Prudential plc Looks a Little, to a Middle, Bit Too Cheap
Prudential plc has been hit hard by the concerns around the global slowdown and in particular the slowdown of growth from Asia. However, the compression in the valuation is not a shock to us, and we maintain our GBP 16.9 fair value estimate and no-moat rating.We have long been a bit concerned with the valuation of this business, thinking the market tended to price a premium for the quality of the business. This has been because it is one of the best-run life insurers that we have come across. P...
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