Intrinsic value vs last close
Model estimate- Last close (USD)
- 366.54
- Intrinsic value (USD)
- 275.34
Intrinsic value = sector model's value (no adjustment)
Earnings-capitalised value
Cost of equity 9.5% · price volatility 19.1%
Last year's earnings per share, capitalised at a cost of equity that rises with this share's own price swings, growing at the sector's long-run rate.
This is a different figure from the intrinsic value above. The intrinsic value is what the sector model says the business is worth. On Vietnamese stocks this figure has ranked future returns best in our track record; this market has no track record here yet.
- Model reliability
- Low
- Model fitInput stabilityRisk checks
- High requires the model’s diagnostic criteria to be met.
- Probability of outperforming peers
- Not assessed
- A separate peer-outperformance probability is unavailable for this valuation.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation Breakdown
Insurance companies hold long-duration liabilities (future claims) whose true economic value isn't fully captured by accounting book value. This model benchmarks the insurer against peers: it takes the median P/B of comparable insurers and adjusts it based on how the target's profitability (ROE) compares to the peer group. A more profitable insurer deserves a premium; a less profitable one, a discount.
Technical details
Insurers' embedded value (present value of future profits from in-force policies) is difficult to calculate from public data alone. Peer-relative P/B with an ROE adjustment serves as a practical proxy within the limits of the available data.
Takes the median P/B multiple of listed insurance peers and pulls it toward a 1.5x prior, more strongly when there are few peers (weight N/(N+4)). Adjusts by the ratio of the company's ROE to the peer median ROE (clamped to 0.7x-1.5x to prevent extremes). Multiplies adjusted P/B by current BVPS.
Life and non-life insurance companies where embedded value data is unavailable and peer benchmarking provides the most reliable reference.
We compare the sector model's value with the last close. This market has no track record here yet, so the value is shown as the model gives it.
Intrinsic value = sector model's value (no adjustment)
Earnings Quality
Quantitative Scores
Key Ratios
- P/E
- 13.58
- ROE
- 12.9%
- EPS
- 25.93
- BVPS
- 200.65
- Net Margin
- 17.4%
- Rev Growth
- +6.5%
- Div Yield
- —
Company Overview
- Shares outstanding
- 382M
- Industry
- Fire, Marine & Casualty Insurance