG Hartford Insurance Group, Inc. 61.19 Bn 37.09 3.27 4.37 Bn
6 WRB Berkley W R Corp 38.52 Bn 124.63 8.69 2.87 Bn
7 CINF Cincinnati Financial Corp 26.91 Bn 74.14 6.73 0.88 Bn
8 MKL Markel Group Inc. 26.46 Bn 13.00 1.68 4.28 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.00 0.50
EV to Cash from Ops. EV to Cash from Ops. 0.00 -16.03
EV to Debt EV to Debt 0.00 11.42
EV to EBIT EV to EBIT 0.00 22.13
EV to EBITDA EV to EBITDA 0.00 17.53
EV to Free Cash Flow [EV/FCF] EV to Free Cash Flow [EV/FCF] 0.00 68.07
EV to Market Cap EV to Market Cap 0.00 0.91
EV to Revenue EV to Revenue 0.00 2.31
Price to Book Value [P/B] P/B 1.11 2.97
Price to Earnings [P/E] P/E 13.87 29.62
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 7.41
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 19.66
Dividend per Basic Share Div per Share (Qtr) 0.00 1.49
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 37.69
Interest Coverage Int. cover (Qtr) 0.00 -9.19
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -17.83
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 30.27
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 16.34
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 62.82
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 35.62
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 56.25
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 52.70
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 48.20
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 15.47
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 16.55
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.38
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.45
Cash Ratio Cash Ratio 0.00 0.02
Current Ratio Current Ratio 0.00 0.06
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 0.23
Interest Cover Ratio Int Coverage (Qtr) 0.00 -9.19
Times Interest Earned Times Interest Earned (Qtr) 0.00 -9.19
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 14.01
EBIT Margin % EBIT Margin % (Qtr) 0.00 13.05
EBT Margin % EBT Margin % (Qtr) 0.00 12.25
Gross Margin % Gross Margin % (Qtr) 0.00 40.49
Net Profit Margin % Net Margin % (Qtr) 0.00 9.63