No. of Recommendations: 9
...trading reasonably at about 12 times projected 2024 earnings.
Insurance earnings are cyclically elevated, so I'd be hesitant to be quite that optimistic about the valuation levels. I agree it doesn't seem too bad, though. Even with today's pop to $275 and a more muted view of cyclically adjusted earnings, the multiple might be no more than the 18-19 range at a wild guess.
Book per share is up around 4-5%/year in the last 5-10 years. It's not the growth rate that people expect from Nvidia, but perhaps a good home for some bored capital.
Jim
