Morningstar - Fairfax Financial Holdings Limited (FFH) Fairfax Turns a Corner in 2Q

Report

Morningstar

Brett Horn, CFA

EUR 101.80 For Business Accounts Only

Fairfax Turns a Corner in 2Q

After years of negligible book value growth due to a wrongheaded bearish stance, Fairfax Financial is starting to show that it can achieve solid results now that it has pivoted to a less contrarian investment posture. During the second quarter, both investment and underwriting performance were good, and book value per share is up 6% since the end of the year, adding back dividends. While we remain somewhat skeptical of CEO Prem Watsaâ€™s approach and ability to drive long-term value, we think the ...

04/08/2017 12 EN

Underlying

Fairfax Financial Holdings Limited

Fairfax Financial Holdings is a financial services holding company. Through its subsidiaries, Co. is engaged in property and casualty insurance and reinsurance and investment management. Co.'s insurance and reinsurance companies operate on a decentralized basis, with autonomous management teams applying a focused underwriting strategy to their markets. Co.'s investments are centrally managed for all the Co.'s group of companies by Hamblin Watsa Investment Counsel Ltd. Co. operates four main operating segments: Insurance, Reinsurance, Reinsurance and Insurance - Other, and Runoff.

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CA3039011026 Toronto Stock Exchange Canada

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

Brett Horn, CFA

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Fairfax Announces Intention to Redeem Cumulative Preferred Shares, Series G & H

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Fairfax Turns a Corner in 2Q

Fairfax Announces Quarterly Dividend on Series G, H, I, J and K Preferred Shares and Quarterly Dividend Rate for Series J Preferred Shares

Fairfax Announces Intention to Redeem Cumulative Preferred Shares, Series G & H

Fairfax Completes C$700 Million Senior Notes Offering

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

Sasol Provides Full-Year Production Update

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

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