Update: Robust H2, prospects look good
Allocate’s full year trading update confirms that revenues were in line with expectations, while EBITDA and cash generation were ahead, with strong uptake of Allocate cloud boosting both cash generation and recurring revenues. With HealthRoster’s market position in the NHS looking rock-solid and SafeCare offering a promising source of incremental revenue streams, prospects for 2015 look good. We do not believe these prospects are reflected in the company’s rating of 14.3x FY15 P/E ratio.Allstate is a holding company. Through its subsidiaries, the company is engaged in the property and casualty insurance business. The company's segments include: Allstate Protection, which provides private passenger auto, homeowners, other personal lines and commercial insurance; Service Businesses, which includes SquareTrade that provides consumer protection plans and related technical support; Allstate Life, which provides interest-sensitive and variable life insurance products, as well as distributes non-proprietary retirement products; and Allstate Benefits, which provides voluntary benefits products, including life, accident, critical illness, and other health insurance products.
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