2024-08-01 13:27:43 ET
Summary
- Tiptree reported strong non-adjusted earnings of $.31, annualizing to $1.24, demonstrating cheap stock valuation.
- Fortegra continues to show impressive revenue growth and high ROE, leading to adjusted net income of $40.3 million.
- Adjusted EPS of $.57 annualizes to $2.28/share, suggesting potential for a stock price of over $45, with the main risk being a drop in Fortegra's growth.
Tiptree Second Quarter Review:
Tiptree ( TIPT ) reported a stellar quarter on July 31st. Even the non-adjusted earnings of $.31 were very strong. An annualized $1.24 is still a conservative measure of what this company's earnings power is, but it starts approaching a reasonable and easily digested number. It also demonstrates how cheap this stock is for the quality of Fortegra, the insurer sitting just below the surface. 16x conservative earnings measure is very cheap. When considering the adjusted numbers, the valuation is absurd. I explain further below....
Read the full article on Seeking Alpha
For further details see:
Tiptree: Beautiful Quarter And Numbers Getting Cleaner