Morningstar - Direct Line Insurance Group Plc (DLG) Direct Line 1H 2018: Shares Overvalued; Still Have Major Concerns on Business Model

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Morningstar

Henry Heathfield

EUR 100.00 For Business Accounts Only

Direct Line 1H 2018: Shares Overvalued; Still Have Major Concerns on Business Model

Direct Line reported first-half 2018 results that were ahead of our expectations. We still don't like the business model, but we accept that our previous near-term EPS estimate was slightly too conservative. We are therefore revising our fair value estimate up to GBX 260 from GBX 240 per share, but we maintain our no-moat and stable trend ratings.
Gross written premiums are down 5% on the comparable, as the business lost home partnerships with Nationwide and Sainsbury's. Stripping these out, pre...

01/08/2018 12 EN

Underlying

Direct Line Insurance Group Plc

Direct Line Insurance Group is a personal and small business general insurer in the U.K. Co.'s principal activity is managing its investments in subsidiaries, providing loans to those subsidiaries, raising funds, and the receipt and payment of dividends. Co.'s segments are Motor, which consists of personal motor insurance together with the associated legal protection cover; Home, which consists of home insurance together with associated legal protection cover; Rescue and other personal lines, which consists of rescue products, and other personal lines insurance, including travel, pet and creditor; and Commercial, which consists of commercial insurance for small and medium-size entities.

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GB00BY9D0Y18 London Stock Exchange United Kingdom

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Henry Heathfield

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Direct Line 1H 2018: Shares Overvalued; Still Have Major Concerns on Business Model

Direct Line Insurance Group: 1 director

Form 8.3 - The Vanguard Group, Inc.: Direct Line Insurance Group plc

Form 8.3 - The Vanguard Group, Inc.: Direct Line Insurance Group plc

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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