MILE - Metromile: Good Progress In Q1 But Still Above 10x Premiums

• Metromile stock has halved since listing. We believe its consumer proposition makes sense, and its operations have continued to improve.
• Metromile has delivered solid growth in Q1 2021 and is guiding to an approx. 39% growth in its number of policies for full-year 2021.
• The Loss Ratio has continued to improve, and the company has $222m of cash, likely enough to fund its expansion well into 2022.
• However, at $8.40, the stock is trading at more than 10x Premiums in Force, outside our valuation parameters. Avoid.

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