Admiral Still Too Rich and Operates a Vulnerable Business Model
After the election result on Prime Minister Theresa May’s deal for Brexit, we are maintaining our GBX 1,660 fair value estimate and no-moat rating for Admiral. May must secure a 49% vote of confidence, and U.K. motor and housing data points to a slide. The election result, in our opinion, still leaves the United Kingdom in a very precarious political situation with uncertainty about sovereignty or European Union membership. We have long been a bear on Admiral because while we think insurance in ...Admiral Group provides motor and household insurance. Co. has four reportable segments: U.K. Insurance, which consists of the underwriting of car insurance, van insurance, household insurance and other products that supplement these insurance policies; International Car Insurance, which consists of the underwriting of car insurance and additional products outside of the U.K., specifically covering Co.'s operations in Spain, Italy, France and the U.S.; Price Comparison, which relates Co.'s price comparison businesses, Confused.com in the U.K., Rastreator in Spain, LeLynx in France and Compare.com in the U.S.; and Other, which includes Co.'s commercial van insurance broker, Gladiator.
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