LNDAF - Linea Directa: A Low Book Value But Acceptable 5.5% Dividend Yield

• Linea Directa is a Spanish insurance company, predominantly focusing on vehicle insurance.
• The company is a spinoff from Bankinter, and seems to be targeting income investors rather than fundamental investors.
• The 5.5% dividend yield is fine (there is a 19% Spanish dividend tax), but the stock is currently trading at over 5X its book value.
• The P/B and P/E ratios are a bit too high for my liking, but it could still be an attractive income pick.

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