The Q3 update reiterated the trading position seen at the interims. We nudge up FY16 PBT again to US$271.4m and forecast a special dividend of 5p to take the total for FY16E to 15.5p (yield 4.0%). Our PBT forecasts for 2017-18E are nudged back c2%. We adjust NAV/TNAV and ROE for the debt refinancing (as flagged at H1). The P/B multiple has fallen as a result. Specialty (especially cyber) remains the growth driver as Beazley continues to shift away from the competitive shorter tail lines. We s
14 Nov 2016
Specialty still rules
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Specialty still rules
Beazley Plc (BEZ:LON) | 656 -46 (-1.1%) | Mkt Cap: 4,382m
- Published:
14 Nov 2016 -
Author:
Joanna Parsons -
Pages:
3
The Q3 update reiterated the trading position seen at the interims. We nudge up FY16 PBT again to US$271.4m and forecast a special dividend of 5p to take the total for FY16E to 15.5p (yield 4.0%). Our PBT forecasts for 2017-18E are nudged back c2%. We adjust NAV/TNAV and ROE for the debt refinancing (as flagged at H1). The P/B multiple has fallen as a result. Specialty (especially cyber) remains the growth driver as Beazley continues to shift away from the competitive shorter tail lines. We s