Approaching the end of the tunnel

​Gable Holdings is a specialist non-life insurer focussed on writing SME business. It looks for niche areas and for each line it works through a Managing General Agent who deals with customers and claims handling. Having only started in 2006, this has been very successful and it now has 20 lines across Europe. Premium growth has been very strong organically as well as from new lines, with 31% historic growth, a trend we expect to continue. On an underlying basis underwriting results have been good and looking forward we expect combined ratios of around 90%. 

Institutional Comment: Daily Comment

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from the existing portfolio with opportunities for further enhancement.

Portobello SpA - Focus back on the operations

Portobello’s FY23 results demonstrate the primary effects of the out-of-court settlement with respect to VAT and direct taxes (a higher year-end net debt position) and the secondary effects, such as disruption to its trading activities due to management’s focus on cash generation and the company’s inability to trade as previously expected. Following the period end, two capital raises totalling €12.6m, including €3.8m by three of the executive management team, from a maximum mandated amount of €20m, have improved the company’s financial position. The requirement to improve the balance sheet fur...

Intralot - Focus on business development in FY24

Intralot enjoyed good underlying trends in performance in FY23 with encouraging trends in its main countries of focus and further progress on profitability. The much-improved balance sheet and extension of debt maturities mean management can focus on the significant business development opportunities available in FY24 and beyond. The share price looks attractive in the absence of potential new contract wins, which could be materially enhancing to the valuation.