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Symmetry

9 Mar, 8 tweets, 2 min read

Protector sets the stage for tomorrow :)

1) Good reinsurance deal = higher solvency
2) Lower CR target (but Protector only sell underpriced insurance? 😉)
3) Amazing start for investment book in Q1 2021

German reinsurer buying 70 % of the reserve in protector WC book in DK and NO. Professionels players want those reserves = not afraid of tail-risks

What do you do when you are allready the cost leader? You set even more agressive targets to strengthen your moat!

At current stock price P/E (normalised investment return) is 6-7. seems a little low with this growth story?

Equity return signifant ahead of market
Q1 2021 expand GAP !

Bond portfolio better return with lower risk

Good capital allocators buy low and sell high

Pareto is happy so far :)

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Symmetry

@Symmetry_Invest

30 Dec 20

Naked Wines grew 80 % YoY in H1. Current guidance and analyst estimates is for around 60 % YoY growth FY or close to 40-45 % in H2. We think its still way to low and think the company will do a reverse profit warning in january or after the new CFO have walked through numbers....

.... Here is why:

1) All the data-sources we track are indicating good or accelerating growth (traffic, credit-card, shipment data etc.)

2) When we talk to people in the industry they all say business is still really good
.....

....
3) UK website crashed before christmass due to surging demand.

4) Further lockdowns in especially UK. People need to stay home and drink and cant go out.

5) This is a subscription model. Business accelated doing H1 with september up +100 % YoY

Read 5 tweets

Symmetry

@Symmetry_Invest

28 Dec 20

"Insr are forced to cease their business by Finanstilsynet, the Financial Supervisory Authority of Norway. Problems are partly relating to Danish Workers’ Compensation where several other insurers have suffered as well......

...Insr seem to have remaining exposure on agent agreements and not unlikely on reserves and reinsurance. That is probably why they have not been acquired for the tax deduction opportunity...

...I am sad that a challenger in the consumer segment is forced to cease business. Insr ceasing business is not good for the market where incumbents are milking consumers...

Read 6 tweets

Symmetry

@Symmetry_Invest

25 Mar 20

Some notes from Piteco conference call:

1) Signed 32, 37 and 40 new costumers in 2017, 2018 and 2019. In jan+feb 2020 alone they signed 14 !!! Even including march+april (corona) they think they will get to 35-40 for full year. Was on track to +50 before Corona.

… They will keep growing in 2020. Revenue is recurring revenue. He says their costumers are +100 mio. EUR costumers. He dont think any would go down due to Corona. Most paid all 2020 fees upfront in jan 2020 so no credit risk for Piteco....

… Myrios growth was 28 % in 2019 with a 70 % EBITDA margin (adjusted). They paid (including all earn out) a 8,1 x multiple for this business. Shows the amazing capital allocation of Marco and the team.

Will due more lucrative M&A in the future....

Read 5 tweets

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